Richmond Virginia Homebuying Steps Made Easy
Calling all homebuyers! Are you chomping at the bit to make an offer on a new home? Hold on… First, you need a plan! As the old saying goes, “A goal without a plan is just a wish.”
A little patience goes a long way and may save you both time and money. At the same time, you will find the home of your dreams. Follow these tips and you will be well on your way to a future Richmond Virginia home purchase.
1. Connect with a Realtor:
You’ll definitely want a Realtor as part of your team - a trusted guide to lead you through the process of buying your Richmond Virginia home. If you are relocating, it’s especially important to have an agent that is familiar with the area and specializes in helping clients relocate. Grab a time on my calendar to begin the conversation if you haven’t already done so.
2. Checkout your finances
Consistently put some money in your piggy bank towards your downpayment, calculate your budget, and work with a mortgage lender to seek pre-approval. Remember, in the Richmond housing market, you often have a leg up on other offers in a multiple offer scenario if your pre-approval comes from a local lender. Feedback from sellers shows they feel the transaction is more likely to close and close on time with a local lender. I can connect you with several that my clients have been especially pleased with.
3. Draft your wishlist
With your budget established, you can focus on location, location, location and all the features of a home that are your must haves, but still within your budget. I can help you investigate a variety of neighborhoods and housing styles that meet your needs.
4. Begin your search
Now that you know what you’re searching for, the real fun can begin! I always encourage my buyers to use the Internet resources that are available. You can tell a lot from exploring the area through Google Maps, for example. If you like what you see, let’s plan a trip into town or if you aren’t able to travel to Richmond, we can schedule a virtual showing. However, there are definite advantages to exploring the area at least once anyhow.
5. Make an offer
Together, we will craft a strategic offer that will hopefully help you seal the deal with what the sellers perceive as their top offer. We’ll do this on a case-by-case basis with input from your lender as well.
6. Discover the difference--between home appraisal and home inspection, that is
Many buyers may not understand these are two different processes. The appraisal is mandated by your mortgage company, and the appraiser objectively examines the property to provide a value estimate. A home inspector, on the other hand, examines the house in an effort to identify any defects and safety concerns. At times, the sale of the home may be contingent on the inspection to verify that there are no significant defects. General home inspections are typical for many buyers in certain markets; however, when it is a hot sellers market, oftentimes this is a contingency that is waived. Some additional inspections such as septic, pest, well, or radon may also be negotiated.
7. Get protected
Contact your insurance agent and shop around for the right homeowners coverage. I'm happy to make recommendations if needed.
8. Complete the closing paperwork
Make sure you understand everything, have all your questions answered, and sign the papers. Be prepared to pay any closing costs and best yet…receive the keys to your new home.
That’s it! You did it! You just bought your ideal home. All that’s left is to move in and enjoy many memorable moments in the home you carefully selected. If you haven’t already done so, contact me today so we can begin developing a personalized plan to accomplish your homebuying goals and make your Richmond Virginia home dreams a reality.
