In a competitive market, you want to make sure you’re doing everything right when it’s time to buy a new home.
Stability with your employment and finances is super important, so don’t make any sudden changes.
Don’t skip out on working with a buyer’s agent—an experienced real estate agent is an invaluable partner.
Buying a home is an exciting and sometimes nerve-wracking experience. In addition to finding the right place, you also have to find the right mortgage, and with low inventory in many markets and rising home prices nationwide, securing your dream home can be a challenge if you don’t make the right decisions when preparing to buy. Here are five of the most common mistakes you should avoid when buying a home.
1. Don’t open or close credit accounts
Because mortgage lenders check your credit multiple times throughout the homebuying process, it is crucial that you do not open any new lines of credit or close any existing lines of credit. Doing so can lower your credit score and increase your debt-to-income ratio, both of which are reasons for a lender to deny approval.
It is always a good idea to pay off an existing line of credit, but closing the account removes that credit history from your report. Credit reporting bureaus use your length of available credit to generate your score, so leave your account open and active, but don’t use it until after closing.
2. Don’t switch jobs
The most important thing that mortgage lenders look at when considering pre-approval is an applicant’s employment stability. Typically, they want to see two consecutive years of uninterrupted income for approval. Any changes to employment status can signal that the loan may not be repaid—it can be a significant red flag that can derail or delay your closing. Make sure to tell your lender right away if a career change is unavoidable or if you do not have two consecutive years of verifiable income.
3. Don’t shop for homes you can’t afford
Typically, most prospective homeowners can afford a mortgage between two and two-and-a-half times their gross annual income. An easy way to think of this is not exceeding more than 30% of your income.So, if a lender tells you that you can borrow a lot more than that, you should probably find a new lender because your monthly payments may not be manageable if you max out your loan. Use a mortgage calculator before you visit with a lender to help you estimate monthly payments.
Also, consider that homeownership comes with additional expenses you will need to save for, like maintenance, repairs, insurance, property taxes, homeowner’s association fees (if applicable), and other unforeseen costs. The last thing you want to do is stretch your monthly budget to cover your mortgage, which will eliminate your liquid cash flow for your other financial obligations, like car payments, student loans, and your savings goals.
4. Don’t skip the inspection
Waiving a home inspection can be a costly mistake, and unless you have extra cash to fix up a home, you are gambling with the cost of unforeseen repairs. Home inspections find potential critical issues with the structure and integrity of a house, such as cracked pipes and water damage. They are built into the home buying process to protect the buyer’s investment.
Paid by the buyer and non-refundable, the home inspection fee is a small price to pay when considering today’s costs to replace a furnace, water heater, roof or other costly items.
Without an inspection, you will have no recourse if a significant issue surfaces after you close on your home. So when you make an offer on a home, include a home inspection contingency that gives you a penalty-free exit from the deal if a major issue is unresolvable before closing.
5. Don’t forget to hire an agent!
Searching for a home on your own is both time-consuming and complicated. That’s why the help of a professional, experienced real estate agent who knows how to navigate the market will guide you to make the best investment of your money.
Also, if you go to showings without a real estate agent, a seller’s agent may offer to represent you. This can be risky because that agent’s goal is to get as much money for their client as possible from you, the buyer. In addition to helping you negotiate, a qualified real estate agent will have access to home listings before the general public becomes aware of them.
Best of all, the cost of enlisting an agent won’t come directly out of your pocket. Instead, the seller typically pays it to the seller’s agent, who splits the commission with the buyer’s agent!
Do Find Your Real Estate Team Today!
When it comes to buying a home, there’s a million little details to keep track of. Work with an experienced real estate agent to help you navigate the entire process, avoid pitfalls, and get you the home you’ve been dreaming of. Contact us today to get started!
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 homeowners. 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.
To see available Lake of the Woods properties, please visit our site.
House buying is always an exciting process. Stressful but still exciting. The feeling of owning a property you can call your home is indescribable. Therefore, in this article, we chose not to pay attention to numerous homebuying myths, such as that buying a house at 60 years old isn’t a good idea. Instead, let’s focus on how you can fulfill your wishes now that you are financially stable and plan out your retirement. The following article shares tips for buying your first house after 60.
Tips for buying your first house after 60
Moving homes, even if you were a renter for many years, brings significant changes. Thus, it can be difficult, no matter what your reasons are. For example, you might want to buy your first house because now is the right time or be closer to your family.
For whichever reason you are purchasing a home, you can do a couple of things to make the transition seamless. For instance, hiring a professional realtor to find the best match for you and then hiring a moving company skilled at senior relocations to assist in this process is of extreme value. Then, with the right people on your team, each home buying and relocating will be as easy as possible since they have your best interests in mind.
So, without further ado, let’s look at the tips for seniors on their first homebuying adventure.
1. Hire a realtor
First things first, you need to hire someone professional to lead you through the process. It’s worth keeping in mind that there’s a difference between a realtor and a reliable realtor. Also, you’ll want to make sure the one you end up hiring has credentials, so don’t be shy to ask them about those.
Caption: Hiring a Senior Real Estate Specialist is beneficial when buying your first house after 60.
Alt tag: a realtor with a happy senior couple
If your agent is also a Senior Real Estate Specialist, that can only mean they undoubtedly know what they’re doing. This means they have completed training to specifically help people in the 50+ range successfully buy a home.
2. Check your mortgage options
As a senior, you might have saved up enough money and decided to buy a house and pay in cash. It is an excellent idea if you are not tying up all of your money in the home. Additionally, paying in cash will make you a competitive buyer in the market.
On the other hand, buying a debt-free home isn’t a must. Purchasing your first house after 60 with a mortgage makes your assets liquid. You can still qualify for a competitive mortgage in retirement.
Finally, it would be wise to check with your bank or credit union if mortgage insurance is worth the cost of the premiums. It would be good to have this one, especially if you are risk-aware.
3. Understand your needs, don’t just go for what looks good
The houses you will consider greatly depend on your living situation, income, and plans. However, it would be wise not to be influenced by the property’s floorplan, size, convenience, or location. Instead, you will need to evaluate things differently as a senior buyer.
For instance, large houses might be appealing. However, you might quickly become overwhelmed by all the space you have to maintain after some years pass.
4. Consider the future when buying your first house after 60
As a senior home buyer, your future will be focused on taking care of yourself instead of your children and family.
Therefore, it would be a good idea to look for homes that can easily be remodeled. For example, you might want to look into houses that can be equipped with handicap-accessible features, such as ramps, lower countertops, and doorways.
At a minimum, a home appropriate for aging-in-place should have complete first-floor living with a wide doorway (wide enough for a wheelchair), ideally a step-free entrance, and be close to public transit and community resources.
5. Understand your budget
Apart from your monthly mortgage, you need to be aware of all the other costs. Some of the everyday expenses are:
property taxes
utilities
car petrol
medical bills
groceries
some other debts you might have
any potential repairs and miscellaneous expenses.
It would help if you considered all of these factors when home shopping in your sixties.
Caption: You will need to think of all the expenses before committing to a home purchase.
Alt tag: a man’s hands stacking up on three piles of coins
6. Be realistic about your future health needs
When talking about finances, it would be good to consider what they will be like ten years from now. What type of needs will you have then? If the need arises, will you have the means to hire in-home caregivers? Will you need someone to transport you somewhere or take care of your lawn for you?
Even though we don’t think about the future in this way, it’s wise to be realistic when deciding on such a big step. The seniors who have a strong support system from their children and family don’t have much to worry about. However, sometimes the help of a loved one isn’t enough. For example, your house might need a professional repair, like converting your home to be wheelchair accessible.
Therefore, it would be good to think about your finances in the future and how you will cover some unexpected expenses.
7. Determine your relocation
Finally, once you find the right home, the work isn’t done yet. The moving still awaits. The relocation specialists from Zippy Shell Moving and Storage NV recommend looking for a reputable company with experience in senior moving. Professional movers have the tools and expertise needed for heavy lifting, maximizing packing space, and transporting the items while ensuring safety.
Additionally, you can be in charge of handling your smaller keepsake items if you wish. However, the heavy lifting is best left to a professional to reduce any injury risks to yourself or your things.
Caption: Once you relocate, you can enjoy the process of giving the house your personal touch with your spouse.
Alt tag: buying your first house after 60 means stability and more quality time with your spouse
Final considerations
To summarize, buying your first house after 60 isn’t impossible or that difficult. With the right people on your team who know all the tricks on homebuying, we are sure you will find a home suitable for you, your financial situation, and your future plans.
Meta description: If you’ve rented your whole life and now want to have a secure place to grow old at, here are the tips on buying your first house after 60!
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 homeowners. 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.
To see available Lake of the Woods properties, please visit our site.
In today’s hot market, it’s more important than ever to choose the right agent to help you buy or sell a home.
Real estate agents don’t just offer local expertise—their insider knowledge and marketing prowess come in handy, too.
Thinking about making a move in the new year? Contact us to start planning now!
Here Are the Top 10 Qualities Every Successful Real Estate Agent Should Have
Did you know that 75% of buyers and sellers work with the first agent they meet? It’s true—but that doesn’t mean it’s the best decision. If you want to come out on top in today’s competitive market, experts often recommend interviewing a few candidates before settling on the right real estate professional for the job. And if you’re not sure where to start, we’ve outlined 10 qualities of a highly successful agent.
They keep up with the latest sold data
Whether you’re buying or selling a home, you’ll want to keep up with the latest sold data for your neighborhood of choice. Sold data reports consist of homes that recently sold in your area, as well as their final prices. Not only do these numbers help sellers determine an accurate list price, but they can also be used by buyers to gauge an area’s affordability. A top-notch agent should be willing to provide you with up-to-date data every step of the way.
They know what’s happening in the real estate market
It’s hard to know what the real estate market will look like next year. But with careful forecasting, a local agent should be able to provide some valuable insight. Agents can educate buyers and sellers on everything from price fluctuations to mortgage rates—just make sure they’re using accurate data to back up their predictions.
They’re social media savvy
Nowadays, home-buying and selling primarily happens on the internet. According to recent research, over 95% of buyers start searching for properties online, which makes it imperative that agents maintain an active presence on their social platforms. Be sure to ask your agent about the virtual tools they offer buyers and sellers, such as access to the MLS, social media promotion, and paid advertising. Bonus points if they have their own website, too!
They have a network of contacts
When it comes to buying or selling a home, it truly takes a village. A well-connected agent can refer you to their network of local contacts, such as plumbers, landscapers, lawyers, and so much more. You’ll rest easy knowing that you can trust their recommendations for local service providers!
Their referrals are positive
If an agent provides legendary customer service, their past clients are more than willing to leave positive feedback—or even refer them to their loved ones! Ask your potential agent about their reviews, or take a look online to see what previous buyers and sellers have to say about working with them.
They’re punctual
This one should be a given! The current real estate market moves faster than ever before, which makes punctuality an even more important quality than usual. If your agent is on-time (or early!) to your appointments, you’ll know they’re treating you like a priority.
It’s easy to get in touch
Keeping in touch is key when it comes to real estate, so you’ll want to share the same method of communication as your agent. Tell your agent from the beginning whether you prefer to text, email, or talk on the phone. Not responding in a timely manner is a big red flag.
They’re shrewd negotiators
Buyers and sellers alike should look for an agent with top-notch negotiation skills to get them the best possible price. And if you want to evaluate a real estate agent’s prowess, just ask yourself this question: how well did they negotiate with you to win your business?
They’ve built their own brand
Real estate agents don’t just help you buy or sell a home—they need to be expert marketers on both sides of the transaction. Solid branding can help agents rise to the top of the competition and build a reputation that people rely on, trust, and recognize. Exploring an agent’s social media and website can give you a good idea of their personal branding strategies.
You get along with them
When you’re trusting someone with one of your biggest investments, it’s crucial to get along on both a professional and personal level. If you can’t have difficult conversations with your agent—or if you don’t get along with them—consider going with another candidate. Personality can sometimes trump experience!
Find the Right Agent for Your Move
Ready to start planning your 2022 move? Now is the time to find the perfect agent for the job! Contact us today to learn more about what we bring to the table, or explore our other resources to get a head start on buying or selling. We’re always here to offer superior service throughout every step of the transaction!
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 homeowners. 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.
To see available Lake of the Woods properties, please visit our site.
Every person in the world has a different opinion when it comes to urban and countryside lifestyles. Some would never give up the city amenities, no matter the financial burden and health threats that kind of life imposes. Others who experienced country life say that getting away from the city where you wake up to the sound of birds instead of traffic noise has no price. Still, there is a third option for those who are a part of both of these worlds – the suburbs. Each of these has many benefits and some downsides. Knowing the differences between city, suburban, and rural living can help you find where you belong if you’re starting to reconsider your living conditions.
Life in rural areas
Life in the countryside is a dream come true for anyone who wants to get rid of stress and anxiety induced by big-city survival. Rural living includes life in the open, spread-out areas and small communities. There is a lot of undeveloped lands, usually surrounded by magnificent nature.
This lifestyle is a choice of people who enjoy close-knit communities, where everyone knows each other. You get to enjoy the vast space, lovely views, healing nature. This is the perfect choice for people in search of more sustainable ways of living. With a bit of gardening and farming skills, you can provide for yourself and your family and perhaps even start a small business. In addition, the peace, quiet and clean air makes it perfect for those working remotely.
Since Virginia offers majestic nature, many young families and retirees decide to move to local counties. Besides the obvious health benefits of clean air and a stress-free environment, they provide a lower cost of living and much more affordable housing.
Magnificent woods, lakes, rivers, and trails could be at your disposal if you move to the countryside.
The downsides of living in the countryside
Even though countryside residents have many health and financial benefits, there are some downsides. One of them is the commute issue. If you don’t work close to your home, you’ll need to drive to work in the city. Even though some rural areas such as Orange County are less than 30 miles from Charlottesville, which makes the commute to work bearable, not all places have the same luck.
In addition, local shops and amenities can be found only in the strict village center. Thus, you will need to stock up on food and supplies to avoid driving to town anytime you need something. That means that families usually need more than one car to get around. Also, with fewer amenities, you have fewer available services. Not being used to this occurrence can be hard if you’ve moved from the city to the countryside. However, living in rural areas makes you resilient and craftier. After you get used to such living, you’ll eliminate the need for many things.
Suburban life
There are clear differences between city, suburban, and rural living, including housing costs, development patterns, and population numbers. However, the difference between suburban and city lifestyles was never clearly defined. Finding the perfect home in a suburb is a choice of many growing families, young professionals, and retirees searching for a slower pace and more affordable cost of living. The benefits of such a lifestyle are many since you get to live peacefully and more comfortably. Plus, the commute to work isn’t as daunting as when you live in the countryside.
Suburban lifestyle, no matter how convenient, may often lack green surfaces and have nearly the same living costs as the city does.
The good and bad side of being “in-between”
Life in the suburbs is different from city life due to a slower pace and more affordable housing. Still, a suburb is considered a subset of the city. There is no official definition for it. It’s not a central part of the city, nor is it a town of its own. Some suburbs share some country-like living amenities, but still, they are not the countryside either. The cost of living is very similar to that in cities, and since cities are constantly growing and expanding, places around them are often modified with new buildings construction.
It’s safe to say that cities are slowly swallowing the suburbs, making them closer to the core. This is a good and a bad thing since you will be a homeowner in a competitive market. Still, everything you were trying to avoid while living in the city will eventually catch up with you. However, if you’ve tasted the suburban life and you need more action, maybe the city is something worth considering. Since most moving companies provide their services to wider areas, a transfer to the city from the suburbs is not something you should worry about.
City lifestyle
Needless to say that cities are the centers of happenings. They are densely populated hubs of industries, cultures, and politics. There is no better place for work opportunities, education, social and cultural life, and thousands of other amenities. Often you will hear that cities have a life of their own, that they never sleep, and that is true. They are the places where everything is happening, where progress takes place and dreams come true. Still, achieving those dreams is not always easy.
One of the perks of living in the city is the fact that you can get almost everywhere on foot.
Life in the city takes its toll
Even though life in the city can give a lot, it takes the same. To sustain in such an environment, you have to work very hard and overburden yourself with life’s many stressful factors. Daily traffic jams, rush, ever-emerging bills, limited living space, polluted air, lack of green surfaces, high costs of living, and many other small things add up to a substantial overwhelming worry. For example, for the price of a tiny apartment in NYC, you can get two beautiful homes in the countryside. This change can help you get the home of your dreams and a passive income. Even with the recent fluctuations in the housing markets worldwide, investing in real estate is always a great idea.
City life eats your money, and you can never earn as much as you can spend. No wonder if you feel a sudden rush to run away from it all. You don’t have to make a radical change and move to the countryside, but you can try living in the suburbs for a while. Even though the moving process takes a lot of time and preparation, you can still get everything ready in 7 days if you develop a good strategy.
Conclusion
Leaving the city would certainly make you healthier. However, that doesn’t necessarily mean you’d be happier. Country life is not for everyone – you have to be ready for it. The urge to get away is becoming more frequent with young Newyorkers who are moving to the countryside looking for sustainable ways of living. Others, however, find it hard to let go of all the city amenities. In addition, for some, the move is a financial necessity or comes with age. Still, it’s essential to know your options when the time comes to change directions. Whether you decide to focus on your career, family, or eco-friendly lifestyle, understanding the differences between city, suburban, and rural living can help you turn your life around.
Meta description: When looking for new living conditions knowing the differences between city, suburban, and rural living can help you turn your life around.
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 homeowners. 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.
To see available Lake of the Woods properties, please visit our site.
Some sellers have turned to iBuyers for instant cash offers on their properties, but they have consequently sacrificed the personalization of their home sale.
iBuyers use outdated algorithms to value properties, whereas real estate agents use to-the-minute statistics to generate accurate, competitive prices.
Work with our team of local agents to expertly price your property—and we can even start crunching the numbers for your updated home value today!
Here’s What You Need to Know About iBuyers
An iBuyer is a company that makes an offer on your property by using automated value-estimating technology. Rather than partaking in the traditional home sale process, some of today’s sellers are relying on iBuyers to make all-cash offers on their properties. And since iBuyers use automated estimators to price your home, these companies are able to make their offers almost instantly.
Sellers have varying considerations when it comes to their home sales—some prioritize earning top dollar, while others just want to sell as quickly as possible. So depending on your home-selling goals, iBuyers could be a valid option for you. However, no matter what you want out of your home sale, you should always have an expert real estate agent by your side to guide you through the process.
When pricing your home, you want accuracy—not algorithms
As the local market starts showing signs of a shift, there’s never been a more critical time to know your home’s true value. In the real estate industry, agents price your home through a process called a comparative market analysis (CMA). This process compares your property to recently sold listings in the area that share similar features to your own home. Based on the CMA results, our agents are able to generate a competitive price that will have buyers flocking to your door.
On the other hand, iBuyers use a software they refer to as an automation valuation model, which essentially uses an algorithm to quickly process a property’s data and compute an offer price. When setting a list price for your property, you don’t want to rely on automatic estimators that promise instant (but not accurate!) results—entrust a local agent instead! And when you work with us, one of our pricing experts will evaluate your property in-person to pinpoint its value-boosting features and deliver you an accurate price in real-time.
The ideal timeline of your home sale should be top of mind
This is when your home-selling priorities come into play—if selling your home quickly is your absolute top priority, then working with an iBuyer might best fit your needs. Many iBuyers can make you a cash offer within two days of when they receive your property’s information. Then, if you accept the offer and schedule a home assessment immediately, you could close on your house anywhere from two weeks to two months later, depending on any necessary repairs.
Although the extraordinarily quick timeline of selling your home to an iBuyer may seem compelling, you also have to consider our local market—it’s still skewed towards sellers. According to a recent report by the National Association of Realtors, 87% of properties sold in August 2021 were on the market for less than a month. So with the ball still clearly in sellers’ courts, working with an iBuyer might not guarantee moving any sooner.
Need Selling Advice? We’re All Ears!
Ultimately, determining whether you should sell to an iBuyer is a personal decision based on your priorities. And as your local area experts, our agents are here to guide you through the home-selling process no matter which option you choose. Whether you need to sell your home this week or crave a competitive list price that will earn you a profit, you can count on us to accomplish your home-selling goals.
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 homeowners. 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.
To see available Lake of the Woods properties, please visit our site.
If you’re thinking about buying a home, it’s important to choose the right neighborhood, especially if you care about resale value.
Certain neighborhood features can increase your home value—and make you feel right at home in your new community.
When it comes to your home search, we have some features to keep in the forefront of your mind to make sure you pick the perfect (and most profitable) community!
Here’s What Affects Your Home Value Every Time
When it comes to your home search, finding a house in the ideal neighborhood is half the battle. Your future community is going to decide how close you are to nearby conveniences, what qualities your home possesses, and the people who are going to be your neighbors.
A home’s value is determined by how much prospective buyers in the market are willing to pay for your property, but we understand that each buyer is unique. While one buyer may prioritize nearby employment opportunities, another might place more weight on local entertainment or neighborhood amenities. However, property values are always impacted by one component—where they’re located.
If you’re on the hunt for your next neighborhood, consider this your step-by-step guide on how to pick the perfect community!
Location, location, location
You’ve probably heard this before, but it’s so important that we have to repeat it—location is everything when it comes to making a good investment in your next home. Think about it: typically, all the homes in a neighborhood, regardless of size or condition, fall within the same price range. Therefore, when it comes to valuing a property, location matters more than even the home’s characteristics.
When an appraiser is assigning a value to a property based on its location, they look at three primary factors—the reputation of local schools, employment opportunities, and proximity to entertainment. In addition to these factors, a home’s distance to everyday necessities, such as highways and public transit systems, play a crucial role in increasing its value.
Neighborhood amenities are must-haves for more value
What could be better than having a host of amenities available right outside your front door? Neighborhood niceties such as community clubhouses, golf courses, and pools are often at the top of buyers’ wishlists when searching for a new home. All these features and more foster a fun, inclusive environment of community involvement. Plus, a spacious clubhouse serves as the prime venue to host events that are sure to bring the neighborhood together!
In addition to a neighborhood’s current conveniences, you can research any future upgrades your community has coming through its digital planning documents. These documents should outline what improvements are planned for your neighborhood—like nearby shopping centers, schools, or parks—and when they’re going to be completed. Plus, it’s always a good idea to check and see if a neighborhood has a homeowners association. Your HOA will have a hand in maintaining and enhancing the community’s value over time.
Other conveniences you should consider…
At this point, you’ve probably considered some basic factors like nearby attractions, commute times, and all the amenities a neighborhood has to offer—but what about the everyday conveniences? To take your home search to the next level, you have to think about the seemingly small details. When evaluating your neighborhood’s location, cover your bases by mapping out the distances to the nearest medical centers, airports, and grocery stores—believe us, you’ll be thankful for this when you forget to buy eggs.
In terms of expenses, everyone has to pay utility bills, so you can save money by looking at who your local providers will be ahead of time. And speaking of planning, we recommend working with your agent to determine how your area’s property taxes will fit into your home-buying budget.
Ready to Find Your Perfect Fit?
All these features are things you should be on the lookout for during your home search—and remember, the surrounding community is equally as important as the individual home when it comes to finding your perfect fit. As your local real estate agents, we’d be happy to help you find your dream home in just the right neighborhood—all you have to do is give us a call!
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 homeowners. 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.
To see available Lake of the Woods properties, please visit our site.
Homeownership is undisputedly the Great American Dream. There is a good reason for that, especially as interest rates have dropped. And while the pandemic has changed the landscape of buying a home, with patience and the help of great real estate professionals like The Licata Group, you can make this a reality. If you’ve never walked this path before, there are a few steps you can take to help your dream come true.
Step 1: Check Your Credit Score
Your credit score is a number that gives lenders a good idea of whether you’re financially responsible. Ideally, you’ll have a score of 720 or higher. You may be able to get a loan with a credit score of 580, but the higher your credit score, the lower your interest rate. It’s always a good idea to know what’s hiding on your credit report before you contact the lender.
Step 2: Know What You Can Afford
Knowing your credit score is only part of the puzzle. You also have to figure out how much you can reasonably afford for your mortgage. According to the Consumer Financial Protection Bureau, most lenders will also consider your debt-to-income ratio (DTI). Generally speaking, you are more likely to repay your loan if your DTI is 43 percent or less. Your credit score and DTI may also determine which types of loans you are eligible to receive.
If you have very little credit, as many homebuyers do, you might want to consider an FHA loan. Often, you can put less money down and still walk away with a reasonable monthly payment. If your goal is the lowest mortgage possible, plan to put 20 percent down and stick to a 30-year loan. Fifteen- and 20-year loans are also available, and they can help you pay your house off faster, but they’ll cost more money each month.
Step 3: Find the Right Realtor
If you haven’t already, it’s time to start shopping for a reliable real estate agent. This is the person who will represent your best interests throughout the home-buying process. While it is technically possible to buy a house without this kind of assistance, keep in mind that a buyer’s agent does not charge you. Instead, barring a few exceptions, their time and expertise are compensated by the commission offered by the seller.
Step 4: Begin Your Search
Now that you have a handle on money, you can start your home search. First, determine how much home you actually need. Plan for the future and look for a home that will provide enough room to accommodate your lifestyle and space needs for the next five to 10 years. This is where the affordability factor comes into play, and your realtor will be able to steer you in the right direction. Note that on average, homes in Lake of the Woods currently sell for $335,000.
Step 5: Found It! Make an Offer
When you think you have found the perfect house, put your game face on and make an offer. Depending on your local climate, you may want to offer close to the asking price – your agent can help you make that determination. Keep in mind, however, that even after they accept the offer, things may change depending on the home inspection and appraisal.
In a normal scenario, when your offer is accepted, things will move quickly, usually between four and six weeks. However, the pandemic could have an effect on how long you wait to close. Regardless, during this time, you’ll be contacted by your lender for additional information, and you will be in close contact with your agent. If everything goes off without a hitch, you’ll find yourself sitting at the title company on closing day, holding the keys to the next chapter of your journey.
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors 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.
To see available properties, please visit our website licatagroup.com
Craving space? You’ll love this great house, located in amenity rich Lake of the Woods, offers! The house is perfectly situated on a private lot that backs to trees for privacy. The inside delights with a spacious living room and the kitchen/dining area on the main level, with access to sunroom through the dining area. The upper level is where you will find the master bedroom with attached full bath and large closet, along with the other two bedrooms. If that isn’t enough, the lower level features a family room, laundry and another full bath! The oversized garage with workshop is perfect for the car enthusiast or woodworking, gardening or even for a craft area. Enjoy sitting in the sunroom that backs to a very private, level yard. For more information on 304 Gold Valley Road, Click Here!
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.
To see available Lake of the Woods properties, please visit our site.
Welcomes you to 1302 Lakeview Parkway! You will be delighted with the open floor plan. The spacious kitchen has ample counter and cabinet space that will make entertaining and cooking a breeze. The great room is full of light with a corner gas fireplace to keep you cozy on those cool nights. The master suite is spacious with an en-suite master bath. The screen porch is private to entertain or relax with your favorite beverage. That’s not all…. You will love the built in storage in the garage! For more info on 1302 Lakeview Pkwy, Click Here!
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.
To see available Lake of the Woods properties, please visit our site.
Welcome to 208 Westover Parkway! Step inside to be delighted by the open floor plan, cathedral ceilings, and fine finishes. You will love the stylish, updated kitchen that is bright, beautiful, and features black/stainless steel appliances, upgraded quartz counter tops, tile back splash and a large island. The living room is spacious with a grand window that allows so much natural light and features a fireplace to warm up to on those cool nights. The master suite offers an en-suite bath and entrance to the deck, where you can relax and enjoy your favorite beverage and take in the view of the private tree lined yard. Two additional bedrooms, another full bath and a dining area complete the main level. There’s more: the lower level boasts a family room and laundry room with half bath. The oversized two car garage provides ample space for parking and storage. The private, level yard is picture perfect! For more information on 208 Westover Pkwy, Click Here!
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.
To see available Lake of the Woods properties, please visit our site.
