The perks of buying a home in Virginia are well-known. But in case you need a refresher: you’ll be a stone’s throw away from the nation’s capital, you’ll have access to some of the most breathtaking outdoor recreation on the East Coast, and you’ll get to explore life in one of the most coveted states in the nation. 

But buying a home in Virginia isn’t always an easy feat.

You’ll need to discover which area works best for you, decide on the kind of home you want, and determine how to get the most out of your purchase.

Below, the Prevu Real Estate team highlights the essential steps experienced and first-time homebuyers should know before purchasing a house in Virginia, from learning about neighborhoods and towns to saving money when you buy.

Steps to buying a house in Virginia

• Narrow down your options

• Work with an experienced real estate agent

• Save money with a commission rebate

• Get a mortgage pre-approval

• Prepare an effective budget

• Make an offer

• Due diligence is key

• The final steps of the journey

Narrow down your options

Aside from making your house hunt easier, narrowing down your options effectively is the key to saving time. And in a fast-paced market like Virginia, time is essential when it comes to making an offer before the competition.

Having a set budget in mind is crucial, but there are plenty of other important factors to consider.

Start by considering your lifestyle. If you enjoy being close to restaurants, bars, and vibrant entertainment, Alexandria or Arlington might be the first to check out. Alternatively, if you seek a quieter lifestyle with greater access to nature, the Reston or Mclean could be a better fit.

Next, do some research about the local economy. Some areas, such as Northern Virginia, are hubs for specific industries like tech and defense contracting. For those connected to those industries, being near potential job opportunities could be a huge perk to consider when deciding where to settle.

Lastly, focus on affordability. Be aware of the median home prices in each area and how they align with your budget. Use online resources or work with an experienced real estate agent to understand housing trends in your chosen neighborhoods. Don't forget to factor in the cost of living in the area, including taxes, insurance, and general expenses like groceries and transportation.

Work with an experienced agent

Both veteran and first-time home buyers can benefit extensively from the expertise of a knowledgeable real estate agent.

Almost every aspect of the homebuying journey can be streamlined when you hire a real estate agent. Your buyer’s broker can help narrow your search instantly, as they can access MLS listings and sales price history you likely won’t find on your own. They also know the ins and outs of Virginia’s neighborhoods, allowing them to pinpoint where you’re more likely to find the right home.

There’s also real estate nuance that is simpler to handle with an agent by your side. For instance, homes for sale in historic districts like Old Town Alexandria may involve additional regulations due to preservation efforts. An agent familiar with these nuances can navigate such complexities and ensure a smooth transaction.

You must interview multiple agents before committing, however. Always ask about their experience, knowledge of the local market, and past transactions. But most importantly, ask if they offer a commission rebate, as this will be a vital opportunity to save money when you buy.

Save with a commission rebate

Every Virginia homebuyer should acquaint themselves with commission rebates if they haven’t already.

Simply put, commission rebates are a portion of a buyer’s broker commission given back to buyers as savings. Modern brokerages like Prevu Real Estate leverage their investment in technology and salaried agents to unlock commission rebates and make home purchases more affordable for buyers.

The process of benefiting from a commission rebate is simple. 

If you choose to work with a Prevu agent, you will gain access to a streamlined online platform that puts essential real estate tools in your control. From the Prevu platform, you can set up curated property alerts to know exactly when a matching property hits the market, chat with a dedicated local real estate agent, and see accurate estimates of your potential rebate on every listing.

Prevu currently offers the largest rebate in Virginia, allowing buyers to receive up to 2% of their home’s final purchase price via a commission rebate. For example, if you purchase a $1,350,000 home in Arlington with Prevu, you could potentially receive a rebate totaling $27,000 after closing.

The extra savings create a two-fold benefit for buyers. Knowing you stand to receive a rebate can be a huge confidence booster regarding negotiations and potentially having to up your offer. They also help offset expensive closing costs and to replenish your savings.

Get a mortgage pre-approval

Mortgage pre-approval is more than just an estimate of how much a lender might offer. It’s also an excellent guideline for structuring your budget and an effective tool to show sellers you’re a qualified buyer.

In the competitive Virginia housing market, having a preapproval letter is essential if you want your offer to be taken seriously. It shows you're committed and financially capable of purchasing the property, giving the seller peace of mind that they won’t have to worry about the deal falling through due to financing issues.

Be sure to explore as many options as possible - and start working on that credit score early -  when shopping for a mortgage. It’s essential to secure the best interest rate possible for your budget and ensure that you can sustain the payments throughout the loan's lifetime.

Prepare an effective budget

Budgeting for a new home goes beyond considering the purchase price; you also need to account for all costs associated with homeownership.

For example, property taxes are an unavoidable expense. In Virginia, these can vary by city and county and are often based on the assessed value of your property. Home insurance is another essential, which can depend on factors such as the property's age, location, and susceptibility to natural disasters.

You’ll also have to consider routine maintenance and unexpected repairs as the home ages or even when you get the keys. These could be minor, like a leaking faucet, or significant, like replacing an HVAC unit. 

Finally, remember to account for homeowner's association fees, if applicable, utility costs, which can vary depending on the size and efficiency of the home, and closing costs.

If you want to go the extra mile, you can budget extra in case you end up in a bidding war and will have to stretch your budget to beat out the competition.

Make an offer

Once you’ve singled out the home you want, you can start preparing an offer with your agent. 

This step is crucial, so it’s essential that you take the time to craft a competitive yet informed offer. Your agent should be able to compare past home price history in the area to make sure that the listing price is fair; this will help guide your initial offer.

You’ll also have to decide what contingencies you’ll want to include and which are worth skipping. Common examples include financing and inspection contingencies. Rely on your agent to discuss the merits of each contingency type.

Once you have the offer drawn up, make sure to gather the necessary paperwork, such as the pre-approval letter and proof of funds.

Due diligence is key

Due diligence is a crucial stage of the home buying process in Virginia; it involves thoroughly inspecting the property and understanding any potential issues.

A professional home inspection is a must and will reveal structural, electrical, plumbing, or other issues that may need repair. In Virginia, a seller must provide a Residential Property Disclosure Statement, which outlines known defects. However, this is not a substitute for a professional home inspection.

Additionally, look into any future developments or zoning laws in the area that might affect your property. Your real estate agent can help you find this information out, so be sure to leverage their knowledge of the area and ask as many questions as you need to help you make an informed decision,

The final steps of the journey

Closing on your home in Virginia is the final step where all your preparation pays off, but it's also a stage that requires attention to detail.

The closing process involves a meeting where the final documents are signed. Ensure you fully understand the terms of your mortgage, the obligations of all parties, and the specifics of the property.

Before closing, conduct a final walkthrough to ensure the home's condition hasn't changed since your last visit and that any agreed repairs have been done. If something doesn't add up or seems out of place, don't hesitate to ask your agent or closing officer for clarification.

At closing, you will provide a certified or cashier's check for the closing costs, as well as proof of homeowners insurance. After signing the documents, the title to the property is transferred to your name, and you are set to receive the keys to your new Virginia home.

If you purchased with Prevu, you can expect your rebate check in the mail within a few days. 

Interested in buying a home in Northern Virginia? Browse listings in your favorite city and see how much you can save with Prevu’s Smart Buyer Rebate.