12 Things Every Home Buyer Should Know

 1.            A good Realtor® is your best investment.  Find someone you like and trust.  Their expertise can make a big difference in the negotiations of your offer that they assist with you.

2.             Property taxes are determined by your locality assessment.  Each State and or County has a set property tax formula. Fredericksburg, Virginia's current tax rates are $1.16/$100 assessed at 100% for real estate (collected in May and Nov.), $2.99/$100 assessed at 90% for personal property. Spotsylvania is calculated at .86 per $100 of assessed value. Stafford County is .63 of estimated fair market value.

3.             Property taxes and interest on your loan may be tax deductible.  Check with your Certified Public Account for more information.

4.             Real estate tends to be on the largest investments that most people make.  Buying property is an excellent investment.  It goes up in value over time.

5.             When you make a payment on your mortgage, a portion of each payment goes to paying off the principal and the other portion goes to paying the interest.

6.             Of all the real estate investments you make now and in the future, your home will be one of the few investments that you can enjoy by living in it. Your other investments will, hopefully generate you a cash flow for your retirement.

7.             Realtors® follow a strict code of ethics.  Not all real estate agents are Realtors®.  A Realtor® is someone who is a member of the National Association of Realtors®.

8.             Realtors® cannot receive any compensation from the people that they refer you to according to the Real Estate Settlement and Procedures Act (RESPA).

9.             Working through a Fredericksburg Realtor® to purchase a For Sale By Owner home can be very advantageous because someone is looking out for your best interests.

10.           Your Real Estate professional knows all the local lenders and can refer you to someone for a loan. 

11.           Ask your Realtor® whom he/she is representing in the transaction.

12.    Ask your real estate professional what he/she will do to keep you informed.  Your Real Estate professional should provide you with the highest level of service and advice.