Are Personal and Real Property Different?
Through my training I have come to understand many terms that had previously eluded me. Two of those terms, which on the surface appear very similar, are personal property and real property. The difference is subtle, but important when determining what items are staying with a property or what is going to be leaving when the sale is complete.
Personal property is broken down in simple terms to mean anything that is movable or unattached to the land. There can be tangible personal property (cars, yachts, championship rings or horses). Other personal property is intangible (stocks, notes, mortgages or leases).
Principal Broker watches as hardwood floors are installed
The other type of property is that of real property and it is simply anything that is not-movable and attached to the land. This can include permanent plantings, such as trees, perennial flowers and grasses. Fixtures are also real property, because they are attached. Items that were once personal property, such as bricks, mortar and 2x4's for a wall, can become real property once they have been made into a wall and now are part of the land.
Developments, including housing and other buildings are also considered real property and will convey with the property, because they are not able to be moved. Contact Nesbitt Realty to acquire your next dream real property and you can have a new place to put all of your personal property. Is this the year to step up and get the home of your dreams?
Featured Home for Sale in Old Town Alexandria
Establishing your budget before beginning the home search in {Location_Name} is an important consideration. Some experts suggest that you can expect to pay 25% of your salary towards your mortgage. Fortunately for people living in Northern Virginia, many job centers offering high paying salaries are available. These places include the Mark Center, Inova Hospitals, USPTO, NOVA Community College, Fort Belvoir and Reston Town Center.
Size
When considering buying a home in {Location_Name}, you must answer several important questions, such as whether or not you would like roommates, or whether or not you are married or plan to start a family. The answers to these questions will help you determine whether you might prefer a 2 bedroom condo in Courthouse or a 1,000,000 home in Mount Vernon.
Location and Atmosphere
{Location_Name}has neighborhoods to suit everyone's needs. Arlington is a bustling city with all of the big-city amenities, such as businesses and shopping, and is only a short distance from DC. If you would prefer a small-town atmosphere, Woodbridge can offer this at only a short commuter from the bigger cities. Alexandria, a nice middle ground between Arlington and Woodbridge, has plenty of nightlife, restaurants, and shopping in a variety of neighborhoods like Old Town, West End, and Fairfax County.
Type
Condo? Townhome? Single family home? Each has their own advantages and disadvantages. Condos can offer some amenities, like a pool, fitness center, or dry cleaner, all conveniently located in the condo community, but they come at the cost of condominium fees. Single-family homes do not have these extra costs, unless they are located within a neighborhood that has a home owner's association, but they also do not have the conveniences that a condo or townhome has to offer.
Commitment
Since a mortgage is such a long term commitment, factoring in job security when preparing to purchase a home in {Location_Name} is vital. For those who end up having to leave the area, whether it is temporary or permanent, hiring a property manager is an option so that you can rent out your home and collect rent on it while you’re gone.
Credit Score
The first step to buying a home in {Location_Name} is to get pre approved if you want to be considered a serious buyer. This can speed up the home buying process. Some ways to improve your credit score are to always pay your bills on time or, if you do not have credit, you can build your credit by opening a credit card, use it monthly, and pay the bill on time.
I spent four years in the US Navy and the next twenty in the mid west. I love the mountains and appreciate the fact that I get to see them all the time now. I am a bit of a sports fan. I enjoy dabbling in the world of fiction novel writing. I am also a licensed real estate agent in the Commonwealth of Virginia.
Establishing your budget before beginning the home search in {Location_Name} is an important consideration. Some experts suggest that you can expect to pay 25% of your salary towards your mortgage. Fortunately for people living in Northern Virginia, many job centers offering high paying salaries are available. These places include the Mark Center, Inova Hospitals, USPTO, NOVA Community College, Fort Belvoir and Reston Town Center.
