Nancy's Tips & News

Should You Buy a Home in Virginia Beach?

1/11/2013 11:56:00 AM

Virginia Beach, Virginia, is part of one of the largest metropolitan areas on the East Coast, if not the entire United States. Ideally located along the Chesapeake Bay and Atlantic Ocean, the city is a short drive from the state's capital and only a few hours from the Outer Banks of North Carolina and Washington, DC. As the home of one of the nation's largest Naval bases, the city boasts a rather large military presence, too. If you plan to relocate to the Tidewater area, you might wonder if Virginia Beach is the right place for you to buy a home.

The diversity of neighborhoods in the Virginia Beach makes for an interesting study of the city. The proximity of a popular oceanfront region and beach have tempted many a potential home buyer to plant roots, and opportunities for employment through major corporations like Stihl, Dollar Tree, and others with headquarters in the area have allowed for an influx of new residents - as of 2009, the number hovered close to half a million people. Other statistics from City Data to consider:

The average household income is just under $60,000 a year.
The average value of a home is just under $300,000.
Average rent in the area is around $1200 a month.

Naturally, the closer the home is to water, be it the Chesapeake Bay or Lynnhaven Inlet, one can expect the price of a home to increase. Nonetheless, it is possible to purchase a single family house in a decent neighborhood at a good price. Other factors that will interest you if you are still deciding to buy in the vicinity are:

1) Real estate potential in the area. If you ultimately choose not to live in the area, Virginia Beach offers many opportunities for real estate investment. The purchase of a condo to sub-let to vacationers or others seeking temporary housing can lead to a good supplemental income for you.

2) Good schools. According to Great Schools, the city ranks above average overall in terms of public school quality. The presence of higher education institutions like Virginia Wesleyan College and Regent University have also helped the city's image as a great place to get an education.

3) Pleasant weather year-round. While there are hurricane risks in the area, the area generally enjoys mild winters and pleasant summers.

Should you choose Virginia Beach as your home? You will find there are many advantages to living in the area, especially if you are active outdoors. If a move is in your future, consider contacting a local Realtor to tour possible homes.

Kathryn Lively is a freelance writer specializing in articles on Virginia Beach homes and Virginia Beach condos for sale.

Nancy Chandler Associates Wins Gold in 2012

5/10/2012 6:21:00 AM

We are pleased to announce that Nancy Chandler Associates won the PilotOnline Best of Hampton Roads Gold Awards for Best Norfolk Real Estate Office and Best Real Estate Company! Thanks to everybody who supported us.

The Best of Hampton Roads Awards are voted on annual by readers of The Virginian-Pilot and PilotOnline.com. For several years Nancy Chandler Associates and various agents with NCA have received Gold, Silver, and Bronze distinctions, and in 2012 we are proud to have received the top vote for the Norfolk area. We will continue to work to the high expectations of homebuyers in the Hampton Roads area through quality and professional service.

Prepare for Your New Home Search: the Tools You Need

6/23/2010 1:21:00 PM

When you are ready to buy a new home in Norfolk or Virginia Beach, what do you think is the first thing to do? Some might suggest getting the latest newspaper for home listings, while others say go see a Realtor and ask to be shown suitable vacancies. Both are good options to start, but it always helps to go in with a plan, so that you are prepared for any eventuality during your house search. Whether you play the weekend warrior, scouting out For Sale signs on your morning drive, or research the Internet for what interests you the most, it's good to have the right tools and the proper procedure in place.

Before you even think of making a bid, have this checklist in hand and heed it well. Buying a home is a big move, one that requires serious thought. It's important to consider these steps:
1) Know what you can afford. What you want to buy and what you can afford to buy could result in two entirely different scenarios. You may already be aware of your annual income and debt load, but when it comes to eligibility for homebuying there is assistance that could get you into a nice home, one you didn't realize you could contract. Before you do anything, meet with your bank or a financial expert to determine your ideal mortgage payment for your current situation.
2) Know what you must pay for. If you're eyeing that gorgeous condo on the beach, don't assume you can just make mortgage payments and relax. If the condo is part of a greater community, there are various fees to consider for pool maintenance, security, groundskeeping, and overall assessments on the buildings. The $200K home could end up costing you much more in the long run, for example, if it's assessed that tens of thousands of dollars are needed to repair the complex. Ask the owners what to expect.
3) Get the tools for travel. Always have the following on hand when you're out for a drive: mobile phone, camera, PDA with Internet access, and pad and pencil. If you have an iPhone or Blackberry with advanced features, all the better! Use these tools to record instances of For Sale signs you come across when you drive around town. You can photograph the house for future contemplation, call the agent or owner on the spot for details. Look up the price on a real estate phone app, and create a checklist of possibilities in the neighborhoods you desire.
4) Map out a plan of attack. Where you hope to live will impact many aspects of your life, including your work commute, where your children go to school, and even where you socialize. You may discover your dream condo on the beach, but will life be as sunny when you find you must brave thick traffic every morning to run errands or go to work? The split level home you adore that's close to the office may look good in the daytime, too, but is it really in a safe neighborhood? As you whittle down possibilities, study the areas and various patterns for traffic and activity. You aren't just moving into the home, but into that region.
The more prepared you are in buying a home in Virginia Beach, the happier and more secure you'll feel when you sign the contracts. Be ready to ask the tough questions and uncover what you can expect from where you want to live.

Are Rental Homes in Virginia Beach More Cost-Effective Than Buying?

12/1/2008 5:37:00 PM

As the housing market and the economy as a whole tries to recover from the recent slump it has experienced, many cities in Hampton Roads have seen housing prices fall consistently for the past year they have been on the market. This is causing many home owners to open their homes up to the option of renting, preferring to get the house off of the market and producing some income to support costly mortgages.

Old Dominion University recently released a study that determined renting may be a more financially responsible decision at the current time. With three-bedroom houses for sale in Virginia Beach at an average monthly mortgage payment of around $1,400, the study shows that comparable houses for rent in Virginia Beach average about $1,287 per month this year.

While it is true that rental prices have been shown to rise year after year and housing prices have been steadily falling, the prices probably won't even out for another couple of years. That being said, it seems that renting is a far better choice for families looking to move into a house in Norfolk or Virginia Beach. This is true until you consider a few other factors.

First, this study doesn't take into account the tax break one gets from owning a home. This alone could make up the difference between renting and owning a home, but there is also another key advantage to owning.

When you own a piece of property with value in Virginia Beach, you are building equity and the home value will rise over time. This factor makes buying homes for sale in Virginia Beach a better option in the long-term than renting.

Whether you are looking for homes for sale in Norfolk or rental properties in Chesapeake, contact Nancy Chandler Associates to help with your housing needs.

Buying Foreclosed Homes in Virginia Beach - Tips

11/19/2008 5:28:00 PM

Many cities are experiencing a similar phenomenon, the housing market which was so strong several years ago has gone into a major decline and owners are unable to keep up with their home payments. Since the economy isn't doing as well as most Americans expect, many mortgage lenders are increasing rates on adjustable mortgages, leaving tons of home-owners unable to keep up.

When home-owners are unable to pay, they are forced out of their homes and banks foreclose on their former residences. Now, many major housing markets have a plethora of foreclosed homes which are now vacant and waiting to be sold to new buyers.

Most of these homes are in good condition, easily claimed at a reduced price in order for the banks to recoup lost money. Some, however, have been mistreated or unkempt since being abandoned, requiring much more initial work for the prospective buyer.

If you are in the market to buy a home, or want to make some easy cash by "flipping" a foreclosed home, consider a few pointers before making the initial investment in a vacant house.

If getting the home inspected, make sure the electricity and water are turned on. If the bank has foreclosed on the home, it is likely they have turned off these utilities that are necessary for a proper home inspection.
Check with neighbors to find out details about the neighborhood and former owners. This could provide valuable info about marketing the home to buyers if you are going to flip it.
Research similar homes that have sold in the area recently. This could give you a good idea about how much time to expect when trying to resell the home and how much you could anticipate making.
Hire a good realtor. Many times only qualified professional realtors know the ins and outs of homes that have been vacant or neglected. By using a real estate agent that knows the area, you can save time and money searching for the right foreclosed property to invest in.

If you are thinking of buying a foreclosed home in the Hampton Roads area, consider using the team at Nancy Chandler Associates to guide your buying decisions and assist you with the resale.

Should You Buy an Attached Home?

8/8/2012 1:23:00 PM

When my husband and I began shopping for homes in earnest, our real estate agent took us to many condos and attached homes. We didn't think much of it at the time - since we live in a beach town, condominiums are fairly common. Seeing so many communities with single family attached homes, however, interested us. They were not listed as condos, because owners would not be subject to fees or covenants as they might within a condo community. It did give us pause to determine, though, if buying a single family attached house was a good idea.

An attached home is defined simply - a single-family structure that shares a common wall with another home. Where we live, we may find four such homes connected, or sometimes two. You may consider such buildings as duplexes or quadruplexes, though these terms are more often associated with rentals or condos. Regardless of how you spell it, though, the fact remains that if you buy such a place you're going to be very close to your neighbors. This is something you need to consider strongly before you commit to a mortgage.

Living in an attached home can have advantages and pitfalls. As you weigh your options, you'll have a clearer picture of whether or not such a place is right for you. Consider these points:

Attached homes typically do not have much lawn space. If you're the type who despises doing lawn work, you may find this housing option more attractive.
As opposed to condo owners, attached home owners may have more leeway when it comes to landscaping and decor. It's wise, however, to check for a community covenant.
Living in this type of home may grant you more security. With people close by to watch the area, you may enjoy heightened vigilance.

On the flip side:

Too much closeness may not always be a good thing. If there is one certainty in life, it's that you cannot choose your neighbors. If the people next to you like to play loud music, smoke, and party until the wee hours, you'll have a problem.
Because you share a common wall with another homeowner, the risk of damage to your home may increase. If another unit catches on fire, your home may incur damage. Also, your insurance rates may vary with an attached home as opposed to a detached one.

Ultimately, you will need to decide if such a home is right for your family. We have decided to keep looking, but if you find it suits your needs make sure you go into the buy knowing everything about the home and the community.

Kathryn Lively is a freelance writer specializing in articles on Chesapeake real estate and Norfolk real estate.