For military members utilizing VA loans, house hunting can be both an exciting and a unique journey. Understanding the specific requirements and favorable features of homes purchasable with VA loans is crucial. Here we delve into the key aspects to consider when searching for your perfect home with a VA loan.
Understanding VA Loan Requirements
First, it's essential to grasp the VA loan's unique prerequisites. Homes purchased with VA loans must meet certain safety, sanitary, and structural standards. These requirements ensure that the property is a safe and sound investment for both the buyer and the VA.
The Must-Haves in a VA Loan Property
Move-In Ready Condition: VA loans generally require the home to be in good condition. Look for properties that don't require significant repairs or renovations. Minor fixes and updates can be needed, but these items should not impede you from moving into the house immediately.
Sufficient Living Space: The home should meet your living needs. This includes adequate bedrooms, bathrooms, and living areas.
Functional Mechanical Systems: Ensure that electrical, plumbing, and heating/cooling systems are in good working order and meet local building codes.
Safe and Sanitary Conditions: Check for any health hazards, like lead-based paint in older homes or problematic mold levels.
Structural Integrity: The property must be structurally sound, with no major defects like a damaged roof or foundation issues.
VA Appraisal: More Than Just Valuation
The VA appraisal process is unique. It not only assesses the home's value but also ensures it meets the VA's Minimum Property Requirements (MPRs). Some of those MPRs are the five "Must-Haves" we just listed. Its best to keep those things in mind when you are searching for your next home. Be prepared for this appraisal to be more thorough than a conventional mortgage appraisal.
Location and Accessibility
Since many VA loan users are active or former military personnel, consider proximity to military bases, VA hospitals, and other relevant facilities. Also, assess the ease of access to public transportation, schools, and shopping areas.
Future Resale Value
While you might love the home, it’s essential to consider its future resale value. Homes in growing communities or near essential amenities tend to appreciate in value over time.
Energy Efficiency and Sustainability
Energy-efficient homes can save money in the long term. Look for features like newer HVAC systems, double-paned windows, and good insulation.
House hunting with a VA loan comes with its unique set of requirements and opportunities. By focusing on homes that meet VA standards and your personal needs, you can find a property that is not just a house, but a long-term home.
David Cannon is a Real Estate Broker
for United Country – Properties South and is licensed in Alabama & Florida;
as well as a certified Military Relocation Professional (MRP