Tag Archives: realty

Common Mistakes First-Time Homebuyers Make

Along with the excitement that buying your first home brings comes the apprehension about the decision. Millions of questions come to mind making your decision even harder to make. The best tip that you can get is to get informed. But, do you know what you have to get informed about? If you are thinking of buying your first property ever, take a deep breath and start reading through the most common mistakes first-time homebuyers make so that you can avoid making the same ones.

Starting a House Hunt Without a Financial Plan

Since you are buying your first home, it is understandable that you are very excited about the idea and impatient to find the right one. However, that doesn’t mean that you should start your search completely unprepared. You should at least know what price range to look at. Since the real estate market is quite competitive and demand is almost always higher than supply you should come prepared. That means that you should be pre-approved for a loan before looking at listings. Then you will be more acquainted with your financial prospects and you will know what you can hope to find. By the way, there are so many facts you should know about mortgage before you apply, so do not rush it.

First-time homebuyers should be prepared before house hunting, Alt. tag: A model of a house made of words FOR SALE

Sticking to One Mortgage Lender Only

A mortgage is also a product that you buy and can find at different prices with different sellers. Do not make a mistake by not comparing the quotes before committing. Choose at least three lenders and compare the estimates that you get. Remember, you are looking for a good deal as well as the lowest rates you can get. You cannot find those if you only consult one bank or lender. The same goes for finding skillful movers who can relocate your home – you need to make a list and then choose one company that suits you best.

Not Paying Attention to Your Credit Reports 

Your credit reports are extremely important to a bank or lender that you are considering taking a mortgage from. They will analyze every single detail of it, so you need to make sure that they like what they see. A credit report that contains errors may result in higher interest rates for you, so it is in your best interest to keep it as accurate as possible. The good news is that you can get a free credit report from any of the main credit bureaus at the end of a year so that you can correct any errors that you come across. The lenders need this report at pre-approval and before final loan approval. In the meantime, you shouldn’t be opening new credit cards and you should do your best to pay your bills on time every month.

Credit reports are extremely important to lenders, Alt. tag: Credit report of a first-time homebuyer

Thinking That You have to Make a 20% Down Payment

When you start calculating how much money you need for your down payment, you will probably ask yourself whether buying real estate is a good investment at all. Twenty percent of your future property’s worth is a lot of money to prepare before you even start searching for a home. Luckily, there are some loan programs that allow you to make a down payment as low as 3.5% or even 0%. It goes without saying that a bigger down payment means that you can get a smaller mortgage, so you will have more money left in your budget every month.

On the other hand, while you are saving money for your 20% down, the property prices continue to grow along with the mortgage. So, the decision is all yours and you need to make sure that you set a monthly payment that you can actually provide. And, do not forget that you are obliged to pay the mortgage insurance in case your down payment is less than 20%.

Not Considering Special Programs for First-Time Homebuyers

There are some special programs for first-time homebuyers that offer low down payment loans. You should inform yourself whether such programs exist in your state and learn about the following:

  • FHA loans – the down payment can be as low as 3.5%. Besides this obvious rebate, the Federal Housing Administration is not so strict about credit reports. But, once you commit to this loan, you will have to pay for mortgage insurance as long as you have the mortgage to pay, which means even after your equity is more than 20%.
  • USDA loans – if you are planning to buy a property in a rural area, the chances are that you qualify for zero percent down and 100% financing – a program offered by the U.S. Department of Agriculture. If you opt for this program, you will have to pay the guarantee fee instead of mortgage insurance.
  • VA loans – mortgages offered by the US Department of Veterans Affairs to people who have served in the military. These loans allow veterans to put a down payment of zero percent and get 100% financing. A funding fee has to be paid instead of mortgage insurance.

Falling in Love With the Property and Failing to See its Faults

This can be a huge mistake. It often happens that we like the house, but it turns out that its neighborhood is not a place where we would like to raise our children. You should always visit the place at least two or three times, at different times of day and week, before you make a decision to buy. If you notice that there is something the seller is trying to hide, that should be a red flag to look for

First-time homebuyers are usually impatient to move in, Alt. tag: House door with keys

Wasting All Your Savings On Your First Property

This is one of the common mistakes first-time homebuyers often make. They do this to add to the sum for a down payment and lower the monthly payment rate. However, you still need to have an emergency fund (three to six months of living expenses) because there are so many things that can go wrong when you buy a property. It is better to pay for mortgage insurance and still have your emergency fund untouched, just in case. 

Not Knowing About the Hidden Costs of Ownership

There are many costs of ownership that first-time homebuyers do not know about. Property taxes, insurance (mortgage, hazard, and homeowners), repairs, maintenance, and utilities are just a few of them. 

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.

4 is Better than 1 or 2! Four Featured Lake of the Woods Open Houses This Sunday!

Sunday, March 3rd
12:30PM – 2PM & 2:30PM – 4PM

Featured homes (please click on link below for more info about the home):

12:30PM – 2:30PM
105 Green Spring
106 Green Spring

 

 

 

 

2:30PM – 4PM
712 Lakeview Pkwy
116 Indian Hills

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.

Make Buyers Fall in Love with Your Home with These Easy Staging Tips

Love is in the air! We’re not talking about Valentine’s Day — we mean all of the buyers falling in love with your home thanks to these easy staging tips. From simple DIY projects to decor and de-cluttering pointers, these effortless staging tips will wow the next buyers that step through your front door.

Clean, Clean, Clean

A woman mopping her kitchen floor.The single most important step for staging success? Clean. Break out those rubber gloves and scrub every corner, crack, and crevice that you can find. Not only will a clean home convey to buyers that you take good care of your space, but it’ll also ensure less work and fewer problems when they move in.

The home-staging cleaning process is more than just regular vacuuming, dusting, mopping, and scrubbing; you’ll need to go the extra mile. We’re talking waxing the floors, deep cleaning the carpets, polishing all of the handles and doorknobs, and more. Make an extensive list, and devote a whole weekend to tidying up.

Tackle Any Unfinished Projects

A toolbelt on a roofDo you have a notoriously leaky faucet that you haven’t gotten around to fixing, or a stain on the floor that you’ve been covering with a rug? Now is the time to take care of it.

Take an inventory of any unfinished projects you’ve accumulated. Whether it’s repairing a lighting fixture or patching a hole in the roof, ticking off pending projects is critical in the staging process. The last thing a buyer wants is to inherit problems from a home that they could’ve avoided.

Try Small-Scale DIY

A man rolling a paint roller in a tray of yellow paintYou don’t have to add an extra room or install an in-ground pool to make your home stick out to buyers. There are plenty of simple and affordable DIY projects, from decor improvements to easy upgrades and repairs, that’ll make your home pop!

Need some ideas to kick-start the process? Try putting a fresh coat of paint on the walls, replacing outdated lighting, upgrading cabinet handles and doorknobs, or de-popcorning your ceiling — just a few of the many easy ways to elevate your home’s look.

De-personalize and De-clutter

A row of succulents against a white wall.While decorating plays a big role in catching a buyer’s eye, there’s a fine line between standing out and overdoing it. While you might like your style of decorating, buyers could find it off-putting, so keeping it neutral is key. Using house plants and seasonal greenery is always a solid option for filling empty space!

While you’re putting up that new decor, you’ll want your space to be clutter-free and open. If you have any old couches, outdated decorations, or unnecessary accent pieces, take the opportunity to get rid of them before showings start.

List Your Home with Local Experts

From helping you get your DIY on to handling the complicated closing paperwork, our team is dedicated to helping you have a successful and stress-free real estate experience.

Are you ready to get started on your selling journey? Don’t hesitate to give our team of local experts a call today!

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.