Dubbed the “coolest small town in America,” it’s no wonder why thousands of tourists flock to Lewisburg, West Virginia, for a taste of culture, creativity, and community.

And with a wide selection of affordable housing and low cost of living, you may even be enticed to snag a piece of Lewisburg, WV real estate yourself!

However, buying a house is a major financial decision, and there are a lot of factors you need to assess before jumping in.

Aside from having a steady job to make a down payment, closing costs, and paying a steady stream of bills, it’s also important that you set aside solid savings and emergency funds. 

Having a sensible debt-to-income ratio will allow you to have a good credit score and a generous mortgage.

Since buying a house is a huge investment, it’s also important that your purchase of one of the Lewisburg, WV homes for sale is aligned with your family’s long-term goals.

To help you out, check out the tips that will help you figure out if you’re ready to buy real estate in Lewisburg, WV.

How Do I Know When I’m Ready to Buy a House?

Tip #1: You’ve got the documentation to prove financial stability.

Ranked as one of the most economical locations in the US, living in Lewisburg, WV is certainly an inviting prospect. 

According to Realtor.com, the median listing home price for Lewisburg, WV homes for sale is $189,900. Compared to the national average of $408,000, Lewisburg WV Home Value is an economical choice.

Overall living cost is 15% lower than the national average, taking into consideration commodities such as:

• Utilities
• Groceries
• Transportation
• Health expenses

What Are the Steps to Buying a Home for the First Time?

Having a steady job you’ve had for years will help back up your case for homeownership. With that, you’d also need to assess how much of your total monthly income goes into your house payment.

Before you jump in, ensure that you have all the documentation to support your financial stability for a smooth loan approval process. 

Pre-approval for a mortgage requires documents that validate your:

• Employment
• Income
• Assets
• Debt

These documents generally come in a W-2 form, tax returns, bank statements, and employment verifications.

Tip #2: You have a sensible debt-to-income ratio.

Do you have existing debts on your hands? These extra bills will diminish your capacity to cover the expenses of being a homeowner, such as homeowner’s insurance, property tax, repairs, and maintenance.

To ensure that you don’t overexert your financial capacity, calculate your debt-to-income ratio by adding your monthly debt payments and dividing the total by your monthly gross income.

Banks and lenders use a combination of these monthly obligations to find total debt:

• New mortgage payments
• Credit card payments
• Car payments
• Childcare or senior care costs

According to the Consumer Financial Protection Bureau, applicants for a new mortgage cannot exceed a 43% debt-to-income ratio.

Tip #3: You have an acceptable credit score.

In connection to the last tip, having all your debt paid off will increase your credit score. A higher credit score will qualify you for a better interest rate, which will make your lower monthly mortgage payment more affordable.

More than that, a bad credit score will revoke your qualification for a mortgage. While the Federal Housing Administration (FHA) offers options for borrowers with credit scores as low as 500, it won’t be easy to find a lender with these requirements.

Consistently late payments will also diminish your chances of getting a good mortgage.

Tip #4: You have a solid savings account and emergency fund.

Such as with life, unexpected circumstances do pop up –– whether it concerns your house, health, or employment. 

Having a savings account and emergency fund to lean on is necessary, especially since a large chunk of your monthly income is already going to your mortgage and house bills.

Tip #5: You can provide a reasonable down payment.

Your dream of buying a new house can get scrapped if you can’t make a reasonable down payment.

According to the FHA, most mortgage programs require a minimum downpayment of 3.5%. 

However, it’s recommended that you only buy a home if you’ve saved up a 10% down payment outside of your savings account and emergency funds. Down payments between 15% to 20% are even better as it avoids private mortgage insurance (PMI) requirements. 

In the end, a higher down payment will lower your monthly payments. This will put you in a better financial position in the years to come.

Tip #6: You can comfortably pay closing costs.

Closing costs will depend on your realtor, but West Virginia’s closing cost is generally around 1.0%.

According to ClosingCorp, West Virginia homes have an average closing cost of $3,350+, about 1.7% to 3.35% of the final home sale price. Lewisburg, WV homes for sale range between $100,000 to $500,000, so expect to pay closing costs of $1,676.15 and $6,704.58.

Closing costs include:

• Appraisal fees
• Loan origination fees
• Deed recording fees
• Discount points
• Title insurance
• Taxes
• Credit report charges
• Attorney and closing agent fees

Aside from closing costs, set aside funds for realtor fees, home selling expenses, and, of course, your mortgage.

Tip #7: You’ve laid out your long-term goals.

Make sure that your long-term goals are aligned with your financial plan. If you’re planning a new business or starting a family, these shouldn’t get in the way of paying your mortgages.

Buying a new house is a huge investment that will be worthwhile when kept for the next 30 years or so. If you’re planning to build your career or raise your kids in Lewisburg, WV, then it may be time to buy a house.

However, Lewisburg, WV homes for sale have great profit potential, so you can still have lucrative options if you’re planning to move in the future.

You can get a steady income from renting off your property, or you can invest in renovations and remodeling to sell the house for thousands more than what you’ve spent.

Conclusion

Buying a new home doesn’t have to be scary or frustrating. 

If you’re ready to buy real estate in Lewisburg, WV, get in touch with a trusted local realtor. With the right guidance from a Lewisburg realtor, buying a house will be a positive experience –– as it should be!

If you play your cards right, a home can earn you more than what you paid for it. Buying a home and using it as a rental is one of the surefire ways to make money. Flipping houses and buying homes in neighborhoods increasing in value is also effective. If your community is developing quickly, you can sell the house at a profit, even after having lived in it. Recouping your initial expenditure and more is what makes an investment. There are different ways to make money off a home, each effective in its own right.

For instance, real estate in Lewisburg, WV, can be a great investment. You can rent it out for a considerable amount of money each month. This provides steady income off of the property. Some homes have potential for renovation and upgrades. Once you get that done, you can sell it for thousands of dollars more than what you spent on it. Some people’s businesses work solely off of flipping houses, so you know it can make a good profit.

Even if you occupy a home you have purchased, you can still make a profit off of it later. Certain neighborhoods have the potential for properties to appreciate years down the line. The profit that you can make in these cases can be significant.

In pretty much all cases, real estate does not depreciate in value. This makes it a good place to sink your money. It is important to know how to go beyond keeping your money safe in real estate to making money off it. That’s what this post is going to teach you how to do.

How to Make Money From a Home

There are a few broad paths by which you can make a profit off of a home. You can make money whether you live in the home or not, and that provides you with some flexibility.

1. Rental home: Not everyone has the money to buy a home for themselves. This creates the market for rental properties, which a large number of people occupy. You can buy a home and use it as a rental property. This way, you receive consistent monthly or yearly income. Profit off a rental property is more of a long term affair, so you’ll have to be patient. This is particularly the case if you have already paid for the home in full. Another option for rentals is to finance the house and pay the mortgage every month. Your tenant’s rent will cover the mortgage, with some profit on top of it. This way, your client bears the burden of the mortgage. The main downside to this method comes in if your tenant’s payments are no longer consistent. The burden of the mortgage transfers to you, and this can unsettle finances. In some cases, you can even rent out a basement apartment while living in the same building. The rent won’t be as much, but this is a great way to get the best of both worlds.
2. Flipping properties: Buying a home, renovating it, and selling it for a profit is known as ‘flipping’. Flipping a home is a short-term investment on a home that will yield large profit faster than a rental. For instance, if you search for homes for sale in Lewisburg, WV, you may find some selling at good prices. This may be because the owner doesn’t wish to put in the effort or money to make some critical repairs. These kinds of houses are perfect to pounce at. You can make the needed repairs, and even put in some home improvements that add value. This way, you can sell the house at a profit way above what you put into it.
3. Selling in improving neighborhoods: Some communities develop faster than others. When amenities like roads improve in neighborhoods, this can increase their value. Building structures like hospitals and schools increases the value of surrounding neighborhoods. You can buy a home in such areas and hold onto it until it has attained considerable value. Even better is to live in such a home until it has gained enough value to make a profit off of. Knowing which neighborhoods are best to buy in can be difficult if you don't pay attention to trends. This method can be especially effective when you pair it with flipping. You can buy a home in a developing neighborhood and sell when it is well-established. This can increase profit margins by a significant amount.

Tips for Investing in a Rental Home

Buying a home for a rental property is the most straightforward way to make a home an investment. It takes some time to get your profit off of it, depending on how you decide to finance it. But it is one of the most straightforward ways to make a profit off of a home. Here are some tips to help make your home investment profitable.

• A property manager will make your experience easier but will reduce profits. It’s almost definite that your tenants will have some issues in the home if they live in it long enough. If you don’t have the necessary skills to help out with any repairs or fixes required, you’ll need a property manager. This way, the burden of any issues is off of you, but you’ll have to pay the property manager for their services.
• Down payments are higher than owner-occupied homes. You can get away with paying a tiny percentage for your down payment on a house you plan to occupy. But for a rental property, you’ll need to pay as much as 20% of the total cost of the home. It’s important to know this before getting started.
• Get landlord insurance. This is essential! Damage to your property or injury on the premise due to structural issues will be covered by this. The premium is worth paying to keep your investment profitable.
• The location is very important. When looking for where to buy an investment property, you need to make sure demand is available. Areas that people are actively moving into are perfect, as they need places to live in. Having a rental property ready for occupancy is smart business.

Places like Lewisburg, WV have homes for sale all the time. These homes are perfect for investment opportunities. The best part is that if you fail to make a profit, your money is safe in real estate. Rebecca Gaujot, Realtor, can help you find the perfect homes to get your investment started in.

There’s money to make if you know where to look. Locations like Lewisburg, WV, have potential, but you'll need someone with expertise. Call Rebecca Gaujot, Realtor, at 304-520-2133. She'll find you a home that will be a solid investment.

Renowned for its historical monuments and its exclusive collection of restaurants, Lewisburg is adored by tourists and its residents in South West Virginia. This quirky small town is worth exploring and has won a sweet spot in the hearts of people. Lewisburg WV's concentration area allows all its inhabitants to connect. Spectacular scenery also surrounds Lewisburg. Lewisburg is the most excellent choice for many homebuyers because of a broad number of affordable housing options, the luxury of owning a home near historic landmarks, safe and connected neighborhoods.

If you're rooting to find the perfect home you can buy in Lewisburg, it won't be much of a challenge. Yet, the decision of such a significant investment doesn't end here. There are different steps to take into consideration; a home warranty is one of them. Wondering if you need a home warranty? You might have purchased or received a home warranty if you have bought a home recently in Lewisburg. With a home warranty, you don't have to worry about unforeseen issues and expenditures. In this article, we'll dig in to find if buying a home in Lewisburg with a home warranty is helpful or another hoax?

What is a Home Warranty?

A home warranty is an agreement between a corporation and a homeowner intended to protect domestic equipment and services from maintenance breakdowns. Like a service contract covering the restoration of your device, a home warranty represents a promise for the manufacturer to pay to fix some home components and upgrade them if necessary. They help you repair your structural problems without spending a lot of money out of your pocket.

Home Warranty Cost

Home warranties are very affordable. A regular home assurance costs between $350 and $500 a year or more. Usually, this includes maintenance of kitchen appliances, sinks, water heaters, heating equipment and electrical system, sump pumps, hot tub, a roof, and exhaust ventilators. Your protection starts as soon as you paid for the policy.

"Enhanced" plans, bought for another $100 to $300, include extra coverage for washers and dryers, air conditioning systems, and garage door openers. Extra coverage, including for septic systems and baths, is also available.

Companies charge homeowners a certain fee each time a service provider fixes something. You will have extra costs if more than one contractor needs to come out to your house.

What Does Home Warranty Cover?

Home warranty coverage is like ensuring old equipment or home systems' fixation. Most home warranties include coverage for the following products:

• Central air conditioning
• Central heating
• Humidifiers
• Electrical systems and wiring
• Refrigerators
• Ovens and cooktops of any kind
• Dishwashers
• Microwaves (the built-in kind)
• Water heaters
• Garbage disposals
• Washers and dryers
• Garage doors and openers
• Roofing

Costly things like septic tanks, wells, heating systems, pools, windows and doors, sprinkler systems, current structures, and walls are not usually included. Coverage can cost more for such products. Roofs are generally excluded from a home warranty policy.

There are some home warranty companies offer plans to repair leaking roofs. Some home protection services may not address concerns that occur until the sale of a policy.

Why Should You Get A Home Warranty?

Purchasing a home in Lewisburg, WV, is worthwhile yet a costly proposition. Regular maintenance is essential even if your property is brand new. A home warranty is a necessary security for any homeowner, much like home insurance. And when you have a home mortgage and insurance policy, you should want to be as safe and as covered as possible.

You can buy a home warranty that will cover items of your home in any event. Make sure you know the terms and conditions of the home warranty and coverage span.

Are Buying Home Warranties Worth It?

The ownership of a house is one of the most significant investments that you will make. Home warranties have many advantages. We'll go into greater detail about benefits of buying a  home warranty in Lewisburg below:

1. Financial Protection:
   A home warranty adds a layer of financial security in sudden failure of a protected appliance. Besides, purchasing a home guarantee will contribute to relieving some of the financial pressure that you may face when an essential appliance or home device disappears. If you have pricey tastes in products, warranties may also make sense.
2. Peace of Mind:
   You can ask the seller to include the home warranty as part of your offer. This will give you peace of mind. Getting a home warranty offers you, as a homeowner, a sense of ease that you will not be stuck footing the bill for appliances after you bought your house.
3. Addition in value:
   Time is money!!! And home warranty saves your time by fixing the covered appliances.

Bottom Line

Lewisburg has become a popular place to live in. Buying a home is one of the most significant financial decisions you will ever make. A home warranty is an ideal solution for hidden expenses and risks for you as a homeowner. Always read the fine print and consider the home warranty contract if you’re the one buying on

Buying a home requires a lot of time and effort. It's easy to get overwhelmed with the process you have to go through.

Buying a home in Lewisburg, West Virginia involves a series of processes:

1. Get pre-approved for a mortgage loan.

2. Decide what kind of house you would like.

3. Find an experienced real estate agent.

4. Conduct home inspection and appraisal.

5. Close the deal.

This article will talk about each step in detail.

1. Get pre-approved for a mortgage loan.

The first step in buying your Lewisburg home is to make sure you are confident enough with your financial stability. Knowing if you’re ready to get a new house is easy. Chop off the portion of your regular income that you think you can shell out for mortgage. Then see if that is more than the median home value in the area.

West Virginia, by the way, has the lowest median home value throughout the US. You will not have a hard time finding a beautiful Lewisburg home you can afford. The next step is to secure the money to finance it. This is not just about making sure you have money for downpayment but also the regular income to sustain the mortgage costs.

This is where getting pre-approved for a loan comes into play. Most homebuyers do not have enough cash on hand to pay for the full price of the home. 97% of home sales involve a mortgage loan. Unless you are able to pay for the house full price upon closing, a lender’s approval is necessary. Lenders usually require good credit and a steady income that’s more than the monthly mortgage payment.

2. Decide what kind of house you would like.

The home buying process is quite like grocery shopping. Most of us write down everything we need to buy before heading out to the nearest grocery store. Doing this helps us stick to our budget and make sure we won't be missing anything. The same is true with buying a house in Lewisburg. Listing your dream home must-haves helps you figure out your budget. And it quickly narrows down where you want to search too.

There are going to be some general details you'll likely want in your home. These may include a spacious kitchen, a certain number of bedrooms, or an excellent patio view. You can make it more specific, but make sure to avoid things that don't matter. These are things you can live without or change once you get the property. The bathroom fixtures' color isn't as necessary as having enough ventilation.

3. Find an experienced Lewisburg, WV real estate agent.

Consulting a professional is crucial for the homebuying process. A realtor will make the homebuying process more manageable for you. They have a wide network and know where the best deals are. They have the best recommendations when it comes to Lewisburg WV homes that match your preference and budget. A local expert is going to be your best resource!

Many home buyers dislike the paperwork and negotiations home buying entails. Inevitably, it is a necessary piece for any real estate transaction. Having a professional to help you with these makes things less tedious. It's also part of making sure everything is going the way it is supposed to. A trait to look for in your real estate agent is a good track record. Check the realtor’s sold listings and the feedback of his or her clients. It's easier to trust someone who is proven to be good at what they do.

When seeking an agent, finding the best one shouldn't be a matter of cost, given that the seller will most likely pay their commission fees. Lewisburg WV is one of the best places to buy a home. Without the help of an expert, you might jeopardize the entire transaction.

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4. Conduct home inspection and appraisal.

A home appraisal determines the home's value. On the other hand, a home inspection determines the condition of the house. They benefit you because they ensure that the home is worth what you'll be paying and that is it safe.

Conducting an appraisal and inspection helps you feel secure in your decision to buy the house or walk away from the deal. The appraisal is done by the mortgage company. The appraisal and home inspection costs are usually shouldered by the buyer. However, there are times when a seller could choose to pay for either or both of these costs.

A home appraisal determines the value of the home you're planning to buy based on several factors including the home's features, the current market, and the sales of similar homes in the area. It is done by a qualified appraiser, sent by the mortgage company. Getting pre-approved shows sellers that you won't have trouble financing. As a result, you have a higher chance of scoring your dream home just in case you have competitors for the property. An appraiser checks comparable home prices, lot size, and home features. The lender approving the mortgage will use these findings.

A home inspector will examine if the home you're planning to buy is up to code standards. He will also determine if there are health and safety hazards, major mechanical issues, or structural defects in your home. It will help you decide if the Lewisburg WV home you're eyeing is really for you.

5. Close the deal.

You might think this will be the easiest part of buying a home in Lewisburg, WV. Most homebuyers think of this part as signing a one-page document. Some may imagine taking pictures while holding the key to their new house. The closing process is straightforward, but there are many associated costs and paperwork that come with closing on a home.

During the closing, all necessary parties should be present, and their identity should be verified. Other requirements include finalized documents, financial calculations, and adjustments. The home buyer typically pays fees to record the deed and the mortgage. Expenses also include escrow fees and title fees.

Looking at these requirements and expenses might overwhelm you. The steps in closing the home sale may not be that easy after all. Real estate agents know that buying real estate can get very complicated. But it boils down to one word: expertise. If you need an expert in finding the best Lewisburg WV home for you, call me, Rebecca Gaujot, at 304-520-2133.

Maybe you’re wondering if it is a smart move to buy a home in Lewisburg, WV. Frommer's Budget Travel Magazine named Lewisburg as "America's Coolest Town."

And if that isn't enough to convince you, we have listed  5 reasons why buying a home in Lewisburg is a great choice.

Many homebuyers choose Lewisburg, West Virginia because of the following reasons:

1.  The privilege to have a home near historical landmarks.

2.  Beautiful views.

3.  Wide range of affordable home choices.

4.  Affordable cost of living

5.  Safe community

According to the U.S. Census 2019, Lewisburg has added 1,400 people in the last 20 years. These numbers are continually growing. It is easy to see why a lot of home buyers want to move here.

Affordability and community are the two main things that most Americans consider when buying a home. Based on these factors, more and more people are choosing Lewisburg as their home.

Let's look further at each reason we've listed for buying a home in Lewisburg.

1. The privilege to have a home near historical landmarks.

Located in the picturesque county of Greenbrier, Lewisburg is indeed a must-see. One of the attractions that make tourists travel to this city is the many historical landmarks. The city's chest of historic treasures includes century-old theatres and museums.

You will find almost every historic architectural style you can imagine. These designs and styles range from Victorian Gothic to Mid-Century Modern. A lot of residential homes can have those fantastic styles too. A day tour is not enough to see everything that the city offers. 

If you live in or near Lewisburg, you have a lot of time to explore the gem that Lewisburg is. To entice you a little more, we made a brief itinerary for you:

• Theaters. This city of 3800 plus residents is home to one of the four Carnegie Halls in the world. This world-renowned auditorium is a popular tourist attraction. Watching artistic performances is something to look forward to once you are a new town resident. And since you're only a few minutes drive away, you can conveniently visit them anytime. Lewis Theatre and Greenbrier Valley Theatre are in Lewisburg too.

• Museums. If theaters are not your thing, there are plenty of museums here too. The famous Greenbrier Historical Social and North House Museum are in Lewisburg also. Are you a history buff? If yes, you are in luck! There is so much history here in Lewisburg.
• Art Galleries. A place known to be big on the arts would most likely have many art galleries. Exhibits are abundant in Lewisburg for enthusiasts. Carnegie Hall has a section for art displays too. It will be a good idea to check this out before you watch a live performance.
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 2. Beautiful views.

Lewisburg is lucky to be located in one of the country's scenic states. West Virginia is called "Mountain State" for a reason. Its location is within the Appalachian Mountains region, and it's right next to the Mississippi River. Rivers and mountains right next to each other are a glimpse of heaven on earth.

Several of the famous sights in the Mountain State are notable for their natural beauty. A lot of those breath-taking views are in Lewisburg.

Imagine paradise being a few blocks away from your doorstep. Heaven on earth, indeed!

The Lost World Caverns is one of the popular attractions in Lewisburg. Visitors here descend 120 feet below the ground into a century-old cavern. The deep parts of the cave reveal big and glowing stalactites. The Lost World Caverns is one of the many places you will get to visit while living here.

3. Wide range of affordable home choices.

The city has a median home value of around $30,000 lower than the country's average. There is no question of why more people opt to buy their own home instead of rent here in Lewisburg.

In anything we buy, price is most often the first thing we check. This rule also applies when buying homes. Lewisburg will give you a wide range of choices from country cottages to luxury homes. The good thing about them is they're affordable. 

Get your finances in order. Talk to your mortgage broker about how much house you can afford. Buying your dream house is a considerable investment. There's always more to it than just the purchase price.

4. Affordable cost of living

Housing is not the only thing that's inexpensive in Lewisburg. The overall cost of living index in Lewisburg is 90.7. That’s 10% lower than the national average. The commodities looked into are transportation, utilities, groceries, health, and miscellaneous. Lewisburg ranked more economical than the U.S. average for all of these living expenses.

The cost of living is an essential factor to consider. You may be able to afford the house of your dreams, but if the living expenses eat up your budget, it's going to be hard to enjoy your home. You will most likely look for a different property because you can't afford to live in the house you bought.

These expenses will be the least of your worries when you buy a home in Lewisburg. Groceries and utilities eat up a big part of everyone's budget. If the cost of those were less, you have more money to spend on other things you can enjoy in the city. You can use the money you saved to take advantage of the many recreational activities offered by Lewisburg.

5. Safe community

With a crime rate that's almost 10% lower than the national average, Lewisburg is no doubt safe. Cost, environment, and community are essential things to consider, but scoring a great real estate deal turns into waste without peace of mind and security.

I'm ready to buy a home in Lewisburg. What's the next step for me?

The first step is to get a smart and reliable realtor. Buying a home is one of the biggest transactions you will ever make. Things can be complicated and frustrating, but it does not have to be a long process with the help of a real estate agent. Getting an expert will give you that dream home in Lewisburg without much hassle.

For a smooth and stress-free home hunting in Lewisburg, don't randomly pick any real estate agent. Find a broker with an extensive knowledge of the neighborhood and a good track record.

I would love to help you find your dream home, call me, Rebecca Gaujot, at 304-520-2133.