Before buying a home in Northern Virginia, you must consider the type of property you wish to buy. There are two basic types of homes: single family detached homes and condominiums. Single family detached homes come with a plot of land and offer the most flexibility. In addition, condos are increasingly popular among first time homebuyers read more….
Settlement date
When buying a home in northern Virginia, buyers must meet certain requirements. The first is that they must have their contract accepted by both parties. Once the contract is accepted, the buyers should celebrate. This is also the point where the negotiation process begins. The buyer can ask for favorable terms and make a stronger offer. In some cases, the buyer may want to consider paying more for the down payment.
The next step is to select a lender. A mortgage lender can help you in this step. The lender will help you get pre-approval for a mortgage. When you are pre-approved, you are demonstrating to the seller that you have the funds to pay the mortgage. Usually, conventional mortgages require a 20% down payment. Private mortgage insurance is also required with FHA mortgages, which raises your mortgage payment.
Another step in buying a home in northern Virginia is to determine the price. Different areas of Northern Virginia have different prices, and you should use a calculator to figure out the price range you can afford. You can use online tools to estimate the total price of different locations.
Property taxes
One of the major costs of owning a home is paying property taxes. In Northern Virginia, property taxes are higher than in other parts of the state, and buyers should be aware of how much they will pay. Tax rates are based on the assessed value of a home, and the tax rate in Northern Virginia is almost double the state average. However, some localities have recently enacted tax reductions or frozen the tax rate for homeowners.
While the average property tax rate in northern Virginia is about $1,400, the tax rate in Stafford County is $2.60. Fredericksburg and Manassas Park have the lowest tax rates, but all other cities and counties are above the statewide average. In addition to property taxes, Northern Virginia cities and counties levy taxes on purchases like cigarettes, meals, and lodging. Prince William County, for example, imposes a seven-percent lodging tax.
Transfer taxes are paid by both the buyer and seller when you buy a home. These taxes are three percent of the sale price and are split between the buyer and seller. Mortgage recordation fees are taxed at the same rates as state transfer taxes and are also included in the closing costs. Combined, these taxes can be a large part of your closing costs.
Inspection contingency
A contingency is a clause that stipulates certain conditions if certain items are not present in the home. These conditions could include things like faulty wiring or structural issues. Using an inspection contingency can be a valuable way to protect yourself from unforeseen costs. It is also a great way to avoid having to pay for a repair or replacement that you may not know existed.
Inspections are not cheap. On average, they cost $350 for a small condo and $800 for a single-family house. Although a sell a house is not obligated to pay for a home inspection in advance, it does give the buyer a chance to make sure that the property is safe. Inspections also provide valuable information about the home's maintenance. A home inspection appointment usually lasts about an hour or two. If you're considering buying a home in northern Virginia, make sure to schedule an appointment with a professional inspector to avoid any unforeseen costs.
An inspection contingency allows the buyer to pay for a home inspection if it turns up any major defects. If the inspection uncovers any major issues, the buyer can either ask the seller to fix them or request a lower price to offset the costs of repairs. It can also be used as a bargaining chip when negotiating the purchase price. A good real estate agent will help you decide which of these options would work best for you.