From quick upgrades to major renovations, home remodeling projects can be an effective way to enhance your enjoyment of your living space while (hopefully) boosting resale value. However, many home improvements carry significant costs—and particularly if you’re planning to move soon, you may be wondering which upgrades offer the strongest return on investment. While specific amounts will vary depending on the market in your area and your home’s price range, the National Association of REALTORS® Research Group’s 2022 Remodeling Impact Report offers some interesting insights into the most valuable home improvements. Here are a few key takeaways from the report:
– When it came to interior remodeling projects, hardwood floor refinishing carried the greatest cost recovery at 147% of the project cost; homeowners spent an average of $3,400 to have their hardwood floors refinished and recovered an estimated $5,000 in added value at resale. Installing new wood flooring was close behind at 118% cost recovery, followed by upgrading the home’s insulation at 100%.
– While kitchen and bathroom remodels are often thought to have the greatest impact at resale, these projects fell lower on the list in terms of cost recovery, with complete kitchen renovations at 75% and bathroom renovations at 71%. Only 13% of realtors said they would recommend that their clients undertake a kitchen renovation before selling their home, and 26% would recommend a bathroom renovation.
– As far as exterior remodeling projects, adding new roofing and new garage doors delivered the highest ROI, both with 100% cost recovery. Surprisingly, new windows and doors yielded the least amount of value at resale. New vinyl windows had an average cost recovery of 67% and new wood windows 63%, with only 4% of realtors saying they’d recommend that their clients install either before putting their homes on the market. New steel front doors brought a cost recovery of 63% and fiberglass doors 60%, and just 3% of realtors would recommend these upgrades.
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.
This elegant colonial home, built in 2021, offers the perfect blend of classic design and modern convenience. Nestled near the back gate of the community, it boasts a 2-car garage and a charming front porch, perfect for relaxing on lazy afternoons. The main level of the home is bright and airy, with an open-concept design that makes it perfect for entertaining guests. The kitchen features sleek stainless steel appliances, gleaming granite countertops, and plenty of cabinet space for storage. The adjacent living and dining areas provide ample space for relaxation and conversation. Upstairs, the primary suite is a true oasis, with a spacious walk-in closet and a luxurious bathroom. Here, you’ll find a stand-up shower with bench seating, and a double vanity with gorgeous granite countertops. Two additional bedrooms and a hall bath round out the second floor of the home. The finished basement of the home offers even more living space, with a large rec room, a fourth bedroom, and a full bath. Looking for an in-law suite, older teen quarters, or multi-generational living? The basement offers so much flexibility! Whether you’re hosting out-of-town guests or simply looking for a place to unwind, this home has everything you need to feel comfortable and relaxed. Come see it for yourself today!
Located in a private, 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, an equestrian center, a fire and rescue department, and a 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’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I Will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
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.
Indulge in the ultimate waterfront lifestyle with this magnificent 3 bedroom, 2.5 bath home. From the moment you step inside, the luxury vinyl flooring and spacious main level greet you warmly. The primary bedroom and full bath provide a perfect haven to unwind with its jetted tub, stand-up shower, and double vanity. The half bath on the main level makes it an ideal spot for entertaining guests while admiring the picturesque views of the water. Don’t forget about the expansive deck off the living room to share its lake views while grilling and entertaining. As you venture downstairs, you’ll find two more sizable bedrooms and another full bathroom, perfect for hosting family and guests. However, the real standout feature of this property is the screened porch tucked under the main deck. You can enjoy the tranquil water views while napping, reading a book, or while sipping on your favorite beverage, listening to music, and sharing laughs with your loved ones. This home is a water lover’s paradise, with water views from almost every room and offering ample opportunities for kayaking, fishing, and swimming right at your doorstep. You’ll love the spacious rooms, garage, and unbeatable location of this waterfront gem. Don’t miss the chance to make this dream home yours!
This spectacular home is located in a private, gated, secured community, Lake of the Woods, that 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, an equestrian center, a fire and rescue department, and a 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’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
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.
Introducing a well-maintained masterpiece located at 1327 Lakeview parkway. This 5 bedroom 3 bath split foyer home is a true gem, offering plenty of space and amenities for even the most discerning homeowner. As you step inside and move upstairs to the main living area you’re greeted by a stunning cathedral ceiling that creates a spacious and airy feel throughout the home. The main level features an open-concept floor plan with a living room, dining area, and a modern kitchen complete with plenty of storage space. Three spacious bedrooms and a guest bath are located on this level, including the primary suite. The luxurious primary suite is sure to impress with its spacious walk-in closet and a private bath with double vanity, jetted tub, and stand-up shower. This peaceful retreat is the perfect place to unwind after a long day. The lower level of the home is equally impressive, with a massive rec room that is perfect for entertaining guests, hosting movie nights, or simply relaxing with family. The gas fireplace provides a warm and cozy ambiance, making it a favorite gathering spot for all. There are two additional bedrooms, a full bath, and a laundry room. The oversized garage provides ample room for parking, storage, and workspace, making it a dream for car enthusiasts, hobbyists, or anyone in need of extra storage space. Outside, the flat yard offers plenty of room for outdoor activities, relaxation, and entertainment. Whether you’re looking for a spacious family home or a place to entertain guests, this home is sure to impress. Don’t miss your chance to make it yours!
Located in Lake of the Woods, a private, 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, an equestrian center, a fire and rescue department, and a 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’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
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 February, 9 homes were SOLD in Lake of the Woods.
1 sold below $250,000.00 0 sold between $250,000-299,999; 3 sold between $300,000-349,999; 1 sold between $350,000-399,999; 4 sold between $400,000-499,999; 0 sold between $500,000-$999,999;
20 Active/Coming Soon Listings for Sale 21 Homes Under Contract 22 Homes Sold since January 1, 2023.
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.
Deciding where to live in the latter stage of your life differs from choosing a home when you are younger. In short, it is the first time after a more extended period that you are deciding your life without putting your child first. Whatever your preferences might have been before, you must remember that your health is a significant factor that must be considered in whatever you choose to do during your retirement. When all that is considered, it becomes clear there are plenty of reasons to retire in Orange County, VA. Explore some of them in the following text and see for yourself.
You’ll be able to engage in a lot of outdoor activities to keep you fit
Orange County, VA, is an area with a lot to do. The weather is very diverse, so many different events are happening in the open throughout the year. During winter, people can visit one of the ski resorts nearby and have fun in the snow. Orange County has a festival for every season. For example, the Snow Moon Fest is in its vicinity, which is perfect for everyone. It mainly takes place in March, so you still have time to join all the fun.
When the weather is warmer, the residents and visitors can attend some of the many wine-tasting events. Naturally, barbeque has its festival for the fans of this type of meat – and there are many. Generally, this part of Virginia resides in wonderful nature. Everyone who lives there has a chance to explore daily.
Orange County, VA, offers a variety of outdoor activities in nature.
The slow pace of life will let you relax
One of the biggest reasons to retire in Orange County, VA, is that this part of the world offers peace. Most cities and villages here have few residents who are not packed like sardines in large skyscrapers. Everything is nearby and because of all that, there is no need to be in a hurry or to feel tense. Such easy access to nature Orange County provides allows its residents to use one of the healthiest anti-depressants – peaceful outdoor walks.
Generally, the pace of life is slow here, and everyone is bound to relax and take it easy. In some later years, this aspect is essential to keep one’s sanity. You could even move there in a relaxed manner. When it comes to packing for seniors, a stress-free process is possible, and it’s worth trying in that direction.
One of the reasons to retire in Orange County, VA, is that you’ll be able to relax there.
People can afford more comfortable homes there
The real estate market in Orange County, VA, is more favorable and less harsh for the wallet when compared to many others. That means you might be able to afford your first home here or a bigger one that you had. Owning a home is a dream of many, and being older doesn’t mean you have to give up that dream. That kind of investment is never a waste, especially if you have children or other relatives to whom you want to leave the property. When you own a home, the feeling is slightly more satisfying than in a rental.
For starters, decorating something that is entirely yours is inspiring. Those feeling a bit without a purpose in their retirement days can take up a project like this and feel much better. Besides, any mental stimulation, primarily project-based, is highly beneficial for brain health.
Owning a home in this area is not as expensive as in other parts of the world.
One of the reasons to retire in Orange County, VA, is that you’ll feel safe there
Safety is usually much higher in less densely inhabited areas. Consequently, in Orange County, VA, crime rates are much lower. There’s a good chance you’ll get to know your new neighbors well and half of the community too. Constant social contact increases the safety factor of any individual. Also, there’s not as much traffic as in metropolitan areas. That is relevant for individuals with impaired mobility that can’t run across the street as vigorously.
You can put your belongings in rented storage for an utterly carefree feeling. Miami Movers for Less claim people have resolved two issues: They got rid of the stress of someone robbing them of some of their stuff and decluttered their living space for a more comfortable everyday life. If that seems like something perfect for you, consider that option.
There are some great neighborhoods for senior living
This part of Virginia is proven to be great for senior living. Here are several communities that stand out as the best ones for this purpose:
Lake of the Woods. With a population of approximately 8,500 people, the peace and a sense of living surrounded by a big family are guaranteed. The area has two pools and many parks to engage in enough healthy physical activity. Most that lived there would gladly come back again later in life.
Orange. With an even smaller population than Lake of the Woods, Orange is the capital of slow living but with enough modern amenities. This little area is very safe, so you can sleep soundly there.
Gordonsville. Everyone that lives in this smallest town on our list knows each other. Its residents are very caring, so you’ll never feel alone even though it is a tiny town. For retirees that prefer absolute relaxation and this type of closeness to people, it’s a perfect place to move.
Final Thoughts
As you can see, many reasons exist to retire in Orange County, VA. What may seem a bit too slow to thrill-seeking teenagers is heaven for those that want to savor the days in perfect peace. And what matters a lot is that you don’t have to worry too much about your safety. The nature of towns in this area offers the feeling of belonging to a big, diverse family that cares for you. And in reality, that is the actual truth of how things are.
Meta Description: There are plenty of reasons to retire in Orange County, VA. If you are considering moving there, here’s why it would be a great idea.
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.
Sell your home faster with these easy repair and design tips
Minor improvements can make a big difference
Contact us to sell your home for top dollar in 2023
Thinking about selling your home in 2023? Your property’s interior and exterior look and feel have a direct impact on the final sale price of your home. Investing in minor improvements such as paint, flooring, or furniture creates an inviting atmosphere and draws potential buyers. Before you list your home, try these proven tips to help get you every penny your home is worth!
Remove extra clutter in your home
A home free of clutter can help potential buyers see the true beauty in your space. Not only does removing the clutter make viewing easier, but a clean room shows that you take care of your home. Removing items blocking walkways or other essential areas allows buyers to better imagine their furniture and possessions in each room. Decluttering also helps you keep organized as you move out, simplifying the packing process. Don’t let unnecessary objects get in the way of potential buyers seeing how great your space is!
A fresh coat of paint goes a long way
Neutral colors make a home appear clean, open, and inviting, so painting the walls in a neutral shade is a must for anyone getting ready to sell their property. Neutral colors help buyers envision the space as their own – allowing them to mentally plan how they’ll use the rooms in their new home. Plain colors can also make furniture and other decorations stand out, so they don’t have to worry about adjusting pieces to match what was already on the walls. Utilizing neutral colors will give potential buyers an idea of how a room would look if decorated with their own style and personality.
Entice homebuyers as soon as they arrive
Increasing your home’s curb appeal is an easy and satisfying way to give your living space a fresh look. By tidying up the yard and enhancing the house’s exterior, you can create an inviting atmosphere that potential buyers will love coming home to. Taking care of the lawn can be as simple as mowing regularly or adding potted plants and foliage that match your decor style. Paying extra attention to specific details, like painting the front door, can help your property stand out nicely. An easy and inexpensive option to add instant curb appeal is to have your house power-washed. With just a little effort, you can craft a stunning outdoor environment that will draw admirers far and wide.
Let’s Discuss Your Real Estate Goals
If you’re thinking about selling your home in 2023, right now is the best time to start getting ready. Contact our team to discuss your real estate goals so we can help you build a smart strategy for selling. Our team has the local experience you need and backs our advice with the latest market data for your neighborhood to help you get top dollar for your 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 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.
The continued inventory shortage experienced by most regions of the country was clearly evident in Lake of the Woods again in 2022. This inventory shortage, along with rocketing interest rates and inflation concerns in the second half of the year, definitely changed the course of the 2022 real estate market. Closed sales decreased approximately 24% from 358 to 272. New construction accounted for 31 of the 272 sales. The median sold price increased 11.39% year over year from $336,500 to $375,950 in 2022.
Now let’s look at the past five years:
In 2019, 301 homes sold, which was a 28.63% increase over 2018. The median sales price rose to $270,000. In 2020, we realized a 4% gain in home sales over 2019, with a total of 313 selling. 2021 showed a gain in sales at 358, and the median sold price increased almost 16% to $337,500, up from $291,250 in 2020. And then came the mixed bag 2022 market: closed sales fell by more than 24%, while the median sold price rose by 11.39%.
Average days on the market (DOM), which is the number of days it takes from the time a property is listed until it goes under contract, had steadily decreased from 76 in 2018 to 16 in 2021…yet in 2022, it rose to 23, more evidence of a changing market.
It’s also telling to note that a significant number of lots have sold in the past five years. From January 1, 2018, through December 31, 2022, a total of 172 lots sold: 45 in 2018; 41 in 2019; 49 in 2020; 24 in 2021; and only 13 in 2022. There simply are very few lots left in LOW.
Of the MLS sales reported in 2018-2022, new construction numbers have varied. 2018 saw 11 new construction homes sales; 2019 realized 31; 2020 sales jumped to 41; 2021 ended at 37; and 2022 saw new construction sales dip to only 13.
Again, there aren’t many lots left in LOW, which, of course, will impact new construction sales in the future.
Another notable statistic is the dramatic rise in average sold price to original list price ratio. It had steadily risen from 96.4% in 2018 to 100.9% in 2021, with 2022 showing a slight decrease at 100.3%.
According to Freddie Mac and the Mortgage Bankers Association at this time last year, mortgage rates were expected to rise and end 2022 in the 3.75-4% range for a 30-year fixed. As we experienced, they were wrong! Interest rates rose at a higher trajectory than ever before in the history of mortgage rates being documented. The current forecast is for rates to stabilize and then start a slow decline. It is anticipated that stabilization in interest rates and more confidence should bring buyers back into the market who “paused” due to all of the uncertainty.
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.
There’s goods news on the horizon in 2023 for home buyers and sellers
Look for shifts when it comes to home prices, inventory, and interest rates
Make a smart move by contacting us today to plan and strategize!
The COVID-19 pandemic ushered in an era of unprecedented milestones in the housing market. From the lowest interest rates in history to record amounts of equity, the last few years in the real estate market were anything but ordinary. However, as economies work on finding a middle ground, homebuyers and sellers can look forward to a much more familiar market in 2023. Let’s take a look at what we expect to see this year, so you can start thinking ahead to make your move.
Expect a bright spring for the national real estate market
The current inflationary pressures are expected to ease, especially by the spring of 2023. Millennials are continuing to enter the housing market—many for the first time. According to Bankrate, interest rates are forecast to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year. This will help fuel movement among homebuyers. And, the recent string of the housing market favoring sellers will start to wane, as slight price adjustments and an increase in inventory bring balance.
What homebuyers can expect from this year’s market
Inflationary pressures are expected to ease, especially by the spring of 2023. Millennials are continuing to enter the housing market—many for the first time. Interest rates are expected to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year, according to Bankrate. This will help fuel movement among homebuyers, who are also enjoying a strong job market. Despite high-profile layoffs (primarily in the technology sector) making the news, the overall unemployment rate is expected to stay at a low 3.6%.
What homesellers can expect from this year’s market
While the Fannie Mae Home Price Index (FNM-HPI) expects home prices to decline this year—it’s only by a modest 1.5%. While a “decline” can sound disappointing, since the COVID-19 pandemic in 2020, the median home listing price is up 27%, adding more than $9 trillion to the total value of the US housing market. And, despite the recent dip in home values, homeowners that purchased before February 2020 are still up an average of $92,000 in equity, according to real estate experts Black Knight. This provides homesellers with some flexibility in the listing price, allowing for a faster sale if you’re willing to price your home competitively. It’s important to keep the last several years in perspective in order to maximize those returns and put your investment to work for you.
Talk With Us About Your Real Estate Goals
While the real estate market is always in shift, ultimately, buying or selling a home is more about what’s right for your lifestyle each year. And with a more egalitarian market expected in 2023, both homebuyers and sellers can expect to make beneficial deals. The best way to get started is to contact us. Our team has experienced countless shifts in the market, and we’re backed by the latest data in your local area to help you find your dream 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 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.
For most people, buying a home is one of the biggest investments they’ll ever make. If you’re planning to purchase a home, your budget likely includes the down payment and monthly mortgage payments—yet many buyers, particularly first-time homeowners, find their budgets stretched by unexpected costs. In fact, according to a survey by ConsumerAffairs, 44% of recent home buyers said they had already spent more than they’d planned, with the average over-budget amount exceeding $10,000.
While record-breaking home prices over the past several months have contributed to this trend, new homeowners often find themselves surprised by unexpected costs, such as the following:
Property taxes. Currently, the average property tax rate across the U.S. is 1.1% of a home’s assessed value, but this amount can vary greatly based on location and average home prices.
Closing costs. The upfront costs of buying a home include more than just the down payment—at closing, you can expect to pay costs ranging from 2-5% of the home’s value. These may include title insurance, mortgage origination fees, surveys, and more depending on your market and lender.
Utilities. For many people moving from an apartment or rented house to a home of their own, the cost of all the utilities they need can be surprising. From the basics like water and electricity to items that you may or may not need depending on your preferences and where you live (such as cable, sewer, and trash collection), utility bills can add hundreds of dollars a month to your home ownership costs.
Insurance. In order to take out a mortgage, you’ll need to provide your lender with proof of homeowners insurance, which will cover certain damage to your home and the items within it. This necessary coverage will cost anywhere from several hundred to several thousand dollars per year.
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.
