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Purchasing A New Home in Virginia - What You Have To Know

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By : Mary Clogenmeir    99 or more times read
Everything they are required to understand and do frequently frustrates first time homebuyers. The financial and psychological benefits of purchasing a new home for the first time do not shock most buyers. There are lots of things involved in buying a house in VA that the inexperienced homebuyer might not understand.

The first thing to be aware of is that purchasing a house is difficult, and hiring a real estate agent will make the process much less difficult. The realtor plays a helpful roll, by presenting the homebuyer with a lot of home and regional information he or she would otherwise not have. A real estate agent will lead the first time buyer through a demanding and difficult experience from beginning to finish.

Then, the first time homebuyer ought to have a pretty good idea of what they want prior to beginning the process. The buyer ought to know if they want two bedrooms or three, one story or two, and all other specifics about their "dream" home. Your real estate agent is not a mind reader, if you tell her what you are looking for, this will help to narrow down your search. The first time homebuyer should also carefully think about the features they'd love to see in their new community, and express those requirements with the realtor.

Third, research and check around for a loans beforehand. Meet with as many lending groups as possible; this will guarantee that you get the mortgage that is best for you. Come up with a loan sum that fits your financial limits prior to interviewing lenders. Knowing your financial limits ahead of time will get you ready for the possibility that you may have to not accept a bigger loan than you can afford.

Next, be prepared for your home-viewings by bringing a camera and a notebook. You will view around 10 homes in an average trip, remembering all the features of each one will be tricky. A simple ranking system for the homes you see as well as a catalog of distinguishing features will help you remember the homes you preferred. Take notes on neighborhood features as well; this is just as crucial as remembering the best features of the homes you see. If you find a house you adore, don't worry about all of this and make an offer as you are not likely to find another one you love as much.

On a final note, be prepared for a lot of financial expenses involved in buying a house. Homebuyers that have not been through the home buying procedure before may be aware of the down payment cost, but they might not understand there will be other financial obligations involved. You will need somewhere around 1-3% of the total cost of the home as a down payment. First, however, you will be required to present earnest money. This is the money you put towards your preliminary offer, to prove that you are serious. There are closing costs involved in purchasing a home as well, and the buyer must be prepared to pay those. All of these costs are required in the early stages of buying a home.

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