Affordable Housing Programs In Virginia
Finding affordable housing as a first-time homebuyer in Virginia can be a significant challenge. Especially as home prices continue rising. Well, thanks to down payment and closing cost grants offered by the Virginia Housing Development Authority (VHDA), affording a house doesn’t have to be so hard after all.
In fact, these grants don’t have to be repaid whatsoever, and all of the VHDA’s mortgages have 30-year terms with a fixed interest rate.
The Buying vs Renting a Home Discussion
When it comes to buying vs renting a home, it all depends.
According to the National Association of Realtors®, 78% of non-homeowners believe homeownership is a good financial decision.
Wealth Front states only 37% of millennials between the ages of 25 and 34 own a house.
Subsequently, 63% out of the bunch stated they regretted buying a house.
59% of these individuals stated their top reasoning for regretting their purchase was due to unforeseen maintenance costs.
For example, just because your lender pre-approves you for $350,000 doesn’t necessarily mean you can comfortably afford the monthly payment of such.
Perhaps, the limit to which you’re comfortable with $320,000 instead.
But just like anything else in life, there are pros and cons to each when it comes to buying vs renting a home.
Here’s Why You Should or Shouldn’t Go FSBO
Going FSBO, otherwise pronounced as “fis-bo,” has pros and cons that are often overlooked. Selling your house is going to be a heck of a lot more work than you think. It also doesn’t help that the internet seems to make some of us believe we can do anything ourselves. Hence, potentially causing your solo effort to end with costly mistakes and deep remorse.
Finding Your Home Value
If you’re thinking about selling your home at some point, I’m sure you’ve wondered about the value of your home. While the internet makes us believe we do anything, the traditional methods of finding a property’s real market value are still king.
Finding Home Value With Online Tools
Websites like Zillow, for example, go by algorithms instead of reality. Emily Heffler, Zillow’s director of communications, reputation management, and chief Zestimate wrangler, stated the following: “It’s a starting point; it’s not an appraisal. It’s a computer, and we haven’t been to your home. We haven’t seen your new kitchen.”
However, the Zestimate error rate in Chicago, Illinois, is surprisingly low at 3.8%. On the other hand, 41.4% of Zestimate’s are not within 5% of the actual sales price. Ouch.