Charlottesville Home Buying Guide
Buying a Home in The Charlottesville Area
I understand that making the decision to buy a home in Virginia can be a particularly overwhelming experience. From mastering the difference between condos, townhomes, HOA’s, well and septic systems, to planning for closing costs, title insurance, there’s a lot to learn.
That’s why I’ve created this buyer’s guide— to set you on the right course to owning a home of your own.
Step 1 - Interview
Find a real estate agent you trust. INTERVIEW Them! Ask them questions. “How can you help me?” Search online for proof they actually work in real estate full time. Educate yourself! Find an agent who understands your wants, and your dreams for homeownership.
Step 2 - Research
Where do you want to live? What neighborhood do you want to move to? Is a Townhome out of the question? Drive around and look or search online. Visit Facebook groups in the area and ask questions. Better yet, talk with your realtor to find the perfect location.
Step 3 - Budget
How much home can you afford? A bank can give you a number based off your income and debt but how much do you WANT to spend each month? Do you want to spend 1/3rd of your income on a Mortgage? Maybe you only want to spend 25% and save the remaining, or you want to spend more and be in a home you absolutely love?
Step 4 - Get Prequalified
After you have a budget of what you want to spend each month. You need to talk to a lender to make sure that number is doable. The lender will also tell you what you can do to make it a reality. Maybe it’s save up more money for a down payment or work on your credit score. Did you know it’s free to do this? Visit my Preferred lender HERE
Step 5 - Find Your Home
Here comes the fun part, find a home to buy! Before we go look, I’ll set you up with a home search that matches your criteria as far as amount of bedrooms and price, to help narrow it down. I want to look at every home you want to see. I don’t care if we look at 500 homes before finding the ONE!
Step 6 - Making an Offer
We found the home you love and now we write up an offer. This is where the expertise of the agent comes into play. I will send you recent homes that have sold and talk you through the whole process. Like how much the Earnest Money Deposit should be? Once we decide on the terms, we submit!
Step 7 - Home Inspection
You’re under contract and now it’s inspection time! Inspections usually happen within the first 10 days and that’s when you get to go climbing into the attic, or the crawlspace. See if the foundation is crumbling. If it is, you can then decide if you want to have the seller fix it, give you credit to fix it or if you want out to find another home.
Step 8 - Loan
Time to talk to that lender again and figure out what type of loan you want? Convential 30 year fixed? 15 Year? FHA? VA? Rehabilitation loan? You’ll also submit more documentation to the lender as they require more proof of funds, If a gift needs to take place from a loved one? Things like that.
Step 9 - Home Appraisal
You’ve gone through the inspection period and you agreed with the seller if repairs need to be made, if any. The bank will ask for an appraisal. This is a fee you pay for seperate from the home purchase. Depending on the size of the home it can be anywhere from $500-$1,000. If the home comes in under the contract price, we then return to the seller to figure out next steps. Maybe we pay more out of pocket to make up the difference or the seller lowers the contract price? The bank will only issue a loan for the price of the appraised value.
Step 10 - Final Walkthrough
Usually the morning of closing, we’ll walk through the house and make sure everything works. Make sure the appliances work, the doors open, no leaking in the basement. The home needs to be in the same condition as when we inspected it, or better if they fixed up some items.
Congratulations you bought a house!
Once all the paperwork is finalized and both parties have signed the deed. It will be recorded in the courthouse and you’ll be the new owner!
This guide is just 10 steps and yes, it can and will most likely be more steps, but these are the major steps.
Schedule a Buyer Consultation
Buying a home is typically the biggest purchase of your life, and it doesn’t have to be scary. I’m here to help you understand the process and feel confident in building wealth through real estate.
Let’s have a 15-minute phone call to discuss your real estate goals and ensure I’m the right fit for what you are looking to accomplish.
How to select a Realtor?
Your Guide to a Seamless Real Estate Journey
Selecting the perfect Crozet realtor can be the key to a successful and stress-free real estate experience. With many years of expertise in the Charlottesville area, we understand the importance of this decision. Look for a realtor who combines local knowledge, a proven track record, and a commitment to personalized service.
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Delve into a treasure trove of insights, tips, and trends that span the realms of home buying and selling. Discover the local hidden gems of these communities, and stay informed with the latest national real estate news. Join us on this enriching journey, where expertise and local flavor blend seamlessly to empower your decisions and celebrate the art of homeownership.
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