9 Items For The Virginia Beach first-time Real Estate home or condo buyer

filed under: Main category posted on August 8th, 2008

Are you a new or first time home buyer considering purchasing real estate in Virginia Beach, Chesapeake, or
Hampton Roads?

The current market offers many good real estate deals, but you must be prepared before taking the
leap into real estate ownership.

Read the 9 items and while not inclusive there are some important steps you need to consider before purchasing a home or condo in Virginia Beach, Chesapeake, or Hampton Roads:

1. Wondering about the selling prices of comparable homes in Virginia Beach, Chesapeake, or Hampton Roads? Resources like my website will provide you a general idea of what the “comps” have sold for and what you might pay.

You can also do a quick search of actual MLS listings in your area right here on this site and set up a property wizard for automatic listings sent to your e-mail inbox.

2. Use the mortgage calculator to get an idea of what your monthly
mortgage payments might be if you bought today. (P&I = Principal and Interest).

3. You need to know what your total monthly
housing cost would be, including taxes, homeowners insurance, and condo or
property owner’s association fees if applicable. Real Estate taxes in Virginia Beach are currently .89 cents per hundred dollars. Chesapeake and other areas of Hampton Roads may have a slightly higher real estate tax rate but home or condo costs may be lower.

You can choose a property in the area you are interested in living, and then get an estimate from a local insurance agent.

4. What will your Virginia Beach real estate closing costs be? There will be real estate costs upfront with your home that you must be aware of. You can read an extensive article on closing costs and what to expect here.

5. Bankrate.com issues an annual closing cost survey. Also, consult your Virginia Beach, Chesapeake,
and Hampton Roads REALTOR® for additional information and how he/she ensures you have a no turbulent closing.

6. Consider how real estate ownership fits into your long term financial wealth plan. Understand that a real estate purchase is more than an investment, but under any circumstances do not become real estate
poor.

7. As a local REALTOR®, I can give you an up to date “snapshot” about the local Virginia Beach,
Chesapeake, or Hampton Roads real estate climate. Will local real estate continue to fall, are they stabilizing, or will they rise in the near future. Get an honest opinion.

8. Get a home warranty with your home. This will help with unexpected repairs that might occur. Think about maintenance costs of real estate ownership. Plan on maintaining a rainy day
fund for needed and unexpected repairs.

9. Lastly, get a reputable REALTOR®. I work hard for my clients and you have access, communication, negotiation skills, and follow-up with every question or concern during the transaction.

I guarantee you unparalleled professional service – please ask others.

posted by Dennis Blackmore

This entry was posted on Friday, August 8th, 2008 at 7:58 am and is filed under Main category. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.