Most condominiums and townhomes—as well as many detached homes—are located in communities governed by homeowners associations (HOAs). Often managed by a board and/or an independent property management company, HOAs collect fees from residents to provide maintenance and other services for the community. If you are thinking about purchasing a home in an HOA, here are a few important things to know about:
The HOA’s monthly fees—and what they cover. On average, HOA fees can range from $150-850 per month and cover a variety of services. For instance, most HOAs handle maintenance and landscaping of common areas, but others may include the upkeep needed for a pool, fitness center, sports courts, or walking trails, in addition to services like security or a concierge. Some HOA fees also cover month-to-month costs such as cable or trash and sewage removal. However, since these fees may constitute a significant portion of your monthly budget, it’s important to understand how much they are and what they cover before making an offer on your new home.
The financial health of the HOA. Despite collecting fees, some HOAs may still be underfunded. To get a better idea of the HOA’s financial health, request a copy of the financial records made available to homeowners, and pay particular attention to how often dues are typically increased.
The Covenants, Conditions and Restrictions (CC&Rs). Most HOAs impose rules on homeowners, commonly referred to as the CC&Rs. These can touch upon various aspects of living in your home, from the types of pets you can own to the colors you can paint your house to how many vehicles can be parked in your driveway. Researching how restrictive a community’s CC&Rs are before signing on the dotted line can help ensure that you will be happy and comfortable in your new home.
Learn about Hidden Costs of Buying and Owning a Home 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 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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
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.
Nowadays, Millennials are the fastest-growing generation of consumers in Virginia and the whole of the US. If we look at the statistics, we learn that those born between 1980 and 2000 are tough to sell to. However, one of every three homebuyers is a millennial. And the figure is set to explode in this decade. Therefore, the only thing you really need to know is what Virginia young professionals are looking for in a house if you want to expand your buyer pool and interest them into considering your property.
In this article, we’ll tell you everything you need to know. Firstly, it’s important to mention that there is more than one approach here. Young professionals are aware that there are many reasons why buying a vacation home in Virginia is a great investment. Therefore, you can try to appeal to those looking for a holiday home. Or, you can stick with people who want to live here full time.
Whichever way you choose, it shouldn’t be hard to use the information we’re about to give you. So, sit back and learn what you need to concentrate on.
Updated kitchen and bathroom
We all want to buy a house that has a new kitchen and bath fixtures. However, this seems to be much more important for young professionals than anyone else. As the experts explain, these people are budget-conscious buyers, which is why this is crucial to them.
Most of their budget goes toward down payment and furnishing. And with the kitchen and bathroom being the two most expensive parts of the home to update, they don’t want or can’t afford to deal with them.
On the other hand, you need to be careful with remodeling these two features. Unlike a new roof or plumbing, these fixtures are a matter of taste. So, you can’t be sure that the potential buyers will like it. But, if you manage to do something they like, it won’t be long before you need a reliable moving company like Allstate Moving and Storage to relocate you out of your, now sold, house.
Kitchen and bathroom fixtures should be new when selling to millennials, but try to concentrate on the functionality. Alt tag: A man and a woman in the kitchen talking about what Virginia young professionals are looking for in a house.
Good location
Young buyers have experienced some things that their parents didn’t when they were the same age. And “these things” include high gas prices and high-volume traffic. These are the reasons why they tend to see location a lot differently from their parents.
In cities, they are looking for places that are in close proximity to public transport and pleasant for walking. However, in rural areas, the priority is on entertainment options. So, it certainly helps that there are many exciting things to do in Orange County, Virginia. Remember that rural areas are usually attractive for buyers with children. Therefore, make sure to stage your house correctly because people looking at it should be able to imagine themselves living there as soon as they walk through the door.
Low maintenance
The next thing on our list of what Virginia young professionals are looking for in a house is low maintenance. What this means is that low-upkeep features like wooden floors and granite countertops are the things that can get you a sale. Anything that is relatively hassle-free and still attractive is always a great bonus with this generation.
Take a look at this example to understand better what we’re on about. You see, when you’re moving locally in Virginia, you always make sure your belongings arrive safely to a new location, right? Well, the younger generation you’re selling to would probably rather dispose of everything they already have and buy new things when they get to a new house. Millennials grew up watching their parents spend weekends repairing things and doing chores, and they want to avoid that at all costs. They don’t want to do that stuff, and you should provide them with that opportunity.
Wooden floors are much more resistant and easier to clean; that’s why young buyers love them. Alt tag: Dog sitting on the floor.
Home office
According to US Census data, more than 13 million Americans work from home. And if you factor in all the recent developments regarding the COVID-19 outbreak, it’s clear that this number is a bit higher nowadays. Additionally, it seems that the trend of working from home won’t stop any time soon, so it’s clear why having a home office is so important for many buyers.
These rooms have vast appeal. However, it’s also essential to present them in the right way. Most agents will point out that you can use this room as an office or other flex living space, especially if it’s still staged as a bedroom. If you want to give yourself the best chance of selling, read our tips for showing your home to potential buyers. You’ll find lots of good advice in that article.
Energy efficiency
Since energy costs are on the rise, and there’s a growing interest in protecting the environment, young professionals are very often interested in buying green homes. However, the interesting thing is that they’re not alone.
These days both young buyers and buyers in general are at a constant lookout for energy-efficient homes. If the house is not yet set for the energy efficiency they’re after, buyers will usually factor in the cost of conversion.
On the other hand, it’s important to mention that most buyers still focus on insulation levels, seasonal energy-efficiency, and other factors. So, make sure not to rush with green-washing your home just yet. Explore your local market and find out what kinds of holes you need to fill with your offer.
Although it’s not first on the list, when you ask yourself what Virginia young professionals are looking for in a house, energy efficiency comes to mind. Alt tag: Solar panels on the roof of a house.
Other important factors
Of course, there are many more things you should think about, so here are some additional assets most millennial buyers are looking for:
Technological capabilities. The important things here are the internet and cell service. Forget about landline phones and cable.
Proper staging. Many potential buyers watch real estate TV shows, so they’ll expect a higher staging level when they arrive to see a house.
As you can see, when it comes to what Virginia young professionals are looking for in a house, there are quite a few things to consider. Remember that these are bonuses. Ideally, you’ll have them all, but your home still can sell without much trouble, even with just a few features.
Meta: Find out what Virginia young professionals are looking for in a house. Learn how to stage it and which things you should focus on the most.
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
