Whether you’re buying residential or commercial real estate, it is in your best interest to score the best deal. After all, that’s what negotiation tactics and offers are for. These days, there’s an increase in second-home purchases throughout the whole nation, but especially in Virginia. This means that by buying a property in Virginia you are also making a great financial investment. With homes that can meet a wide range of budgets, you are diving into a pool of opportunities – but how to know which is the right one? Don’t worry, we’ve got you covered – use the tips below the maximize your investment and save money along the way.
Buying a property in Virginia starts online
Nowadays, searches of any kind begin on the internet. In the end, isn’t that how you ended up on this page? There’s no doubt that buying property is a financial reality check. From fees and interest rates to the mortgage process, you need to research each step before making the final decision. Gather any property information you can on the property market. Housing apps and property listing sites like Zillow and Tulia will get you an idea of the market so they are worth checking out. Who knows, maybe you’ll find what you’re looking for sooner than you anticipated?
Found a potential buy but want to dig deeper? Then you’ll be glad to know that there are various research tools at your disposal. Before buying a property in Virginia, check the Multiple Listing Service database to find zoning, maps, and ownership. On Tulia, you have extra features where you can find out about school and crime statistics or median home values for a specific area. Google away!
Hire a real estate agent
If you’re a first-time buyer, chances are you don’t know home buying terminology or the overall process. Unfortunately, the Internet can only do so much. In the end, it’s always best to place your trust in someone who has much more experience in the trade. A good real estate agent will save you not only money but time and nerves as well. In this way, you won’t have to be tangled up in the process as much, as your agent will ensure it goes smoothly.
Realtors can also help you find other professionals who will assist you in the home buying process, like mortgage brokers and home inspectors. They can even refer you to good moving companies like Premium Q Moving and Storage Boston that will help you during the moving phase. The question is – how do you find a good realtor? It’s best to stay off the internet and ask for referrals from people you trust. If this is not an option, check customer reviews of real estate agents on property listing sites. Don’t forget to check if they are licensed at the Virginia Department of Professional and Occupational Regulation License Search.
Get Loan Quotes from Multiple Lenders
A word of advice: Do not accept the first offer that your mortgage lender makes! Interest rates will vary, as different lenders may quote you different prices. For example, the average 30-year mortgage rate in Virginia is currently 4.14%. However, it can vary more than half a percent, which translates to around 60$ a month – you do the math. That’s why it’s recommended you get loan quotes from at least 3-4 different mortgage companies when buying a property in Virginia. Be aware that lenders charge various other fees for processing a mortgage, loan origination fee, loan application fees, etc. You will be able to see exactly what you’re paying for in the loan estimate, so use it to help you negotiate lower fees and rates. If you’re buying a house, choose one of Virginia first-time homebuyers program. These programs are designed to help you and lighten your financial burden.
Pick timing and location wisely
Let’s say you want to buy a vacation home in Virginia. Now, predicting the market isn’t easy. But what if you could save thousands of dollars if you knew when exactly to buy it? If you don’t rush and are flexible enough, the best way to save money on a good deal is to buy property around the holidays or in January. Most people selling their homes at that time are doing so only because it’s urgent. With the right negotiation tactic, you can use this to your advantage and lower the price.
Another one of great strategies for house hunting is picking the location. If you’re planning to purchase property in the northern part of Virginia, you need to act quickly. Since this is the most populated region of the state, you’ll have more competition which means the prices will increase. On the other hand, you can pick more affordable places. Houses in Richmond or Portsmouth tend to be below the median value for properties in the state – check them out!
Negotiate for the Best Possible Price
All the advice in the world will be for nothing if this part of the process isn’t done correctly. When it comes to negotiations, you either make it or break it, so it’s best to let your real estate agent do the talking. Since he has an understanding of the property market, he’ll be able to point out all the shortcomings that you might not have noticed. Also, have him help you write your offer letter. It’s important that you personalize your interest in the house so that you stand out among other potential buyers. Don’t mention any of the shortcomings, as it can only be a deal-breaker. Instead, try to appeal to the seller by mentioning the particulars that you know about him. For example, is that his childhood home? Then make a connection and comment on how great your kids would have it growing up there too.
In conclusion, buying a property in Virginia is a great financial investment if you buy it for the right price. Getting that price, however, depends on many factors. Trust in the expertise of your real estate agent to get you through the process and you’ll soon be enjoying in your new Virginia home!
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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