9 Steps to Buying a House in Virginia

Are you planning on moving to Virginia in the near future? If so, you might have some questions about the process of buying a house in Virginia.

Keep reading to learn more. The following guide will explain what you need to know, helping you better understand how you can proceed step-by-step from the dream of owning a Virginia home to the reality of moving into one.

Step 1: Assessing Your Finances

You naturally need to account for such practical factors as your budget when looking for a new house anywhere. Additionally, you need to consider the fact that the price of a house isn’t necessarily a proper representation of its true cost.

Other expenses, such as taxes and maintenance costs, will all influence how much money you might spend on a house.

According to Virginia REALTORS, the median price for a home in Virginia was $411,000 in June of 2023. Although you can certainly find homes for less than that much, knowing this may help you decide whether you’re ready to buy a house or whether you’d prefer to save up some more money before beginning your search.

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Step 2: Researching the Virginia Housing Market

Make a list of priorities that are important to you in a new home. For example, perhaps you want to be confident you’re living in a low-crime neighborhood. Or maybe you want to know your kids will be attending a school district where they will receive a quality education.

Begin researching neighborhoods to look for those that match your criteria. Again, along with your list of priorities, you should reference your budget when conducting this early research.

Step 3: Engaging a Real Estate Agent

Finding a home and completing the process of buying it on your own may technically be possible, but that doesn’t mean it’s easy. You can dramatically simplify the process of buying a house in Virginia by working with a real estate agent.

Just make sure you’ve thoroughly outlined your budget and what type of house and neighborhood you’re looking for when you reach out to an agent. The more information you can provide them regarding your goals, the easier it will be for them to help you find the house of your dreams.

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Step 4: Searching for the Perfect Home

While your real estate agent may find a home for you, that doesn’t mean you shouldn’t be involved in the search yourself. As the agent looks for your next house, you can continue searching on your own by checking online listings.

Schedule viewings and stop by open houses once you’ve found homes that call out to you. Of course, visiting a home also gives you the opportunity to truly explore the area to determine if it’s right for your goals and preferences.

Step 5: Making an Offer and Negotiating

The process of negotiating can vary substantially depending on the overall market conditions in which you’re buying a house. This highlights one of the many reasons it’s wise to enlist the help of an experienced real estate agent when buying a home in Virginia. Their understanding of the industry can help you determine if you’re currently in a buyer’s market or a seller’s market.

If you’re in a buyer’s market, you may be able to justify offering 10% below the listed price. According to real estate experts, it’s possible a homeowner will understand this is a fair offer, given the market trends. However, the same experts recommend never offering more than 25% below the listed price, as it’s highly unlikely a seller will take such an offer seriously.

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Factors to keep in mind when determining an offer price include:

1. a) The prices of similar homes in the area, which your real estate agent can provide for you.
2. b) The degree to which the seller does or does not seem eager to sell their house.
3. c) How long the home has been on the market, as a seller might be willing to negotiate for a relatively low price if a house has sat on the market for a long time.
4. d) How old the home is.
5. e) Whether there are any issues that will need to be addressed shortly after you move in, such as an old roof that needs to be replaced.
6. f) The home’s overall condition
7. g) The current infrastructure in the area, along with any proposals or plans for future developments that could influence the future value of a home.
8. h) Whether the home will come with any extras, such as premium quality appliances.

Taking the time to account for all these factors when determining how much you may offer for a home will be worth it in the long run. You don’t want to end up spending significantly more than you needed to because you weren’t willing to devote sufficient time to accurately assessing the potential value of a house. As always, it’s important to remember that this is a process your real estate agent can assist you with.

Step 6: Conducting Home Inspections and Due Diligence

Scheduling a home inspection before deciding to buy a house is extremely important. In fact, many mortgage lenders require home inspections before approving mortgage loans.

Perhaps you’ve found a lender who doesn’t require an inspection. Regardless, you should schedule one. According to a survey from Porch.com, 88% of recent homebuyers hired experts to conduct inspections before making a purchase. Additionally, 86% of respondents said that their home inspectors found issues that needed to be addressed before they would buy their new homes.

A home inspection could give you leverage to negotiate for a more reasonable price. Perhaps more importantly, the issues a home inspection reveals could have safety implications for you and your loved ones. You want to be confident you’re addressing these issues before moving in to guard against you and your family being harmed in accidents resulting from old wiring, structural damage, etc.

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Step 7: Securing Financing and Closing the Deal

You may be thrilled when a home seller accepts your offer. However, that doesn’t mean the home buying process is over just yet. Now you need to secure financing. This involves the following steps:

1. a. Submitting a mortgage application, if you haven’t done so already.
2. b. Considering various loan types and loan terms before deciding on one you’re comfortable with.
3. c. Deciding whether you want to lock in an interest rate with a lender if it appears to be fairly low.
4. d. Having the home appraised.
5. e. Buying homeowners insurance, which most lenders require.
6. f. Getting the final loan approved.
7. g. Hiring someone to conduct a title search.
8. h. Purchasing title insurance.
9. i. Accounting for various closing costs, which you should also consider when setting your budget.

Along with a real estate agent, a Virginia real estate attorney could walk you through some of these steps. This is another instance in which hiring a professional to help you now could save you a lot of money in the long run. A lawyer can generate and review various business legal documents, ensuring you’re not making any errors that could be costly.

Step 8: Completing the Paperwork and Legalities

If your lawyer, real estate agent, title search professional or home inspector raises any objections or notices any issues that require your attention, you will likely need to address them before you can complete the process of buying a house. You can complete the paperwork once all issues have been thoroughly dealt with.

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Step 9: Moving in and Settling Down

Closing on your home is very exciting! However, now is not the time to rest too much. You need to take steps to prepare for a move now so that the experience isn’t too overwhelming or hectic later. Tips to keep in mind include the following:

1. a) Make a list of items you can pack first, second, third, etc., packing nonessentials first and waiting to pack items that you use regularly.
2. b) Deciding early whether you will hire movers or complete the move yourself.
3. c) Assessing items before packing them to decide whether you wish to keep them or get rid of them.
4. d) Setting a realistic packing and moving schedule.
5. e) Buying packing supplies and beginning the packing process.
6. f) Notifying utility companies and any other such parties that you will be moving.
7. g) Determining which items you will need to unpack first.

Now you can move in. Although the process may take some time, it’s important to give yourself a break so you can enjoy your new home. You’ve devoted a lot of time and effort to the process of buying a dream Virginia house. Now that you’ve achieved your goal, you can start settling in.

Buying a House in Virginia: Experts Can Help

None of this is meant to overwhelm or intimidate you. Yes, the process of buying a house in Virginia can involve several steps, but experts and professionals are always available to help you along the way. If you hire the right people and keep these tips in mind, you’ll find that buying a Virginia home may be much easier than you anticipated.

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