Money investment is always a serious endeavor. It takes doing some serious calculations, thinking and analysis to be able to make the right and final decision. Bringing the whole process to the end successfully is highly rewarding. A smart investment, by all means, is the one that brings a return on the investment – be it a genuine joy or certain financial gain. Bearing in mind all these facts, is buying real estate in Virginia a good investment? We can provide you with vital facts on the subject. Then, take your time to deal with the dilemma and finally decide.
Things to know before considering buying real estate in Virginia as an investment
It is a well-known fact that Virginia is the promised land for nature and history lovers. Living among those mostly highly-educated and friendly people is a real pleasure. Should you want to rest and relax, the opportunities are ample to have a day trip or an excursion with your family. You will not miss job opportunities either. If you already live in this state, you might want to consider your options in other counties or cities as well.
So, before you start seeking professional assistance for your local relocation in Virginia or even organizing a long-distance move after purchasing real estate there, here are the facts of key importance to pay attention to.
High standard and the matching cost of living
Whether we like or not, finances are among the most important factors when choosing where to live. If you are considering purchasing real estate in Virginia, it is essential to know that the cost of living is relatively high. Understandably, the costs vary depending on the area, but it is impossible not to admit that cities in some counties are very expensive to live in. On the other hand, considering the number of perks Virginia offers to its residents, one would say that moving there is worth considering nevertheless.
To rent or to buy?
To buy we say. The prices of rent are considerably high. Regardless of the type of residence and the area, rent in Virginia is well above the national average. Thus, we would agree that buying real estate in Virginia is an intelligent choice. Depending on the city you choose, you can expect to pay anything between $220,000 and $850,000 for a decent home. This wide range proves that you can find a favorable option for any budget. Even if you have to downsize a bit in the beginning, this is not a reason to worry since you can find affordable storage units easily.
The population is on the increase
Yes, and it is getting very diverse. Multiculturalism in the state makes people tolerant of differences and a nice place to live. You will get used to your new home location in no time, and maybe consider buying a vacation home in Virginia as well.
Traffic may spoil the fun
We have to admit that traffic in Virginia can be really heavy. Hence, considerably lower gas prices when compared to the national average do not matter much. Commute time is 28.2 minutes on the average, which is slightly longer. If you opt for using public transportation, you can get a pass for the unlimited number of rides in 30 days. It costs around $60. However, minors, seniors and the disabled pay only $35.
A word or two on taxes
Income tax in Virginia is within the range of 2% to 5.75%, unlike the property taxes which are below the average national value. They range between 0.42% and 1.37%. If you are preparing for retirement, you will like to hear that Virginia is a retirement tax-friendly country. Finally, the sales tax is between 5.3% and 7%, depending on the county.
As is the case with the above-mentioned parameters, the median healthcare price also varies greatly throughout Virginia. It can be up to 2% lower than the national average, or be as much as 14% higher. Generally, the bigger the city the higher the prices.
When considering buying real estate in Virginia as an investment, timing is an important factor. It affects both the price and the number of properties on the market. So, if you want to make a good investment, remember this. If you want to have an immense number of options, spring is the best time. This period is characterized by increased supply and a lot of choices. On the other hand, if you have a limited budget, consider conducting the purchase in summer. The prices tend to be lower and more affordable due to summer holidays and less serious demand. Anything later than this goes with certain hazard. You risk not finding the real estate of the quality you need and want.
Where to buy real estate in Virginia?
Once you decide purchasing real estate in Virginia is what you really want, choosing where to invest is the next dilemma. Most often, buyers choose Arlington, Richmond, Virginia Beach, Falls Church, Norfolk, Williamsburg, and Chantilly. Make a list of your needs, wants, and priorities and choose accordingly. In case you realize you have made a mistake, study the tips for marketing your home to millennials or target any other group, and sell the property. Hence, you will have a chance to find something more appropriate and invest again. We must admit the whole process is challenging indeed, but it is not unachievable.
Buying real estate in Virginia – how to do it right?
Buying real estate in Virginia requires professional assistance. Having a real estate agent by your side in the process will save you a lot of trouble. Moreover, it will significantly reduce the risk of making a costly mistake of buying a property of low quality or even dealing with fraudulent sellers. An experienced and knowledgeable agent can help you with getting a mortgage, obtaining the necessary insurance and going through the settlement process smoothly. Then, after signing the contract of sale, you can get down the most important things to do after buying a home. At the end of the day, it turns out that buying real estate in Virginia is a good investment indeed.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
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