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Elizabeth Road, Inc.
Located in Richmond, VA
Phone: (804) 479-6080
Email: Send Email
Contact me today for a custom MLS listing designed to meet your home buying needs!
Experience the Joy of Buying a Home with Trusted Realtors® Delivering Top-Notch Service Saving You Time & Money
Homebuying is an experience like no other. It can be terrifying. Exciting. Uncertain. Wild. Dreamy. Or, a combination of all of the above. Whether you’re buying your first home or are an investor making their umpteenth purchase, it’s always thrilling to finalize the deal and take your first walk through as the new homeowner!
Most people don’t just wake up one day and decide to buy a house. Although, it’s certainly possible! But, most of us will need to save money for an earnest money deposit (EMD), upfront fees and a down payment, as well as prequalify for a mortgage with a lender before getting down to business.
It’s a big exciting step with lots of smaller steps in between, but it can go surprisingly-smooth if you’re prepared and have the right real estate professional guiding you along the way.
To get you started off on the right foot, here are some things buying a home will involve:
Down Payment Costs and/or Getting Qualified for Down Payment Assistance (First-time homebuyers may or may not qualify for down payment assistance. It’s a good idea to save anywhere between 3.5-20% of the home’s purchase cost depending on your mortgage qualifications.)
Upfront Fees
Earnest Money Deposit (EMD) typically up to 1% of the sales price.
Home Inspection Cost (This step is for your own good! For only a few hundred dollars, you can find out important details regarding the condition of the home. Plan to save roughly $400-$550 for this fee.)
Appraisal Fee (Required for financing. Plan to save roughly $500—$650 for this fee.)
Mortgage Approval with a Lender of Your Choice (If you don’t have a lender ready, we’ll be happy to refer you to one or several lenders and lending programs.)
A Personal Message
Remember, this is your story! Plan accordingly and trust your good judgment — it’s gotten you this far! Be comforted in knowing that you don’t need a perfect credit score, you don’t need a pile of cash, and you don’t need to make a million dollars. People buy homes every day, and you can too. The accomplishment of buying a home is within your reach! Don’t be afraid to ask for assistance every step of the way, and most importantly, don’t hesitate to ask questions. We’re here for you whether you’re buying a starter home, upgrading to the home of your dreams, or purchasing investment property. With our professional guidance, you can be confident that you will reach your goal of home ownership. We can’t wait to speak with you soon.
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