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Financial Readiness

Wednesday, October 11, 2023   /   by Annie Junker

Financial Readiness

Financial Readiness

The latest news from The Chris Small Group...
2412 Kensington Avenue
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Buying a home requires careful financial planning and preparation. Here are some steps you can take to ensure you're financially ready for purchasing a property:

1. Assess your financial situation: Start by evaluating your current financial standing. Consider your income, savings, investments, and any existing debts. Determine how much you can comfortably afford to spend on a home without compromising your overall financial stability.

2. Set a budget: Based on your financial assessment, establish a budget for your home purchase. This budget should consider not only the purchase price of the property but also other costs such as taxes, insurance, maintenance, and potential renovations or upgrades.

3. Save for a substantial down payment: Saving for a sizable down payment is beneficial when buying a home. I recommend to have at least 20% of the purchase price as a down payment. A larger down payment can help you secure more favorable loan terms and avoid the additional cost of private mortgage insurance (PMI).

4. Maintain a strong credit score: Your credit score plays a significant role in obtaining a mortgage with favorable terms. Ensure you have a good credit history by paying your bills on time, reducing existing debts, and avoiding new credit inquiries or large purchases leading up to the home buying process.

5. Get pre-approved for a mortgage: Prior to house hunting, get pre-approved for a mortgage from a reputable lender. This will give you a clear understanding of how much you can borrow and help you establish a realistic budget. It also demonstrates to sellers that you are a serious buyer. My firm has preferred lenders that we highly recommend and I am happy to provide an introduction.

6. Consider ongoing expenses: Homes come with maintenance, utility, and property tax costs. Take these factors into account when evaluating your financial readiness. Make sure you have a sufficient monthly budget to cover these ongoing expenses comfortably.

7. Consult with financial professionals: Seek advice from a financial advisor or real estate agent who specializes in luxury properties. They can help you understand the market, evaluate your financial readiness, and guide you through the home buying process.

8. Plan for contingencies: It's important to have a financial safety net in case of unexpected expenses or changes in circumstances. Consider building an emergency fund and having a plan to cover any potential financial challenges that may arise after the purchase.

Remember, buying a home is a significant financial commitment, so take your time, do thorough research, and ensure you are financially prepared before making a decision.


It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the financial readiness, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!

1021 Park Avenue
Single Family / Duplex
640 Walsing Drive
Mooreland Landing
2412 Kensington Avenue

Fan District
2600 East Grace Street #2

Church Hill
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Additional resources
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
To learn more, click the links below:
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Sarah Merriman, a client of Chris Small. Thank you for your kind words Sarah! It's always been an honor to help you with your Real Estate goals.
Client Testimonial from Sarah Merriman
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | chris@smallre.net
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Richmond, VA 23221

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