The key to a successful and affordable move is to plan ahead. This way, you can start saving and budgeting well in advance of your moving date. But what expenses do you need to account for as you plan your move? Our real estate agents list some often-forgotten moving expenses below.
When you set a moving budget ahead of time, there are fewer surprises along the way. If you happen to still be looking at Richmond homes for sale, don't dismay. We're confident you'll soon find the perfect place and start planning your move. Contact us if you'd like some assistance on your homebuying journey.
Many households view their pets as family members, so it only makes sense that you would consider your pets when searching for a new home. Our real estate agents suggest following these tips to ensure you buy a pet-friendly home.
Ready to move to a home with more space for all your family members? Contact us today to get started!
If you're planning on buying or selling a house in the coming year, you might be wondering how to find the right real estate agent to support your transaction. After all, so much of your success depends on the experience of the real estate agent you select to support you along the way. If you're selling your home, your real estate agent is key to securing the highest possible sale price. If you're considering one of these beautiful Richmond homes for sale, your agent's expertise in the market and negotiation experience can help you land a solid deal.
However, finding a good real estate agent with the right level of experience isn't as simple as you might think. With so many agents out there, you might have to do some work to really find one who is truly a good match for you and your family. To help you, below are some tips that can help you find the best real estate agent to support your transaction in 2022.
Selecting the right real estate agent takes a bit of research, but it's well worth the time investment. A good agent can have a tremendous impact on the outcome of your home purchase or sale. Contact us for more tips or to speak with one of our real estate agents today.
Fall is a good time to embrace all the things that make us cozy and comfortable. Beyond sweaters, leggings, and pumpkin spice, this is also a great time to consider upgrades to make your home cozier as the weather gets cooler. Here are a few upgrades our real estate agents say can make a big difference, especially if you plan on listing your home for sale this fall.
Everyone loves to get cozy in cooler weather, so if you'll be selling your home this fall, focus on updates that will wow buyers as they come in out of the cold. For more information about selling your home this fall, contact us today.
Coordinating the logistics of a move is rarely an easy task, which is why our real estate agents are always trying to offer tips to make things as easy as possible. In our experience, renting a storage unit can help make things significantly easier during the home sale and moving process. However, many of our clients wonder if the benefits are worth the expense. If you're planning on moving soon, below are 5 ways renting a storage unit can make your life a lot easier.
Moving is often one of the most stressful events in life, but a storage unit is a great way to make things a lot easier. For move moving tips, contact us today.
Are you ready to buy your first home? Congratulations! This is a major milestone and an awesome accomplishment that you should be proud of. Our real estate agents understand how important this decision is, and we're here to help anyone who feels ready to enter into homeownership. Get ready to buy your first home by using this helpful checklist.
Purchasing a first home is one of the largest financial decisions most people make in a lifetime. The process can be an emotional roller coaster -- stressful, exciting, and overwhelming at the same time. For inexperienced homebuyers, it can be difficult to know what to expect and it's common to make mistakes during the house-hunting process. However, with a little preparation and research, you can avoid costly pitfalls and prevent major issues from popping-up down the line. Below are some tips to help you make the best decision when purchasing your first home.
A home inspection is an important step when you're buying or selling a home, so it pays to know what an inspection entails and exactly what kind of information it reveals.
Our REALTORS® explain the following points buyers and sellers need to know about home inspections for Richmond homes for sale.
Contact us to learn more about home inspections and how they can benefit buyers as well as sellers. And whether you're buying or selling a home in the Richmond area, our experience and knowledge of the local area can help make your transaction proceed smoothly.
Buying a home requires learning a new language. It is normal to feel a little lost in the conversation until you learn the lingo. To help make buying a home in Richmond a little easier, our real estate agents recommend studying the following vocabulary words as you start the process.
There are a hundred or more terms to learn when buying a home. Contact us and our team will help you study these as you start the process of examining which Richmond homes for sale are best suited for the lifestyle you want to enjoy.
Like most major purchases, buying a home involves expenses beyond the reported sale price of the home. Some of these expenses are for processing key paperwork, and others cover measures to help you aware of potential issues with your purchase. Our real estate agents want you to be prepared for the full process of buying a home. Some expenses consist of a flat fee, such as the mortgage application or home inspection fee. Other expenses represent a percentage of the sale price. While exact figures are hard to determine before you make an offer on a specific home, knowing what these expenses are can help you estimate a figure for the assorted expenses involved.
New homeowners can recall one key aspect of buying a house: the reams of paperwork. You're making a large and legally significant purchase, and much of the paperwork will be in complex, legalistic language. Many homebuyers hire an attorney to review the paperwork and ensure that all is in order and that there are no aspects of the sale that will surprise either buyer or seller. It's a small cost compared to a home purchase price and can save you much more in unexpected expenses.
You'll have a chance to view your new home before you buy it, but what you probably won't have at the open house is the expertise of a home inspector. Home inspectors are trained and licensed to diagnose signs of damage and deterioration and identify areas in need of repair. You can have this done before you make an official offer, or as part of closing. You may also want to have the lot your home sits on surveyed to help establish boundaries and dimensions. It's more common for commercial properties, but can be beneficial for homebuyers to know where their responsibilities end and where their neighbors' begin.
When you buy a home, you're joining a chain of owners. Occasionally, that chain can get tangled or even break. Your closing costs will include a title search and title insurance to make sure that you bought your home from someone authorized to sell it, and to protect you if a dispute over ownership arises. If you omit these, you may wind up making a significant investment in a home you don't truly own.
Some closing costs represent the initial payments of expenses you'll continue to pay after you take possession. These include property taxes, mortgage insurance, and homeowners insurance premiums. How much you have to pay upfront can vary, and you may be asked to cover a period before your move-in.
If you'd like to get an estimate of closing costs for one of our Richmond homes for sale, this worksheet should give you a good idea of what to expect. If you have further questions about buying a home in Richmond, we'll be pleased to answer them when you contact us.
For most renters, owning a home is the eventual goal – it's just a matter of when to make the leap. Whether you've always wanted to own a home or you're simply growing tired of renting, there are plenty of signs to tell you that now is the time. Our REALTORS® are here to help you decide, with signs that you may be ready to buy a home.
Do You Daydream of Your Own Home?
Sometimes, the signs are straightforward. When you find yourself going online frequently to scout out Richmond homes for sale and dreaming, it's time to start thinking about turning that dream into reality. If you can already afford a monthly rent payment and your credit is in good shape, a mortgage may be more within reach than you expect.
Family on the Way
Whether you're transitioning from single to married life or expecting a child, sometimes life changes are the perfect motivation to move from renting to owning. Maybe you want additional space to accommodate a family or a place to settle down in a great school district. Either way, it may be time to buy.
Rising Rents, No Return on Investment
Tired of paying rent? For the vast majority of buyers, owning a home means taking on a mortgage payment, but that shouldn't scare you off at all. With rent prices rising and the reality that your rent only pays the landlord's mortgage, the ROI isn't there when renting. A mortgage allows you to build equity in the home over time and eventually own it outright, making it a much better investment.
You're in a Good Place Financially
For many, renting is just a temporary solution on the path to owning a home. If you've been working to save money, build your credit score, and qualify for a mortgage, then you've already taken some of the most important steps. Financial security is an excellent motivator for buying a house.
Falling in Love with a Community
While you're certainly part of the neighborhood when you rent in a community, buying a house gives you a personal stake in the future of the neighborhood. If you love the place that you currently call home, then it often makes sense to consider a more permanent arrangement.
Customize to Your Heart's Content
Renting provides flexibility in some ways, but it's also very limiting in others. If you would love to be able to customize your living space, remodel rooms, and make needed additions, then owning is a better option. You're responsible for maintenance on the home, but you're also free to customize your property without permission from a landlord.
You're Prepared for the Additional Costs of Owning a Home
Buying a house is about more than saving for a down payment and budgeting for monthly mortgage payments. You'll also want to make sure you have the extra cash for moving, repairs, maintenance, and emergencies. When you're prepared for the cost of both purchasing and maintaining a home, you're ready to say good-bye to renting.
Are you ready to take your next steps to toward the dream of homeownership? Our team is here to help. Contact us to buy and sell homes throughout the Richmond, VA, area.
Multigenerational homes have become a popular option for buyers in recent years. When you're shopping for Richmond homes for sale, it's worth considering whether a multigenerational home is an option for your family. Of course, choosing the right multigenerational home is a huge key to keeping everyone happy. Our real estate agents put together a guide to help you decide whether a multigenerational home is right for your family.
Why More Families Are Considering Multigenerational Homes
Multigenerational homes have exploded in popularity over the last decade, and the trend doesn't appear to be slowing down. Some families live under one roof to take care of older family members, while others do so for cultural reasons. The housing market crash caused many families to move in together. Also, multigenerational homes are popular for families with recent college graduates who are finding their way on the job market.
Deciding Who Will Be Living in Your Multigenerational Home
Choosing a home to accommodate multiple generations under one roof has its challenges, and knowing who will be living in the house is key. Will there be young children in the home or elderly family members? How much space does everyone need? Will residents share a kitchen and other areas, or will there be entirely separate living spaces? Once you know who's moving in, you can find the right match.
Popular Types of Multigenerational Homes
There are tons of options to choose from when you're searching for a multigenerational home, and the right choice will depend on your family. Duplexes are a popular option and provide entirely separate living spaces. You can also pursue a lot with two separate homes, or a home with a guest house. Some families build apartment spaces over garages, or on other parts of the property. Or you can choose a home with shared spaces, but separate master suites.
A Place Where Everyone Can Have Their Space
To keep everyone happy under one roof, make sure every member of the household has the space they need. Meaning entirely separate living spaces, like in a duplex, or shared areas with private spaces to sleep. While spending time together is a perk of living in a multigenerational home, you want to make sure everyone can have privacy.
To Buy or To Build
Having trouble finding a multigenerational home having everything your family needs? You can shop for a piece of land and have a home custom built to your family's needs. This option can be more costly, but it allows you to customize a home just right for your family.
How the Right Real Estate Agent Makes It Easier to Find a Multigenerational Home
Your real estate should be an asset throughout the process, and it helps to have an agent who is familiar with multigenerational homes. The right agent can answer questions, help you identify prime targets, and make sure you're getting a home suited to your family.
Whether you're shopping for a multigenerational home or any other type of dwelling, our team is here to help. Contact us to buy and sell homes throughout the area.
After days, weeks, or even months of browsing Richmond homes for sale, you've found the perfect house for you. Research and diligence have placed you in the best position to take the next steps — submitting an offer.
How to Draft a Personalized Offer Letter in 10 Steps
Before you ask your real estate agent to formally offer a price, you may want to consider writing a personalized offer letter. Sending in a sincere note along with your offer price can make a world of difference, especially when you're competing against other buyers. Our real estate agents suggest following these ten steps when drafting your personalized offer letter.
Moving to a new city is an exciting experience, but that doesn't mean you'll instantly feel at home. It's only natural to have an adjustment period after moving to a new town. Getting to know your new city can be a fun, exciting process, and there are plenty of little things you can do to make your new town feel like home along the way. Our real estate agents understand what it's like to move to a new community, and we've got tips for how to make a new town feel like home.
Start By Getting Comfortable in Your New Home
If you were shopping for Richmond homes for sale and decided to move to the city, your first step toward making your town feel like home is getting settled in your new home. Unpacking, arranging furniture, and decorating the house will make it feel more like your space. Start with the essentials, and add the personal touches to make your house feel like a home.
Treat It Like an Adventure
Not every move happens by choice, so it can be daunting arriving at a new location when you're moving specifically for work or other necessities. No matter the reason behind your move, it helps to treat the move as an adventure. Every community has something to love. The adventure is in discovering what your new home has to offer and finding new things.
Use Online Resources to Research the Community
You can learn so much about a town before you even move there when you research online. Search for local attractions and events, with a focus on events that help you get to know the community. Check social media for local groups with similar interests to yours, and community organizations that help new residents get to know the area. Research can provide something to look forward to before you move, and make it easier to feel comfortable after you arrive.
Don't Be Afraid to Get Social
What's the easiest way to get to know a community? Socialize with the people who already know and love it! During your online searches and travels around town, look for opportunities to be social, and meet new people. Join local organizations, or head out to social spaces and meet people. Forging new connections will help you feel at home and provides an easy way to learn more about the community.
Try New Things
Connecting with like-minded people who share your interests can tell you a lot about your community, but it's also important to go outside of your comfort zone to try new things. Your new town may not have all the same attractions as your old one, but that only means you'll have lots of new things to explore. Trying new things will help your transition feel like an adventure and can help you find a new hobby!
When you're ready to start shopping for homes in a new city that you'll love calling home, our team is here to help with all of your real estate needs. Contact us to buy and sell homes throughout the Richmond, VA, area.
You've found your dream home, your offer was accepted, and now you're anxiously awaiting your closing date.
While it might seem like the hard part is over, there is one more thing you need to take care of before you sign your closing paperwork: your final walk-through. It is your last chance to make sure the home is exactly as it should be before it becomes yours. This is not something you should take lightly.
During your walk-through, you'll want to make sure that all repairs are complete and that nothing has changed since the last time you saw the home. To help make sure you don't forget anything important, our REALTORS® have created the following final walk-through checklist. Let's get started!
Hopefully, everything will look great, and you can look forward to your closing date. If you notice any issues, however, you'll want to discuss them with your REALTOR® who will help you decide on the best course of action. In most cases, any problems can easily be fixed and shouldn't impact your closing date.
If you haven't found your ideal home yet, now is the perfect time to get started. There are plenty of great properties available in Richmond, and we would love to help you find the one that's right for you. Contact us to get started.
A lot is happening in the world, and it's having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don't know yet.
The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown.
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. We recently posed the question, "Are Low Interest Rates Here To Stay?" The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.
Talk of tariffs could also affect the housing market. The National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.
At the beginning of the year, many economic leaders thought we could expect a recession in late 2019 or early 2020. As spring approached, we reported that economists had started to push that projection past 2020. Now, three leading surveys indicate that it may begin in the next eighteen months.
We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months. Whether you are thinking of buying or selling, it's a great time to be in the market.
SOURCE: Keeping Current Matters - Steve Harney
Buying a house should never be entered into lightly, and often many potential buyers may not realize just how much work it actually takes or the process involved. Doing as much research as possible can help determine exactly what is needed and required, to put a buyer in the best possible position to make a purchase.
Here are ten (10) great ways to help you identify the point at which making a home purchase becomes feasible for you:
1) Little to no credit card debt
When you're trying to get a mortgage, perhaps the most important aspect of doing so is getting your credit card debt reduced as close to zero as possible, according to Money Under 30. That's true for two reasons. First, the size of your credit card balances relative to your limits makes up a significant portion of your credit score. Second, lenders look at debt-to-income ratio. As long as you're carrying relatively small balances from one month to the next (or ideally, not carrying a balance at all), you'll be in good shape.
2) All other loans paid off
One of the biggest hurdles for the millennial generation when it comes to being financially capable of buying a home is student loans. It may not be wise to try to buy until your loan balances under control. That doesn't mean they have to be paid off in full, but they certainly need to be somewhat small relative to your income.
3) Tens of thousands of dollars in savings
If you're trying to buy a home in today's market, you'll almost certainly need to make a sizable down payment. While it's possible to get mortgages with down payment requirements as low as 3 percent, the added long-term expense could end up costing you significantly over the life of the loan. Making as large a down payment as possible is going to keep your borrowing costs down.
4) A rainy day fund
In addition to the money that will go toward your down payment, it's vital to have some additional money saved just in case something goes wrong with the home, according to Mint. As a general rule, having about $1 per square foot - or 1 percent of the purchase price - in the bank will help cover some basic expenses you're likely to encounter after your home purchase.
5) A long-term plan
Whether you're buying a home for a whole family or as a single person, you need to know what your situation is going to look like two, five, 10 or even 20 years down the road. That will inform a lot of decisions about the kinds of homes you're looking to purchase - i.e. not buying a small one that you'll have to move out of in a few years when you have kids - and how much work you'll have to put in to make sure your finances are in good enough shape to do so.
6) Reliable income
Lenders also want to make sure you're going to be able to keep up with your mortgage payments in the long term, so a steady job is a must, according to Credit Sesame. While no one can predict their employers' future with 100 percent accuracy, it might not be a good idea to go house hunting at a time of turmoil. As long as you're fairly confident in your position, shopping should be no problem.
7) A comfortable cushion
One issue some homeowners encounter after buying a home is they've pushed themselves so far financially trying to get ready for the real estate sales process that they come out the other side in rough financial shape. Being "house poor" means people own a house but otherwise struggle financially because of the cost of that property. You'll need to make sure you're not buying too much house or else risk running into other financial problems even if you can technically afford the mortgage and other costs.
8) An understanding of what constitutes affordability
Along similar lines, it's vital to not only factor in the cost of the mortgage, taxes and so on themselves, but also other expenses. This may include higher electric and heating bills that come with living in a bigger space, more costly insurance coverage (especially if your new home is in an area prone to flooding) and so on. Sitting down and doing the math around the true cost of homeownership will help you avoid being house poor or running into expenses you might not have realized will crop up
9) A list of must-haves and nice-to-haves
When people actually start shopping for homes, it can be easy to fall in love with certain properties, according to Forbes. However, while it would be nice to have a state-of-the-art kitchen with stainless steel appliances, it's probably going to be expensive and not necessary to your happiness in the home. Having a list of things that you will absolutely need out of your new property - big backyard for the kids, finished basement for a home office, etc. - will inform your choices and help you get a better idea of what you can actually afford.
10) A talented and experienced agent
The key role of real estate professionals in every portion of the process cannot be overstated. They will be able to help first-time buyers as well as those who have previously been through the process get as prepared as possible so they can maximize their understanding and the value they get out of buying a home. Experienced agents have likely seen it all and can help shepherd any client through a sale - as either buyers or sellers - with ease.
Buying a home is usually going to be the biggest purchase anyone makes in their entire lives, so it's important to put in a lot of legwork - over a period of months or more - to ensure things go as smoothly as possible at each step of the shopping process. That, in turn, will help you feel more confident in your ability to make a purchase with confidence that you've done everything right.
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Spring is here and that means many first-time buyers are looking to enter the market. Having the ability to get through that process with as little stress about the purchase as possible is critical in highly competitive markets.
With that in mind, here are five tips that should help first-timers better navigate the real estate sales process without a lot of stress, confusion or hiccups:
1) Work with a qualified real estate professional
First-time buyers in particular are always advised to work with a real estate agent on the process because it can be so complicated and time-consuming, even with professional help, according to The Balance. There are about a million things that can pop up in the course of the search for a home and, even after a deal is agreed upon, the sales process itself. As a result, having an agent you can call or text with questions or concerns as they develop is an absolute must.
2) Get pre-approved
When trying to buy a home, one of the most difficult things for first-time shoppers is finding a budget that works for them and their unique financial situations, and actually sticking to it. When shoppers fall in love with a particular home, it can be easy to bid aggressively and end up agreeing to a price they might not actually be able to afford.
This is one huge reason getting pre-approved for a mortgage is so important: A lender will let you know roughly how much credit they will extend to you, and that should serve as the ceiling for what you can bid. As an added bonus, borrowers will also be able to expedite the sales process itself if they are pre-approved.
3) Narrow the search
With the help of an agent and a budget in mind, first-timers will have a much easier time finding homes they're interested in and really focusing on which will be best for them based on their own needs. Honing in on specific features within a certain price range can help reduce the number of open houses they have to attend.
4) Look beyond the asking price
In addition to the expense of buying the house itself, first-timers would be wise to remember the other costs associated with homeownership, according to DaveRamsey.com. Adding in expenses like higher electric and heating bills, homeowners insurance and the cost of making the small home repairs that will likely add up significantly over the course of the year is a must when it comes to determining how much house you can truly afford.
5) This about more than just the house
Finally, it's also important to consider future plans. If first-time buyers think they will be looking to trade up for a bigger house in the next five years, that's something to discuss with an agent. The same is true of local amenities, the quality of school districts for those with kids and so on, because all of this will not only affect the price of the house, but also the quality of life for first-time buyers.
Brought to you by HMS Home Warranty. HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers. To learn more click www.hmsnational.com
If you and your spouse have started researching Richmond homes for sale, you might have noticed that you have different tastes. Whether it's the size, location, or style of home, there's a good chance that you'll need to compromise on some things. Since your home is one of the single largest investments you'll ever make, it's important to make sure you'll both be happy in the long run.
Getting on the same page before you start home shopping will save you a lot of headaches. The last thing you want is to end up in a stalemate that causes you to miss out on a great buying opportunity, or, even worse, make a purchase that you later end up regretting.
Our REALTORS® have plenty of experience in working with couples to help them find a home that's perfect for both of them. Here are some of their best tips to help you get started.
Are you ready to start looking for your dream home? We can help! Contact us at Joyner Fine Properties to get your home search started.