Date Archives: April 2016

How a REALTOR® Represents You

So you're ready to take that giant step and buy a house. Maybe you drove down the street and saw a yard sign in front of your dream home. You wrote down the real estate agent's name and phone number and are ready to give them a call. Wait Stop!

Before you make that call, there are a couple of things you need to know. The number you are dialing belongs to the REALTOR® (or Listing Agent) who works for the person selling the house—not you the prospective home buyer.

People interested in buying a house should have their own real estate agent (or Buyer's Agent) whose job it is to represent their best interests.

There are a world of differences between the services of a Listing Agent and Buyer's Agent.  Here's what you can expect from each type of REALTOR®.

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Ever dreamt of buying a farm? Here's a guide of things to consider before buying farmland.

So, you've been dreaming of moving to the country. Whether you want to become a professional farmer or have a passion for living in the country and growing your own produce, buying agricultural land can be a complex process.  Here is a guide for things to consider before buying a farm.

1.  Define Your Goals.

You want to become a farmer and buy land in the country.  Each person has their own reasons why they want to own or work on a farm.   Before going down the path of actually buying agricultural real estate, ask yourself these questions to help determine your goals:

• Do you want to own a farm and make a living as a professional farmer?
• Do you want to become a "weekend" farmer and grow produce for your family's needs?
• Are you looking for a real estate investment?

2.  Find the Right Location.

Finding the right piece of real estate goes along with defining your goals.  If you want to buy a working farm, determine where the nearest market for selling your produce is located.  Make sure the neighborhood suits you and the type of farming you want to do. 

If your plan is to live in the country enjoying a quieter, simpler lifestyle, then buying farm property away from a larger community might be for you.

Old Dominion Realty specializes in farm and rural properties in our local marketplace.  We can help you find the right location for you in the Virginia and West Virginia real estate markets.

3.  Find the Right REALTOR®.

Find a real estate agent with experience in helping customers buy and sell farm property.  Our team of REALTORS® in the Virginia and West Virginia real estate markets has the knowledge and experience you need to buy farm and rural properties.  They have expert knowledge about zoning, easements and details like soil type and water rights to help guide your decision.

4.  Understand your financial needs.

You'll need to understand your financial needs and budget to pay for and run your farm.  Cash buyers can compare their available amount of money with the price of the land they wish to buy.  If you need to finance a portion of the purchase price, find a lender experienced in financing farm properties.

5.  Zoning.

Zoning for agricultural property is in place to restrict non-farm uses of land.  The use of land, minimum farm size, and non-farm use buildings on the property can be determined by local zoning laws.  Working with experienced REALTORS® who have a knowledge of selling farm property will help you understand your limitations for use before you buy.

6.  Know what's included with your real estate purchase.

It is important for all parties involved to understand what is included with the purchase before the transaction is completed.  Buying farm equipment, building fences, gates and structures can be expensive.  A detailed list of everything included with the purchase needs to be a part of the contract.

7.  Water.

When searching for the perfect farm, its water supply is an essential resource to consider.  Are there streams, ponds or rivers on the property?  Is there standing water?  Find out more about water quality standards by visiting your state's Department of Health or Department of Natural Resources web site.  Learn how to take a water sample and where to send it for testing.

8.  Soil.

Whether or not land can be farmed is determined primarily by soil type.  Know your soil limitations before buying farm land.  To learn about your potential property's soil limitations, visit the Natural Resources Conservation Service (NRCS) web site and search the farm's site address.  Take a soil sample and send to a nearby soil-testing to test the soil for nutrients and deficiencies.

Buying a farm can be a complex process. However, if you work with the right real estate team, owning a farm can be a rewarding experience.  Contact our team at Old Dominion Realty today.

Helpful Hints When Buying Your First Home

Congratulations! You've bought your first home. Home ownership brings a lot of freedom, but also many new things to think about. If you're just learning to navigate owning versus renting, here are a 5 First-Time Home Buyer Tips to get you started.

1. Get Fully Insured

Maybe the contents of your home weren't all that important, and you didn't care about rental insurance. Homeowners insurance isn't to be taken lightly. You now own the home, its content, and the property. Losing it could be catastrophic. Do your research and make sure you are fully covering your entire property against any possible scenario. Don't forget to focus on what specific issues you may face in your region.

2. Don't Overspend on New Home Perks

It's your first home.  You'll be tempted to fill that beautiful new home with all your visions. That may include remodels, renovations, or new furniture. It's best to hold off for a while--unless it's a critical maintenance item. At this point in the game, establishing a solid savings is most important. Unexpected costs lurk around the corner when you own a home, and savings help you prepare for unforeseen events or expenses. Making home improvements and decorating is a good thing, just research, budget, and save before implementing your ideas.

3. Don't Avoid Maintenance

True, you may not want to take care of that clogged drain today, but tomorrow it may be an overflow that floods and damages the floor and creates the perfect moist conditions for mold. Small issues have a way of snowballing into much bigger ones, so it pays not to put off fixing things. If you're confident you can handle things yourself, go for it. However, never attempt something major or unfamiliar without the help of a professional. Again, it can turn a small problem into something much bigger.

4. Get Help with Taxes

Even if you have to reach deep into your pockets, investing in an accountant is a smart choice. Buying your first home has some tax intricacies that you don't want to mess up. An experienced tax professional will identify any deductions or nuances correctly, making sure you maximize your return.

5. Start a File Box and Spreadsheet for House Records

You'll want to have a place for receipts, maintenance records, home improvement projects, appliance instructions, and any and everything pertaining to your home. The file will serve multiple purposes, from having proof for your taxes to being able to look up the last time you had the furnace serviced. Those records can also assist in designing an annual maintenance plan, or with facilitating a house sale—people feel more confident making a purchase on a home that was well-cared for and has the records to prove it.

Whether you're ready to buy your first home, or have a house to sell, contact our team of REALTORS® Old Dominion Realty.

Old Dominion Realty is a locally owned real estate broker with offices in the West Virginia and Virginia real estate areas (Harrisonburg, Crossroads Plaza, Augusta County, Moorefield and Franklin) and a proud Member of Leading Real Estate Companies of the World^® (www.LeadingRE.com).

How Millennials are Changing the Home Buying Process

Visit your favorite marketing site, and you'll find no shortage of advice on how to sell your gadget, clothing line, or professional services to buyers from Generation Y (also known as millennials). But what about selling homes? Generation Y is growing up, and is now the largest demographic in the real estate market, with Generation X trailing close behind. So when you're working to sell a home, it pays to take a long look at what young buyers want.

The good news is that despite the differences between generations, there are some similarities that virtually all home shoppers share. Ahead, we'll take a closer look at how to market your home to the young, growing Generation Y demographic.

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