Get ready to saddle up and go for one last ride! Make sure you don’t miss the Final 2019 Bull Riding and Rodeo on September 14, at Oakland Heights Farm in Gordonsville, Virginia. Gates open at 5:30 PM with live music beginning at 6:00 PM. Vendors and concession stands are available throughout the event with proceeds benefiting the Gordonsville Fire Department. When the clock strikes 7:15 PM, the show begins as you watch contestants try their luck as they take on a 1-ton bull! Admission for adults is $15.00, kids 3-13 are $10.00 and 2 and under is free. Competitors are allowed ONE additional spectator guest entry. For more information about the event, be sure to click here! These cowpokes are ready to grab the bull by the horns, are you?
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.
Fall is right around the corner, and what better way to enjoy the last weekend of summer than visiting the 2019 Virginia Cider Festival in Fredericksburg, Virginia! Located at the Fredericksburg Fairgrounds on September 14 from 11:00 AM – 5:00 PM. You’ll enjoy countless hard ciders from all over the country, with live musical performances and plenty of delicious food from local establishments. Good times are sure to be had by all! Tickets are available for $30.00 for guests 21+, $10.00 for designated drivers and anyone 16+, and free for guests 15 and under! Parking is free and amply available. Tasting glasses will be available for general admission ticket holders, while supplies last. Be sure to click here for more information and full details about the event. Fall is upon us, so let’s raise our glasses and toast to the changing seasons!
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.
Ever wanted to be spend a day surrounded by Sunflowers? If so, then we have the perfect event for you! fulfill your dreams by being at the Ralph H. Dean Recreation Park for the Town of Luray’s 1st Annual Sunflower Festival! It all begins on September 14th at 10:30 AM with a 1k fun run down the fitness trail, and the fun will continue until 6:00 PM. All donations benefit PACA, a non-profit organization. Kids are sure to be entertained with music, food, pony rides, a petting zoo, pumpkin painting and much more! The fun doesn’t stop there, as you can head to Downtown Luray for dining specials, shopping and sales! Don’t forget to stop by the Warehouse Art Gallery to see live performances all day! For more information, be sure to click here. With a community as bright as these flowers, this is one festival that is sure to put a smile on your face!
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.
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.
Want to send a shiver down your spine? Tired of watching ghost shows, and want to experience it first hand? Than be sure to pay a visit to Deep Creek Vintage on September 7, 2019 as they take you along an after-hours ghost tour that is sure to make even the bravest of us quiver in fear. Guests will be a part of a 2.5-hour interactive tour that takes you through the manor, where your courage will be put to the test. You’ll learn the history that lies beneath these haunted grounds, hear all kinds of paranormal activity that occurs within the walls, and take part in a real EVP recording session! Tickets are available for $30.00. Suitable for mature children over 12. For more information be sure to click here. If you’re ready for a frightening good time, then make sure you’re there on September 7th!
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 homeworth?” 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.
Looking to spend your weekend cooling off, and enjoying time with the family? Make sure not to miss Slide FXBG 2019 for their one-day water slide event! Fall is right around the corner, so make sure you experience what is sure to be the highlight of your summer. What’s more fun than sliding? Sliding down a 1000-foot Slip-and-Slide! Invite your friends to make a splash on August 31, 2019 at William St, Fredericksburg VA for a day full of family, fun and of course, Sliding! Tickets are available in waves starting at 11:00 AM, 1:00 PM, 3:00 PM and 5:00 PM. Tickets are priced at $27.00 each, and for more information be sure to click here. See you on the slide! Credit for the image goes to the Fredericksburg Economic Development and Tourism.
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 homeworth?” 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.
Whether you’re buying residential or commercial real estate, it is in your
best interest to score the best deal. After all, that’s what negotiation
tactics and offers are for. These days, there’s an increase in second-home
purchases throughout the whole nation, but especially in Virginia. This
means that by buying a property in Virginia you are also making a great
financial investment. With homes that can meet a wide range of
budgets, you are diving into a pool of opportunities – but how to know which is
the right one? Don’t worry, we’ve got you covered – use the tips below the
maximize your investment and save money along the way.
Buying a property in Virginia starts online
Nowadays, searches of any kind begin on the internet. In the end, isn’t that
how you ended up on this page? There’s no doubt that buying property is
a financial reality check. From fees and interest rates to the
mortgage process, you need to research each step before making the final
decision. Gather any property information you can on the
property market. Housing apps and property listing sites like Zillow and Tulia
will get you an idea of the market so they are worth checking out. Who
knows, maybe you’ll find what you’re looking for sooner than you anticipated?
Found a potential buy but want to dig deeper? Then you’ll be glad to know
that there are various research tools at your disposal. Before
buying a property in Virginia, check the Multiple Listing Service database to
find zoning, maps, and ownership. On Tulia, you have extra features where you
can find out about school and crime statistics or median home values for a
specific area. Google away!
Hire a real estate agent
If you’re a first-time buyer, chances are you don’t know home
buying terminology or the overall process. Unfortunately, the
Internet can only do so much. In the end, it’s always best to place your trust
in someone who has much more experience in the trade. A good real
estate agent will save you not only money but time and nerves as well.
In this way, you won’t have to be tangled up in the process as much, as your
agent will ensure it goes smoothly.
Realtors can also help you find other professionals who will assist you in
the home buying process, like mortgage brokers and home inspectors. They can
even refer you to good moving companies like Premium Q Moving and Storage Boston
that will help you during the moving phase. The question is – how do
you find a good realtor? It’s best to stay off the internet and ask
for referrals from people you trust. If this is not an option, check
customer reviews of real estate agents on property listing sites.
Don’t forget to check if they are licensed at the Virginia
Department of Professional and Occupational Regulation License Search.
Get Loan Quotes from Multiple Lenders
A word of advice: Do not accept the first offer that your mortgage
lender makes! Interest rates will vary, as different lenders may quote
you different prices. For example, the average 30-year mortgage rate in
Virginia is currently 4.14%. However, it can vary more than half a percent,
which translates to around 60$ a month – you do the math. That’s why it’s
recommended you get loan quotes from at least 3-4 different mortgage
companies when buying a property in Virginia. Be aware that lenders
charge various other fees for processing a mortgage, loan origination fee, loan
application fees, etc. You will be able to see exactly what you’re paying for
in the loan estimate, so use it to help you negotiate lower fees and rates. If
you’re buying a house, choose one of Virginia first-time homebuyers
program. These programs are designed to help you and lighten your
financial burden.
Pick timing and location wisely
Let’s say you want to buy
a vacation home in Virginia. Now, predicting the market isn’t easy.
But what if you could save thousands of dollars if you knew when exactly to buy
it? If you don’t rush and are flexible enough, the best way to save money on a
good deal is to buy property around the holidays or in
January. Most people selling their homes at that time are doing so only because
it’s urgent. With the right negotiation tactic, you can use this to your
advantage and lower the price.
Another one of great
strategies for house hunting is picking the location. If you’re
planning to purchase property in the northern part of Virginia, you need to act
quickly. Since this is the most populated region of the state, you’ll have more
competition which means the prices will increase. On the other hand, you can pick
more affordable places. Houses in Richmond or Portsmouth tend to be
below the median value for properties in the state – check them out!
Negotiate for the Best Possible Price
All the advice in the world will be for nothing if this part of the process
isn’t done correctly. When it comes to negotiations, you either make it or
break it, so it’s best to let your real estate agent do the talking.
Since he has an understanding of the property market, he’ll be able to point
out all the shortcomings that you might not have noticed. Also,
have him help you write your offer letter. It’s important that
you personalize your interest in the house so that you stand out among other
potential buyers. Don’t mention any of the shortcomings, as it
can only be a deal-breaker. Instead, try to appeal to the seller
by mentioning the particulars that you know about him. For example, is that his
childhood home? Then make a connection and comment on how great your kids would
have it growing up there too.
In conclusion, buying a property in Virginia is a great financial investment if you buy it for the right price. Getting that price, however, depends on many factors. Trust in the expertise of your real estate agent to get you through the process and you’ll soon be enjoying in your new Virginia 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 homeworth?” 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.
Everybody loves talking about mortgages. They’re fun, easy to understand, and a great icebreaker, right?….Wrong. Thanks to their lengthy process, technical jargon, and confusing options, mortgages have a bit of an intimidating reputation—but it doesn’t have to be that way!
If you’re in the process of buying a new home and dreading the mortgage application process, here’s what you need to know to keep things running smoothly.
Know How Much You Can Spend
If you’re feeling antsy about getting started and want a general idea of how much loan you might qualify for, consider the 28/36 rule, or the Debt-to-Income ratio—AKA what most lenders use to help calculate your mortgage.
Essentially, the 28/36 rule means that your monthly mortgage payment shouldn’t be more than 28% of your gross income. Additionally, your outstanding debts—like mortgage, car loans, student loans—shouldn’t account for more than 36% of your gross income.
Get Your Finances in Order
Not seeing the numbers you were hoping for after calculating your Debt-to-Income ratio? Then, hopefully, you’ve given yourself a little time to shift things in your favor. Paying off loans, improving your credit score, avoiding big purchases—these will all help you change those numbers.
Of course, completing those tasks is a little harder to do in practice than in theory, so you may have to take a look at your budget and see where you can cut out some extras—at least temporarily!
What You’ll Need to Apply
In the weeks before you plan on applying for a mortgage, you should start collecting all of the documents you need. Since a lender will be telling you exactly how much money they’re willing to loan, they’ll need a comprehensive understanding of your finances beforehand. Start gathering things like:
W2s/tax returns
Photo ID
Your two most recent pay stubs
Current and prior addresses
Asset information (retirement funds, 401(k), stocks and bonds, other investments)
Gift letters
Depending on the lender you choose, you may need additional documents, so consider calling in to double-check beforehand.
Find the Right Mortgage
Once it’s time to start thinking more concretely about applying for a mortgage, you have several options to consider. While all the mortgage options out there could easily fill a whole blog post on their own, here’s a quick rundown to give you a general idea:
Conventional/Fixed-rate: The interest rate of a fixed-rate loan won’t change over time, making it a popular choice for its predictability. Conventional loans typically require a 20% down payment or mortgage insurance for smaller down payments.
Adjustable-rate: The interest rate of adjustable-rate mortgage will fluctuate over time, sometimes lower than fixed-rate, sometimes higher. There is a cap in place so the rate doesn’t get too out of control, but ARMs are typically more popular with those who plan to refinance.
FHA: If you are struggling to come up with a down payment, you may have options with an FHA mortgage. Provided by the Federal Housing Administration, these loans come with a low down payment requirement and built-in mortgage insurance.
USDA: Live in a rural area? Then check out your USDA eligibility! A surprising amount of areas qualify for USDA loans, even if you aren’t living in the countryside. Plus, USDA loans don’t require a down payment and offer lower insurance premiums.
These aren’t the only options you’ll have, just the most common. If none of these sound right or you aren’t sure which to choose, just ask your lender!
Choose the Right Lender
When it comes time to decide who to work with, you’ll have to do your research. Each lender is different, meaning they’ll likely offer you different rates, charges, and loan options.
Luckily, we’ve been working in real estate around the area for years, so we know exactly which lenders are right for which buyers. If you need a few suggestions before you kick off your search, just let us know!
Still Have Questions?
That’s okay—we get it. Applying for mortgage is confusing and challenging, especially if it’s your first time. If you have any questions about the process, we’re here to help.
Ready to start looking at a few homes in your price range? We can help with that, too! Check out our specialized search tool to narrow down your options, and give us a call to start seeing a few in person!
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 homeworth?” 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.
Money investment is always a serious endeavor. It takes
doing some serious calculations, thinking and analysis to be able to make the
right and final decision. Bringing the whole process to the end successfully is
highly rewarding. A smart investment, by all means, is the one that brings a return
on the investment – be it a genuine joy or certain financial gain. Bearing in
mind all these facts, is buying real estate in Virginia a good investment? We
can provide you with vital facts on the subject. Then, take your time to deal
with the dilemma and finally decide.
Things to know before considering buying real estate in Virginia as an
investment
It is a well-known fact that Virginia is the promised land
for nature and history lovers. Living among those mostly highly-educated and
friendly people is a real pleasure. Should you want to rest and relax, the
opportunities are ample to have a day trip or an excursion with your family. You
will not miss job opportunities either. If you already live in this state, you
might want to consider your options in other counties or cities as well.
So, before you start seeking professional assistance for your
local relocation in Virginia or even organizing a long-distance move after
purchasing real estate there, here are the facts of key importance to pay
attention to.
High standard and the matching cost of living
Whether we like or not, finances are among the most
important factors when choosing where to live. If you are considering
purchasing real estate in Virginia, it is essential to know that the cost of
living is relatively high. Understandably, the costs vary depending on the
area, but it is impossible not to admit that cities in some counties are very
expensive to live in. On the other hand, considering the number of perks
Virginia offers to its residents, one would say that moving there is worth
considering nevertheless.
To rent or to buy?
To buy we say. The prices of rent are considerably high.
Regardless of the type of residence and the area, rent in Virginia is well
above the national average. Thus, we would agree that buying real estate in
Virginia is an intelligent choice. Depending on the city you choose, you can
expect to pay anything between $220,000 and $850,000 for a decent home. This
wide range proves that you can find a favorable option for any budget. Even if
you have to downsize a bit in the beginning, this is not a reason to worry
since you can find
affordable storage units easily.
The population is on the increase
Yes, and it is getting very diverse. Multiculturalism in the
state makes people tolerant of differences and a nice place to live. You will
get used to your new home location in no time, and maybe consider buying
a vacation home in Virginia as well.
Traffic may spoil the fun
We have to admit that traffic in Virginia can be really
heavy. Hence, considerably lower gas prices when compared to the national
average do not matter much. Commute time is 28.2 minutes on the average, which
is slightly longer. If you opt for using public transportation, you can get a
pass for the unlimited number of rides in 30 days. It costs around $60.
However, minors, seniors and the disabled pay only $35.
A word or two on taxes
Income tax in Virginia is within the range of 2% to 5.75%,
unlike the property taxes which are below the average national value. They range
between 0.42% and 1.37%. If you are preparing for retirement, you will like to
hear that Virginia is a retirement tax-friendly country. Finally, the sales tax
is between 5.3% and 7%, depending on the county.
Healthcare
As is the case with the above-mentioned parameters, the
median healthcare price also varies greatly throughout Virginia. It can be up
to 2% lower than the national average, or be as much as 14% higher. Generally,
the bigger the city the higher the prices.
Timing matters
When considering buying real estate in Virginia as an
investment, timing is an important factor. It affects both the price and the
number of properties on the market. So, if you want to make a good investment,
remember this. If you want to have an immense number of options, spring is the
best time. This period is characterized by increased supply and a lot of
choices. On the other hand, if you have a limited budget, consider conducting
the purchase in summer. The prices tend to be lower and more affordable due to
summer holidays and less serious demand. Anything later than this goes with
certain hazard. You risk not finding the real estate of the quality you need
and want.
Where to buy real estate in Virginia?
Once you decide purchasing real estate in Virginia is what
you really want, choosing where to invest is the next dilemma. Most often,
buyers choose Arlington, Richmond, Virginia Beach, Falls Church, Norfolk, Williamsburg,
and Chantilly. Make a list of your needs, wants, and priorities and choose
accordingly. In case you realize you have made a mistake, study the tips
for marketing your home to millennials or target any other group, and sell
the property. Hence, you will have a chance to find something more appropriate
and invest again. We must admit the whole process is challenging indeed, but it
is not unachievable.
Buying real estate in Virginia – how to do it right?
Buying real estate in Virginia requires professional assistance. Having a real estate agent by your side in the process will save you a lot of trouble. Moreover, it will significantly reduce the risk of making a costly mistake of buying a property of low quality or even dealing with fraudulent sellers. An experienced and knowledgeable agent can help you with getting a mortgage, obtaining the necessary insurance and going through the settlement process smoothly. Then, after signing the contract of sale, you can get down the most important things to do after buying a home. At the end of the day, it turns out that buying real estate in Virginia is a good investment indeed.
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 homeworth?” 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.
Thinking about investing in property, or how nice it would be to vacation at your own lake house instead of renting one? Recently, the economy has led to an increase in second-home purchases, nationwide. Especially in the state of Virginia. When buying a vacation home in Virginia, you’re making one of the few investments that offer both financial and personal rewards. The best thing when purchasing a vacation home is that you don’t have to be rich to pull it off. This investment allows you to diversify your income, plan for retirement, take a vacation without extra costs, and maybe even build wealth. You need to set your goals before buying a second home. Weigh out the pros and cons, and once you’re clear on why you want to buy it, you can focus your search and match it with your priorities.
Advantages of buying a vacation home in Virginia
No matter which part of society you belong to, whether you are a retiree who is seeking to escape city life or a lake lover who wants to live in Lake of the Woods, you have the option of buying a home. Whether you’re looking to buy a property as a vacation home for summers or winters or just looking for an investment property to rent out, there are homes that can meet a wide range of budgets.
Long-term profits
Today, people are
starting to value short term over long term profit, because earnings are more
significant when repeated many times over a short period. Luckily for you,
vacation properties have retained their value because they are located in areas
which are still popular. Because the mountains and shorelines are limited,
there is a finite number of houses which can be built. That holds the price
when it comes to vacation properties.
Real estate has always had its ups and downs, and will likely continue to have them in the future. Therefore, keep in mind that there is no guarantee that your second home will sell for a higher price in the future.
Vacation properties have retained their value, so renting it is
a good choice
Taxes
When buying a vacation
home in Virginia, think about tax deductions and how you want to use your
property. Will that be a home for rent, or will it only be for personal
enjoyment? Many people prefer not to rent their second home because if they did,
the interest on the mortgage and the property taxes would be fully deductible
from the gross income. This mortgage can be treated the same way you are
treating the mortgage on your primary residence.
Income
A great thing about
buying a vacation home in Virginia is that you can decide to rent it out. You
can always use it yourself. Whether you are renting it or just personally using
the property, you are going to have to invest in it. Furnishing a house requests
a certain amount of money, but renting afterward can help you return at least a
part of it. You have the option to move things from your family home to a
vacation home, this way you can redesign your home. Moving your household with professional help is your best option for a
stress-free move. Once you have furnished your vacation home, you can start
renting it out.
Rental fees differ from
season to season. Another important factor is the popularity of the resort
location. For most resorts, weekly rental fees are equal to or greater than the
monthly mortgage payment.
Convenience
Buying a vacation home
in Virginia can be really convenient. You have the option to keep the items
that you exclusively use there in your vacation home, which simplifies travel
and packing. If you and your family like to ski, you can store some of your
winter clothes and ski equipment in your vacation home. This allows you to
easily make spontaneous trips for a weekend of skiing without having to worry
about packing.
Retirement
The goal most retirees
strive for is to have a place of retreat for the times of the year they dislike
spending in the primary residence. Buying a vacation home in Virginia is a
great investment for those people. You would be one of the lucky ones if you buy a second home before retirement. You then
have the time to experience the benefits of a refuge. If it turns out that
wasn’t your dream, you also have time to correct the mistake and maybe sell it.
Gathering location
Memories are the one thing no one can take away from us, and places stir memories in people. Both big and small families enjoy annual gatherings. Building a tradition keeps families strong and in some way obligates them to see each other, even for one day. Buying a vacation home in Virginia will not only be an investment for your future, but also an investment for the beautiful memories you’ve created in the past. The annual gatherings keep families close, especially if people are all over the country.
You can’t put a price on the memories – especially a home that
has been a site of many happy gatherings.
Some people struggle
whether to buy a vacation home or not, even when the finances are acceptable.
Some of the questions they encounter are:
· Do
I want to vacation in the same place every year?
· Will
this make me happy?
· Can
I handle renting the property to a stranger?
· Will
I come as often as I hope?
· Will my kids and grandkids use this property once I am gone?
Some people struggle to decide whether to buy a vacation home or
not
Buying a vacation home in Virginia is a long-term commitment. You need to be prepared if your dreams don’t come true because you could be stuck with high costs and responsibilities for years. For many buyers, dreams do come true, and the payoff is well worth it. Sometimes, you have to risk money to make money.
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 homeworth?” 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.
