Looking For Your First Single-Family Home? Tips To Ensure A Better Homeownership Experience
Posted on: 26 August 2021
With so many designs to choose from and a median home sale price now well into the six-figure range, it is more important than ever for prospective homebuyers to select the right single-family home for both their ownership needs and buying situation. In addition to looking for a home that fits their buying budget and basic space and style needs, prospective buyers may also want to use some of the following advice to help ensure a better homeownership experience.
Strive to buy a modestly priced single-family home
When applying for a home mortgage, lenders typically give homebuyers loan approval with a specific price limit. While the lender is willing to approve a home loan in that amount, buyers may want to consider striving to purchase a home well below that number. In addition to saving on the actual cost of the home purchase, homebuyers who choose to buy a more modestly priced home will also typically have lower monthly mortgage payments and pay less for home insurance premiums and annual real estate taxes than buyers who purchase a more expensive home.
Compare average utility costs for each single-family home listing
Additional factors that should be considered when shopping for a single-family home concerns the cost and type of the home's utilities, including electricity, gas, water, and sewer service. Prospective buyers can usually find this information by asking sellers to provide copies of past bills or by contacting utility providers and requesting average usage information for the previous twelve-month period. Buyers who find that a home they are considering has a history of unusually high utility bills may want to ask sellers for more detailed information about the type and amount of insulation and the type and age of the home's heating, cooling, and electrical system.
Decide whether the space is a good fit for your family
In addition to verifying that each single-family home offers enough bedrooms and bathrooms, prospective buyers will also want to carefully consider how the home's design might affect their ownership experience. For example, buyers who plan to occupy the home well into their retirement years may want to avoid purchasing a property that has multiple levels with many stairs to climb. Conversely, younger buyers may choose a two-story home because it can be less expensive to heat or offer more privacy than a traditional ranch-style home.
Buyers who want to ensure that they make a great home purchase decision will be more likely to do so if they work closely with a real estate professional. They can offer proven success and experience in listing and selling single-family homes. Contact a real estate agent for more information regarding single-family homes for sale.
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