Buying a Home in Charlottesville, Virginia

Check your Credit Score

The best way to get a good deal for a home is by having a good credit score. Check your credit score and find out ways you can improve it, especially if you are in the early stages of your plan to get a new house.

Create a Home Budget

You need to prepare a home budget beside the total amount you will be spending when buying the home. Various emergency expenses come when owning a home, similar to owning a car. You probably need about $15,000 to $20,000 handy to make sure you can pay for any unplanned bills. 

Save for your Downpayment

The higher downpayment you can pay the more money you can save on your monthly mortgage. The minimum you have to pay upfront would probably be 20% of the home price. You can avoid private mortgage insurance or PMI if you have 20% or more of the property value ready.

Get Preapproved for a Mortgage

Check your monthly finances and make sure you are ready for a mortgage. Like anything you don't want to buy anything, you can pay for long-term. It's good to have at least six months to a year of payments ready in the bank in case you have an emergency such as suddenly losing your job.

Visit as many Listings as Possible

Visiting open houses and driving by homes for sale is probably the most fun part of buying a home. Make sure you ask around the locals in the area to find out if there are any issues with the property. 

Make an Offer

Once you find a home you love, make an offer to the seller. They usually have 24 hours to make a counter offer. The earlier you make an offer, the better chance you get the home, especially if the property is excellent.

Get a Home Inspection

Once you have an understanding with the homeowner, you'll want to do your due diligence. You need to hire professionals to check out if any issues may cost money if you buy this home.

Negotiate Credits and Repairs

If you find any repair needs, it's good to negotiate with the home seller to have them cover these expenses. Have your realtor do the negotiations. The seller can do the repairs, or you can fix them as needed and ask for a cash-back credit at closing.

Close the Deal

Once everything is done, it's now time to get your finances ready as well as other paperwork needed to close the deal. Get everything signed, and viola you are now the proud owner of your own home.

Check out our original blog post at https://findahomeincharlottesvilleva.com/.