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| Dave Shockley, Managing Broker, Real Estate III - West Office, Charlottesville, Virginia. cell 434-242-1769 |
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| Charlottesville Area Real Estate - Made Easy. |
BUYING A HOME
Buying a home is one of the most important investment decisions you will ever make. It is best to
choose a reputable Realtor who is a member of the National Association of Realtors (not all agents
are). If you decide to go it alone, however,you will be able to see (and maybe buy) homes that
are For Sale by Owner (FSBO). These homes are not usually listed in the MLS (multiple Listing
Service). Realtors can also take you to view those homes however a commission made not be paid
to them by the seller if you choose to buy that home, and most times the BUYER (you) will be
asked to pay that commission. Be sure to ask your Realtor!
Approximately 20/% of available homes are FSBO homes (depending on area), while 80% are
MLS homes. These will be listed by an agent and you will need your own BUYER AGENT to buy
one of these. What is a Buyer Agent you may ask? Well, remember the listing agent (the agent
who lists the home for sale)owes their allegiance to the SELLER while the BUYER AGENT (your
agent) owes allegiance to THE BUYER (you!). Always have your own Buyer Agent to represent
you and get the best possible deal for you. The seller pays the commission for the buyer agent in
most circumstances so having this protection costs you nothing. Occasionally the buyer may be
asked to pay the commission however this is very infrequent and you will be told up front.
Remember, the Buyer Agent (your agent) works exclusively for you.
Once the decision to buy a home is made, take time to prepare before setting out to buy a home.
Before you start:
Types of Homes:
could include single family, town houses and condominiums.
Single Family Homes:
Advantages to a single family home could include - your space is your own, resale value is
generally the highest, it's possible to extend if you need more room, and generally there are no
property management fees to include.
Disadvantages include - all maintenance and repair costs are yours, you are responsible for the up-
keep of landscaping, and most single family homes are more expensive than either town homes or
condominiums.
Townhouses
can often be maintenance free and provide "middle ground" between a single family home and a
condo. Advantages may include - may have more security than a single family home, may have
access to amenities such as a pool or clubhouse, and they may have the exterior maintenance
taken care of.
Disadvantages may include - being responsible for homeowners fees, give up some privacy as
compared to a single family home, and your options for changing the exterior paint color or putting
up a fence may be limited.
Condos:
A condo is really "an apartment that you own," Your ownership extends inwards from your
exterior walls, floors and ceilings. You are usually a "partner" with other owners in the ownership
of the exterior structure as well as common areas.
Advantages may include - no individual responsibility for the exterior maintain ace, access to
amenities such as a pool etc, condos do tend to be located nearer to shopping and town centers,
and condos can often be more affordable.
Disadvantages may include - being responsible for a monthly condo fee, giving up more privacy
than in a single family home, only owning from the wall inwards, and when it is time to sell it may
take longer than a single home. I find it is always a good idea to write down the advantages and
disadvantages for each of your choices. This helps you remember the homes and often makes the
choice easier and clearer.
And call a GOOD REALTOR!
OR TWO !! Thats Us!
As always if you have any questions or comments please feel free to get in touch with us -
anytime. We are here to help.
Contact Us:
Buying a home is one of the most important investment decisions you will ever make. It is best to
choose a reputable Realtor who is a member of the National Association of Realtors (not all agents
are). If you decide to go it alone, however,you will be able to see (and maybe buy) homes that
are For Sale by Owner (FSBO). These homes are not usually listed in the MLS (multiple Listing
Service). Realtors can also take you to view those homes however a commission made not be paid
to them by the seller if you choose to buy that home, and most times the BUYER (you) will be
asked to pay that commission. Be sure to ask your Realtor!
Approximately 20/% of available homes are FSBO homes (depending on area), while 80% are
MLS homes. These will be listed by an agent and you will need your own BUYER AGENT to buy
one of these. What is a Buyer Agent you may ask? Well, remember the listing agent (the agent
who lists the home for sale)owes their allegiance to the SELLER while the BUYER AGENT (your
agent) owes allegiance to THE BUYER (you!). Always have your own Buyer Agent to represent
you and get the best possible deal for you. The seller pays the commission for the buyer agent in
most circumstances so having this protection costs you nothing. Occasionally the buyer may be
asked to pay the commission however this is very infrequent and you will be told up front.
Remember, the Buyer Agent (your agent) works exclusively for you.
Once the decision to buy a home is made, take time to prepare before setting out to buy a home.
Before you start:
- Get your finances in order, - this is so important and will save a tremendous amount of time
later on.
- Determine your budget. Don't spend yourself into being "house poor."
- Get familiar with the different areas you are considering and this will narrow your search.
- Take note of any items you don't want in a house as well as the items you desire to have.
- Determine the desired location (schools, shops, work, public transportation, etc)
- Familiarise your self with the contract process
- When looking at different types of homes, it is always good idea to write your ideas down
and then complete lists of advantages and disadvantages. This can often makes the choice
easier.
Types of Homes:
could include single family, town houses and condominiums.
Single Family Homes:
Advantages to a single family home could include - your space is your own, resale value is
generally the highest, it's possible to extend if you need more room, and generally there are no
property management fees to include.
Disadvantages include - all maintenance and repair costs are yours, you are responsible for the up-
keep of landscaping, and most single family homes are more expensive than either town homes or
condominiums.
Townhouses
can often be maintenance free and provide "middle ground" between a single family home and a
condo. Advantages may include - may have more security than a single family home, may have
access to amenities such as a pool or clubhouse, and they may have the exterior maintenance
taken care of.
Disadvantages may include - being responsible for homeowners fees, give up some privacy as
compared to a single family home, and your options for changing the exterior paint color or putting
up a fence may be limited.
Condos:
A condo is really "an apartment that you own," Your ownership extends inwards from your
exterior walls, floors and ceilings. You are usually a "partner" with other owners in the ownership
of the exterior structure as well as common areas.
Advantages may include - no individual responsibility for the exterior maintain ace, access to
amenities such as a pool etc, condos do tend to be located nearer to shopping and town centers,
and condos can often be more affordable.
Disadvantages may include - being responsible for a monthly condo fee, giving up more privacy
than in a single family home, only owning from the wall inwards, and when it is time to sell it may
take longer than a single home. I find it is always a good idea to write down the advantages and
disadvantages for each of your choices. This helps you remember the homes and often makes the
choice easier and clearer.
And call a GOOD REALTOR!
OR TWO !! Thats Us!
As always if you have any questions or comments please feel free to get in touch with us -
anytime. We are here to help.
Contact Us:
BUYERS INFORMATION..
THIS MONTHS
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