PAM DENT

Jump into Greener Pastures


434-960-0161
[email protected]

BayRidge Farm

4612 Deer Meadow Lane – Troy, VA
MLS #630477     $750,000

This charming 12.2 acre property situated on gently rolling acreage is horse ready for the next lucky owner. It’s conveniently located close to Charlottesville and I-64. The farm offers a 4 stall center aisle barn with tack room and wash stall, plus an additional 3 stall stable, 5 paddocks, 2 run-in sheds and a pond. There’s easy living in the comfortable one level 4-bedroom home which features a split bedroom design. The living room has a cozy woodstove and opens out to the screened porch overlooking the private back yard. In the kitchen there are wood cabinets, an island, and breakfast nook. In the spacious primary bedroom there’s an attached bath that has a jetted tub, and this room has its own private deck overlooking pastures. There are 3 additional bedrooms and two more full baths. The detached garage is oversized and can accommodate 4 cars or 2 cars and lots of storage.

CLICK FOR MLS LISTING DETAILS


Below is an aerial view of the approximate boundaries of the 12.2 total acreage of Bayridge Farm.


Below is a Google map that you can click/zoom to explore the neighborhood around BayRidge Farm.


Co-listed with Bridget Archer 434-981-4147

How Do You Prepare to Buy Your First Home in Charlottesville, VA?

The world of real estate can be daunting, but with enough preparation, anyone can make the dream of purchasing their first home a reality. 

To prepare to buy your first home in Charlottesville, VA, research the real estate market trends in the area. After that, you should contact a mortgage professional who will calculate how much you can spend on a down payment, monthly mortgage, and closing costs. Getting pre-approved for a home loan is essential for a smooth home buying process.

Finally, to guide you through the complicated journey of buying your first home, get in touch with an experienced local realtor in Charlottesville.

Home Buying Process Steps

What Is the First Step You Should Take Before Buying a Home for the First Time? 

The first thing you should do is learn about the available programs from the state Virginia Housing (formerly Virginia Housing Development Authority or VHDA). These programs are geared toward first-time homebuyers.

First-time homebuyers in Virginia have access to a wealth of benefits and grants (no pun intended) that make your  purchase possible:

  • Down payment grants 
  • Zero down payment
  • 30-year fixed-rate loans
  • Federal tax breaks

Eligibility is dependent on these criteria:

  • No history of homeownership in the past three years
  • Credit score of at least 620
  • Compliance with maximum income and loan limits
  • Property will serve as your primary residence
  • Completion of homeownership education class
Charlottesville, VA Homes

What Are the Steps in the Home Buying Process? 

If you’re looking into buying a home in Charlottesville, Virginia, it’s best to know and understand each step in the process first. 

1. Calculate What You Can Afford

Before you start shopping for a home, calculate how much you can spend on a house and your monthly mortgage. A mortgage professional is essential to assist you with this.

2. Get Pre-approved for a Mortgage

Getting pre-approved for a mortgage will let you know exactly how much money you can spend on purchasing a home.

Working With a Real Estate Agent

3. Come Up With a Wish List for Your Home 

Having a wish list with all the features and amenities you want will help narrow down your home options. However, remember that you might need to compromise according to your budget, particularly in the current low inventory real estate market.

4. Find an Experienced, Local Real Estate Agent

You don’t have to go blindly into buying your first home! Working with a local real estate agent will help make the home buying process smooth and efficient. 

5. Search for Charlottesville, Virginia Homes for Sale

A real estate agent will introduce you to homes that fit your budget and comply with your wish list.

6. Negotiate an Offer

A critical step in the home buying process is making the offer. Real estate agents specialize in negotiating the sale’s price, terms, and conditions in favor of their client.

7. Get Mortgage Approval

Once you have a home under contract, get back to your lender to proceed with the mortgage.

8. Order a Home Inspection

Ordering a home inspection will help you identify whether any major repairs need to be made to the home and any potential or existing conditions that affect the property’s value.

An inspector should advise you on the necessary maintenance and upkeep.

9. Complete the Closing

Once all the above steps are done, expect to sign a lot of paperwork to complete the transaction.

Buying a Charlottesville, VA Home

What Do You Need to Buy a House for the First Time in Virginia?

Here are some things you need to do when buying a home in Virginia for the first time.

1. Do Your Research

To buy a house for the first time in Virginia, you need to do your research. 

Before settling in the city of Charlottesville in Central Virginia, make sure that the Charlottesville lifestyle is right for you. 

Charlottesville, VA is a thriving community that values arts and culture and innovation grounded in tradition. Residents get a balance of urban and rural living, as just beyond the city lines lie acres of family farms and rolling hills.

Before you hire a real estate agent, visit websites and read newspapers and magazines to get an idea of available real estate listings in Charlottesville. Follow all the homes you’re interested in, and check back to see how long they stay on the market. 

This will give you an idea of the current housing market in Charlottesville, VA.

2. Calculate Your Budget and Save Up

Buying a house means that you need cash to make a down payment. You’ll also need to save up for upfront costs such as:

  • Mortgage applications
  • Real estate agents
  • Lawyers
  • Home inspections
  • Moving expenses
  • Insurance
  • Closing costs (interest, property taxes)
  • Starting utilities
  • Emergency funds

Because of these many expenses, you need to figure out exactly how much you can afford, taking into consideration average home prices in Charlottesville, your income, expenses, and goals.

Down payments on homes range between 3.5% to 20% of the total cost of a property. This will depend on a homebuyer’s:

  • Mortgage interest
  • Credit score
  • Income
  • Current financial situation
  • Type of loan

To figure out the hypothetical downpayment for a home, find the average price for a home in Charlottesville, VA, and take 20% of that rate. According to Realtor.com, the median listing home price for Charlottesville, VA homes is $437,000. Or better yet reach out to a mortgage professional who can calculate how much you are able to spend and what loan product is best for you.

As for closing costs, they are calculated approximately 2% to 5% of the purchase price.

3. Attending Homeownership Education

Attending free homeownership classes is essential to not only qualifying for a home loan but will also help you understand your personal finances.

As a general rule of thumb, it’s recommended that buyers aim for a property that costs no more than  2.5 times their gross annual salary.

Homeownership education will also help you create a personal spending plan that works for your personal goals.

Buying a Charlottesville, VA Home

4. Preparing for a Mortgage

Since buying a home for the first time is a major investment, you will need to prove your financial capacity through your credit score, income, assets, and equity.

The credit score is used by lenders to determine the “creditworthiness” of borrowers or simply their capacity to repay the debt. A high credit score means that a person is financially trustworthy, while a person with a low credit score will have a more challenging time securing a loan.

There are several ways to improve your credit score to avoid any problems with securing a loan:

  • Paying your balances
  • Requesting a credit limit increase
  • Check for errors in your reports

Otherwise, another solution to buying a home with a poor credit score is to save up for a larger down payment. An additional option would be to apply for a Federal Housing Administration loan, which allows homebuyers a minimum credit score of 580 and a credit score of 3.5%.

To avoid any problems in the home buying process, get pre-approved by your lender. Remember that sellers do not tend to work with potential buyers who have not yet secured pre-approval.

5. Work With a Real Estate Agent

The best way to prepare for the intense journey of buying your first house is to get the guidance of a professional real estate agent. Working with an agent means that you’ll most likely find a home that suits your budget and needs from the get-go.

Buying a home can be complicated and overwhelming, especially if it’s your first time. A real estate agent will help you deal with legal paperwork, clean up your credit score, and find financing.

Since you’ll be working with an experienced professional, you’ll save hundreds of hours researching properties, the neighborhood, local zoning laws, and even assessing a property’s physical condition.

Final Thoughts

A real estate agent will work in your best interests to secure a deal in line with your price range and future goals. If you’re hoping to buy your first home in Charlottesville, VA, get in touch with me, Pam Dent, at 434-960-0161. 

Cedar Run Ranch

Here’s your chance to own a Virginia equine training center on 67.50 acres in Cumberland, Virginia. It’s a unique property that offers every opportunity for a training or breeding farm.

2266 High Rock Rd,   Cumberland, VA
MLS #628284     $850,000

OVERVIEW

The spacious farm enjoys green pastures, streams, miles of riding trails, and rolling land. The well-designed training center includes 13 matted stalls, a 100’ x 200’ heated indoor arena with sprinkler system, viewing balcony, lounge, two offices, public restroom with shower, an apartment, plus a second roughed-in apartment.

THE FACILITIES

Convenient hay storage, tractor parking, workshop, and ample parking surround the building. In addition to the 100′ x 200′ indoor arena, there’s also a 200’ x 300’ outdoor riding ring near the indoor arena. The five paddocks and pastures provide for easy turnout. There are 2 small cottages, a shower house with a laundry room, 5 campsites with water and sewer hookups, and four additional hookups with electricity and water. There is a second roughed in apartment in the barn.

POTENTIAL

Convenient to Charlottesville, Richmond, and Farmville, this property would be perfect for an event venue; agribusinesses such as a winery, nursery, or glamping, dog training, children’s camp, adventure club, or a team-building business. The possibilities are endless with county approval.

CLICK FOR MLS LISTING DETAILS

Below is a map of the approximate boundaries of Cedar Run Ranch.

Below is a Google map that you can click/drag or zoom to check out the area.


Co-listed with Bridget Archer 434-981-4149


 

Celestial Farm

NOW UNDER CONTRACT, BUT WE HAVE OTHERS

716 Salem Rd,   Schuyler, VA MLS #627374     $765,000

This home in the quiet countryside of Schuyler VA offers 39.68 acres of scenic solitude. The idyllic homestead is sited on a knoll overlooking rolling land, woods, a large pond, a 3-stall barn, 3-board fenced pastures, and trails. Also included are a cottage that needs a bit of restoration, a detached studio, and a garage workshop.

This 3-bedroom 4.5-bath home has an open design with vaulted ceilings and large windows. The 1st-floor primary suite includes a fireplace, and 2 additional bedrooms provide plenty of storage space on the second level. An open kitchen has cherry cabinets, and soapstone counters. The adjoining dining room is lined with windows overlooking farm. On the terrace level is a family room, 3 additional rooms for storage or recreation, and 2 full bathrooms.

CLICK FOR MLS LISTING DETAILS

Below is a Google map that you can click/drag to explore the area around Celestial Farm.


Co-listed with Bridget Archer – (434) 981-4149
 

Historic Mill Hill Farm

NOW SOLD, BUT WE HAVE OTHERS
524 Winery Ln ~ Mill Hill

Nestled in the spectacular views of Nelson County, VA, the historic Mill Hill farm sits on a grassy rise along the South Fork of the Rockfish River. The 26-acre land is gently rolling, and the scenery is breathtaking in every direction. The Mill Hill property includes an ensemble of residential and agricultural buildings that reflect Nelson County’s farm practices over the ages.

The spacious 3-bedroom home has evolved over time since 1840, and there are 2 additional bedrooms in a charming detached guest house. The interior retains hand-carved mantels, grained doors, and trim showing the integrity of design, artistry, and materials to showcase a period Greek Revival house built by a prosperous owner. A partial-width addition on a raised basement on the south side has a primary suite on the main level and a large country kitchen with breakfast room on the terrace level.

On the interior, the original portion of the house has two principal rooms on each level. On the main level, there is a LR and library. There are 2 BR upstairs, each with a bath. The DR and family room w/greenhouse are on lower level. Historic outbuildings include a bank barn, horse barn, pony barn, ice house, schoolhouse, poultry house, dog kennel, guest house, and caretaker’s cottage. Center aisle horse barn has eight stalls with easy turn out to 5 paddocks.

CLICK FOR MLS LISTING DETAILS

Mill Hill boundaries

Below is a Google map that you can click/drag to explore Mill Hill and surrounding area.


***Co-listed with Bridge Archer 434-981-4149
 

Hidden Creek

478 Thorofare Rd – Hidden Creek
MLS #625833     $450,000

Hidden Creek is a custom-built log home situated on 3.8 acres in the Blue Ridge Mountain foothills of Crimora, VA. This is the perfect year-round home or weekend retreat property. Tucked back from the road, the location offers privacy and convenience. With extensive landscaping and flagstone walkways, it is a home of quality and attention to detail. The floorplan is open and inviting, with pinewood floors throughout the house. As you open the front door, a floor-to-ceiling two-sided stone fireplace with gas logs, vaulted ceilings with recessed lighting, and skylights welcome you.


CLICK FOR MLS LISTING DETAILS

The living room is centered around the fireplace and open to the kitchen and upstairs loft. Charm is throughout the home. The family room with the fireplace is cozy and overlooks the deck and woods at the rear of the house. Tucked aside on the first floor is a spacious primary bedroom suite with a sitting area, walk-in closet, and bath.

Below is a Google map that you can click/drag to explore the area around Hidden Creek.

The kitchen with a center island & breakfast bar has pinewood cabinets, a gas range, a ceramic sink, & granite counters.

The home’s upper level has a large loft area, two bedrooms with fans, a large bathroom with a garden tub, and a bonus room.

The attached oversized two-car garage has floored attic.

Real Estate Property Taxes in Central VA

In Virginia, property taxes are based on the assessed real estate value, and the rate is expressed as ‘cents per hundred of assessment’. The Real Estate Property Tax is separate from any Personal Property Tax such as boats, cars, etc.

COUNTYRATE/ per $100
.
ALBEMARLEO.854
AMHERST0.61
AUGUSTA0.63
BEDFORD0.50
BUCKINGHAM0.55
CHARLOTTESVILLE0.95
FLUVANNA0.884
GOOCHLAND0.53 (+.32 EXTRA IF TUCKAHOE WATER/SEWER LINES
GREENE
0.82
LOUISA0.68
MADISON0.71
NELSON0.72
ORANGE0.804
RAPPAHANNOCK0.73
ROCKBRIDGEO.74


Gaited Meadows Horse Farm

Gaited Meadows is a 21-acre horse farm gently tucked into the Fluvanna countryside. The farm’s layout is thoughtful and practical, with privacy and functionality in mind. The tree-lined driveway leads you on a gravel driveway along the pasture to the house. As the home comes into view, you can glimpse the barn and back pasture through the trees.

Gaited Meadows Main View

NOW SOLD, BUT WE HAVE OTHERS

The farm consists of a four-stall barn with a wash stall, hay storage, three large and one small Centaur and RAMM fenced paddocks, automatic waterers, run-in shed, and equipment shed. The owners created a riding trail that goes along the length of the property leading to the woods. At the rear of the property, where the open land meets the woods, approximately five acres are not fenced.

The current owners built the home with an open and easy-to-maintain floor plan. As you walk through the front door, you will notice the large stone gas fireplace and vaulted ceiling in the living room. The home is perfect for entertaining with an easy flow out to the spacious screened porch overlooking the barn and open land. The main level includes a primary BR, second BR, full bath, laundry room. The walk-out terrace level has a 3rd BR, den/office, large workshop.

Below is an interactive Google map that you can click/drag to explore Gaited Meadows farm more closely.



Co-listed with Bridget Archer 434-981-4149


Cedar Glen

Historic Cedar Glen Farm
NOW SOLD, BUT WE HAVE OTHERS

Legend has it that George Washington once stayed at Cedar Glen while surveying Bedford County in Virginia. It is easy to imagine horse and rider galloping through the 124 acres of rolling farmland in need of an overnight stay. Think back to a time when children grew up with swings tied to trees, eggs were collected each morning, and the cows signaled their content in the fields. As you approach the house, you will notice the beautiful setting surrounded by mature trees. So the past can meet the present, the house now needs restoration to bring it back to life.

The land is 60% cleared farmland used for cattle and hay production. As with many historic properties, there is a cemetery where the original owners are buried. The rock wall surrounding the cemetery is extensive. The rolling topography is tucked into the base of Sharp Top Mountain. Adding to the picturesque setting are a pond and outbuildings. Cedar Glen offers an opportunity to restore a piece of history and enjoy life in this peaceful setting. Although the house would be an extensive restoration, the location and panoramic views will inspire you to consider life in the Bedford, Virginia, countryside.

Below is an interactive Google map. You can click to drag/move and explore the area.

Co-listed with Bridget Archer 434-981-4149

Adjustable Rate Comparison

An Adjustable Rate Mortgage (ARM) is not as common as a Fixed Rate (i.e, 15 or 30 Year Mortgage), but an ARM may be a better choice for a homeowner who knows they are going to stay in the home for less time than the break even point.

An ARM might easily be 1/2% less than a fixed-rate during the first period of the loan, which can reduce the monthly cost of housing compared to a fixed rate.

The actual rate of an ARM can go up or down during the life of the loan, depending on an independent financial index. If the index rate is higher on the anniversary of your mortgage, the rate of your ARM could go up. But if you believe that rates are going to trend down during the time you own the home, then an adjustable rate could be to your advantage.

A mortgage financial advisor can provide you with a comparison of an Adjustable Rate vs a Fixed Rate to estimate when a Fixed Rate would have been a lower way to finance. There is a breakeven point in terms of months and years.

The ARM may be a better choice for the homeowner who knows they are going to stay in the home less time than the breakeven point. But if you plan for this to be your Forever Home, a Fixed Rate will likely be the better choice. If you’d like a recommendation, please let me know.

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Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


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