Buying A House In Virginia: A Guide

If you’re trying to decide where to live, Virginia is an excellent option thanks to its beautiful beaches, mountain ranges and variety of outdoor activities. But what do you need to know about buying a house in Virginia? Before taking the leap to homeownership, you might want to consider the cost of living, necessary steps in the home buying process and the best places to live in the state nicknamed the “Mother of Presidents.”

Why Buy A Home In Virginia?

What To Know About Homeownership In Virginia

There are many advantages to living in Virginia, but there are some things you need to consider. Here are a few things you should know before buying a home in Virginia.

Cost Of Living Varies By City

When you buy a home in Virginia, the cost of living may vary depending on where you live. For instance, Arlington is one of the most expensive cities in Virginia with a median home value of over $728,000.

Meanwhile, Martinsville is one of the least expensive cities with a cost of living that’s 17% below the state average. Be aware that your interest rates and conforming loan limits may vary by county, too.

Dual Agency Is Allowed

Dual agency is legal in Virginia, which means the real estate agent you hire can also represent the seller. You may also end up with designated agents, which means that your agent and the seller’s agent work for the same brokerage.

Dual agency can be problematic because it can cause a conflict of interest. You could end up paying more for the property and you may be uninformed about potential problems with the home. However, you will need to provide written consent to this arrangement first.

Seller’s Disclosure Requirements

Virginia law doesn’t require much in the way of Seller’s Disclosures. As a buyer, you’ll need to do your due diligence to uncover any issues with the property.

Home Inspections Are Common

Since seller disclosures are limited, it’s important to get a home inspection before buying the property. A home inspection will reveal potential problems with the house, so you’ll know what to expect once you purchase it.

Real Estate Attorneys Aren’t Required

Virginia doesn’t require real estate attorneys for real estate transactions, but it’s a good idea to use one anyway. Buying a home is complicated, and you want access to experts who can guide you through this process. The right attorney will ensure your best interests are represented.

How To Buy A House In Virginia

If you’re ready to buy your first home, here is the typical home buying process in Virginia.

1. Find An Agent

Before you start looking for homes online, you want to find a qualified real estate agent or REALTOR^®. A good agent is crucial during the home buying process and can help you find an affordable home that meets your needs.

Your agent will also negotiate on your behalf with the seller and coordinate the closing. If you’ve never worked with a real estate agent before, you can ask for referrals from friends or family members.

2. Get Preapproved

Next, you’ll want to get preapproved for financing on your home. When you get mortgage preapproval, your lender checks your credit score, job history and bank statements to determine how much home you can afford.

Once the process is complete, you’ll receive a preapproval letter stating the maximum loan amount you’re allowed to borrow to purchase a home. A preapproval letter shows the seller you’re a serious candidate to buy their home, and many sellers won’t consider an offer without one.

3. Start House Hunting

House hunting is one of the best parts of buying a home. Before you begin touring homes, it’s a good idea to take some time to determine what’s important to you in a home. For instance, are you more concerned about the size of the home or is location more important to you?

Knowing what you want in a house will help you prioritize during your home search. That way, you don’t waste time looking at houses that don’t meet your needs.

4. Make An Offer

Once you find the home you want, your real estate agent will submit an offer to the seller. The seller can accept or reject your offer, or they can come back with a counteroffer. Your real estate agent can negotiate with the seller on your behalf and help you secure the best terms on the home.

5. Get An Inspection

Once the seller has accepted your offer, it’s time to get a home inspection. During the home inspection, a third-party inspector will evaluate the property and assess the various features of the home.

For instance, they’ll look at the roof, HVAC systems, interior structures and exterior structures to determine the condition of the home. They’ll take pictures, write notes and use equipment to detect things like moisture or other issues. At the end of the inspection, they’ll fill out a report stating whether the home passed the inspection.

6. Close On Your New Home

Finally, you’re ready to do a final walk-through of the home. This is your last opportunity to check out the property and verify that any issues that came up during the inspection have been addressed.

If you’re happy with the final walk-through, you’ll move on to close on the home. During closing, you’ll pay your closing costs and sign any necessary paperwork.

Requirements For Buying A House In Virginia

Here are the basic requirements you’ll need to meet to buy a house in Virginia:

• Credit score: When you’re applying for a home loan, most lenders look for a credit score of 620 or higher. However, you may qualify with a lower score if you take out a government-backed loan.
• Debt-to-income ratio (DTI): Your DTI is the percentage of your gross monthly income that goes toward debt payments. A high DTI indicates you may be financially overextended and could have a hard time making your monthly mortgage payments.
• Appraisal: Your mortgage lender will require that you get an appraisal to determine the home’s value. The goal of a home appraisal is to determine the market value of the property and ensure it isn’t worth less than you’re paying for the home.
• Inspection: An inspection catches any defects or potential problems with the property. An inspection isn’t required to purchase a home, but it’s a good idea.
• Down payment: The down payment is an upfront payment you make toward the purchase of your home. Making a 20% down payment will ensure you get the best rates and terms on your loan, but you can buy a home for less. If you’re having trouble coming up with a down payment, you may qualify for a first-time home buyer program or grant.

Cities To Consider To Buy A House In Virginia

If you’re new to living in Virginia, here are some of the best places to live in the state.

Richmond

Richmond is the capital of Virginia and is one of the oldest cities in the U.S. The city is rich in history with plenty of art museums and restaurants to visit.

Virginia Beach

Alexandria

Alexandria is located 7 miles south of Washington, D.C., so it’s a good location if you want to commute into the city for work. The city has a thriving job market and is home to seven military installations. Check out the Alexandria homes for sale and the Alexandria housing market trends.

Arlington

Arlington is one of the best places to live in Virginia thanks to its top-notch schools and abundance of parks and other outdoor activities. However, the cost of living is higher than in other Virginia cities. If you’re interested in moving to Arlington, you can check out the Arlington homes for sale and the Arlington housing market trends.

Buying A House In VA: FAQs

Listed below are the answers to some additional questions you may have about buying a house in Virginia.

When’s the best time to buy a house in Virginia?

The best time to buy a house in Virginia depends on your priorities. If you want to find the lowest prices on the real estate market, January is usually the best month to buy. If you want to have the most available housing inventory, April is the best month to buy.

How much money do I need for a down payment in Virginia?

You can buy a house with a down payment as low as 3%, but you’ll get the best terms and rates on your mortgage if you put down 20%. If you take out a Department of Veterans Affairs (VA) loan or a U.S. Department of Agriculture (USDA) loan, you’re not required to make a down payment.

What do I need to buy a house in Virginia?

You’ll need a good credit score and a low debt-to-income ratio (DTI) to buy a house in Virginia. It’s also a good idea to make a down payment, as this makes you a less risky borrower.

Is it hard to buy a house in Virginia?

The Bottom Line On Buying A House In VA

Buying a home is a big commitment and having the right support can make all the difference in your home buying experience. Connect with a local real estate agent, know what you’re looking for in a home and be willing to do your due diligence.

If you’re ready to take the next step and buy a house in Virginia, get started online today.