Costs to buy a house in Virginia | Virginia closing costs | Virginia house buying calculator | Homeownership costs | How to save when buying a home in Virginia
The average home buyer in Virginia spends between $29,736 and $105,967 when purchasing a $382,958 home — the state median value.
Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.
Luckily, Clever Real Estate can help make buying a home more affordable. Working with a Clever agent means you'll not only get great service from start to finish, but you could also be eligible for up to 0.5% cash back after closing. That's about $1,915 back on an average-priced home in Virginia!
Put money back in your pocket with Clever Cash Back. Clever will connect you with a top, local agent and send you a check after closing.
✅ Work with a full-service realtor from a top broker
✅ Eligible buyers can get cash back
✅ Clever is 100% free, with zero obligation
Average cost to buy a house in Virginia
| Expense | Amount |
|---|---|
| Earnest money deposit (1-3%) | $3,830 to $11,489 |
| Down payment (3.5-20%) | $13,404 to $76,592 |
| Cash reserves | $3,487 to $5,230 |
| Closing costs (1.90%) | $7,287 |
| Inspection | $244 |
| Appraisal | $236 |
| Moving | $1,250 to $4,890 |
| Total | $29,736 to $105,967 |
Buyer closing costs in Virginia
While the other costs to buy a house in Virginia are pretty transparent, Virginia closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Virginia closing costs you'll likely pay when buying a home.
| Closing cost | Amount |
|---|---|
| Closing fee | $383 |
| Recording fee | $79 |
| Title service fees | $855 |
| Origination fee | $1,915 |
| Underwriting fee | $600 |
| Discount points | $3,064 per point |
| Lender's title insurance | $200 |
| Owner's title insurance | Typically paid by seller |
| Prorated property tax | Varies |
| Transfer tax | 0.05% |
| Total | $7,287 |
Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.
Contact us at Clever for top agent recommendations.Cost to buy a house in Virginia calculator
Ongoing costs of homeownership in Virginia
Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.
Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.
- If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Virginia homeowner, this is between $167 to $564 a month.
- Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.
» MORE: The true cost of homeownership
Top ways to save money when buying a house in Virginia
1. Look into better financing options
Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.
You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.
2. Participate in home buyer programs Virginia
Virginia Housing has several programs targeted to first-time buyers. These range from favorable lending options to down payment assistance grants. The Virginia Department of Housing and Community Development also has some available programs, providing either down payment assistance or a tax credit to help reduce homelessness in the state.
There are also numerous localized programs depending on the region you’re buying in — check out the HUD’s website for more information.
» MORE: First-time home buyer programs everyone should know about
3. Partner with an expert agent
Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.
That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!
Clever matches you with top local agents so you can compare options and choose the best fit. And eligible buyers can get cash back after closing.
Fill out the form below and get started now. Clever's service is 100% free with no obligation.
