When it comes to buying a home, there are more things to consider than you may realize. After all, it’s a lot more complicated than walking into the grocery store to buy a gallon of milk!

Buying a home is one of the biggest purchases the average person makes. As such, you can expect there to be a lot of preparation, negotiation, and paperwork involved. In addition to obtaining a mortgage and signing the paperwork, there are a number of other tasks that need to be completed before you can open the doors to your new home.

Here’s a quick crash course in Home Buying 101: what service providers you need to hire while purchasing your new home.

Mortgage Lender

Ideally, you should start talking to lenders before you even begin looking for homes—and get pre-qualified for a mortgage as soon as possible.

Pre-qualification involves reviewing all of your finances, including income, expenses, and savings, with a lender.

Then, the lender will do some math and let you know exactly how much the bank is willing to loan you.

Home Inspector

Before you purchase the home, you absolutely must schedule a home inspection! This usually happens after you negotiate a price and sign the initial Purchase and Sale Agreement with the seller.

The home inspector will carefully go through every room of your new home (including basement, attic, and roof) to ensure everything is in proper working order. If the inspector finds any major issues, you can negotiate with the seller to get them fixed.

The average home inspection costs around $315, but it may end up being higher depending on the size of your home as well as any other add ons. For a larger home greater than 2,000 square feet, it may cost upwards of $400 or $500.

Appraiser

After the home inspection comes the appraisal. Your lender requires an appraisal because they want to protect their investment by making sure the home is worth at least as much as they’re lending you.

The appraiser will take a close look at key features in the home and compare them to the features in other homes (and what those homes have sold for). If the appraiser values the home at less than the sales price, the bank will lower the amount of your mortgage to match it. If this happens, you have several options.

Depending on the contract you signed with the seller, you may be able to get your deposit back and walk away. You can also dispute the appraisal by talking with your Realtor about property values. Another option is to negotiate the price with the seller.

Title Company

Title insurance promises peace of mind when buying a home. Basically, when you purchase title insurance, a title company will come in and ensure the seller actually owns the home and the title is valid. This protects you down the line, in case any issues come up regarding past taxes, contracts, or prior mortgages with the home’s title.

It’s also a good idea to purchase owner’s and lender’s title insurance to protect yourself and your lender from any issues with claims to the title of your property.

The cost of title insurance depends on the size of your mortgage and your location.

Have any Questions? We’re Here for You

For even more information on how to navigate the purchase of your home, including all the fees, paperwork, and legal jargon, give us a call today. We’re always here to help.

 

By Pat Licata-REALTOR
In Lake of the Woods in June, a total of 17 homes were sold, all of which were standard sale, 2 sold between $100-$175K, 7 between $175-250K,  and 5 between $250-350K , and 3 for over 350,000. Two lots also sold, for under $35,000.
Here’s a link to real estate currently for sale in Lake of the Woods: LOW active listings
It’s another beautiful day at the lake!


 

In today’s highly competitive real estate market, pricing your home RIGHT is critical. Price it too high, and your home will frighten away potential buyers and languish on the market. Price it too low, and you forfeit your hard-earned equity. When you request your Home Evaluation CMA, you benefit from receiving a comprehensive market analysis based on comparable recently sold homes and homes sold with similar features and conditions in your area. Pat’s Home Evaluation CMA delivers superior results – Results you can count on! Please read Pat’s testimonials.

Expert Marketing

The information you provide will enable Pat to initiate the comparative market analysis. In order to complete the analysis, Pat will contact you to schedule a time to visit your home, as viewing your home allows her to most accurately provide her opinion of value. In addition, she will provide you with her innovative, comprehensive marketing plan designed specifically for your property.

Nestled among the trees, equidistant from historic Fredericksburg and Culpeper, VA, lies Lake of the Woods, in Locust Grove, VA. A gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, equestrian center, community center, fire and rescue department, co-op preschool, and a multi-denominational Church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water-skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you prefer a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved.
As you peruse the fabulous communtiy, the eclectic mix of home styles and sizes is readily apparent. You can actually see the decades of development-from the tiny 800+ square feet cabins from the 60s and 70s to the 7-8000 square feet homes of the 2000s. While there are many sections of the community, there aren’t “old” sections and “new sections.” There is old and new everywhere! To me, this is one of the many attributes that makes Lake of the Woods so desirable; Lake of the Woods is no “cookie cutter” development!
Located in Orange County, we offer the perfect location! We are approximately 50 miles from Richmond, Charlottesville, the Washington, DC metro area, and 25 miles from James Madison’s Montpelier. We are fortunate to enjoy low real estate taxes and HOA assessments. Couple those low taxes and assessments with home prices ranging from $100,000 to over $1,000,000, Lake of the Woods is the ideal community for full-time residents, as well as weekenders and part-timers. But don’t take Pat’s word for it; please come see for yourself! Pat will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why Pat loves Lake of the Woods, and why “It’s another beautiful day at the lake!” Read about Pat’s journey to Lake of the Woods, as well as that of other residents, in her blog!

Starting July 1 of this year, residents of Fredericksburg will see an increase of their real estate taxes along with their water and sewer bills.
On Tuesday, City Council unanimously voted to increase the tax rate from 77 cents to 80 cents per $100 of assessed value of real estate for fiscal year 2018. They also unanimously approved a 2% increase in the water rate and 4% sewer rate increase.
This tax raise is predicated to bring in about $1,185,000 in additional revenue which $790,00 of the increase will go towards the general fund for use by the city & city school system. The remaining $395,000 will go towards the city’s stormwater-management programs

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Interested in seeing all that this beautiful lake community has to offer you? Have you been wanting to go out into the lake but don’t have the means to do so??
Let us treat you!!! Call Pat and John Licata today and take a ride on their boat to explore and tour the beautiful lake in Lake of the Woods.