4 Tips for Single-Family Home Buyers
Single-family homes are among the most in-demand properties in the market. New and experienced buyers alike can benefit from thinking about the search and purchasing processes in a structured fashion. Here are four things anyone looking at residential homes for sale should do.
1. Establish Criteria
It's a trap to say, "I'll know it when I see it." The truth is that everyone has things that they need in their home. Make a simple checklist of what the house has to have and what you'd like it to have. You can eliminate anything that doesn't have the must-have items, and then you also can use the nice-to-have items as a way to differentiate the residential homes listings you're checking out.
2. Set Up Financing Early
Contact the loan officer at your bank or credit union. Tell them you're searching through single-family home listings and that you need some idea of what you're working with in terms of financing.
It's also a good idea to look at potential government-backed home-buying plans. Agencies like the VA and even the USDA offer support for folks buying houses under particular circumstances. Tally up what you qualify for in financing and support. This will help you rule properties out or in.
3. Look at the Big Picture
It's easy to look at a house or the surrounding property and fall in love with a place. There may be something in the big picture, though, that adds or subtracts major value. For example, you might find a house is far from transportation hubs or grocery stores. These are seemingly small issues that may start to bother you as time goes on.
Try to think about the future as well because you'll probably be in your home for a while. If you have kids in elementary school, look beyond the surrounding elementary schools. You might find that there are good options for 8 year-olds but not much nearby for teens.
4. Consider Total Costs
When buying a home, it is important to remember that you'll deal with fees for things like a title search and hiring a home inspector. Likewise, you might have to perform some renovations. There will also be closing costs associated with setting up a mortgage. Try to leave yourself about 20% slack between your available financing and the cost of the house so you can simply deal with the total cost of buying the place.
To learn more about buying single-family homes, contact a real estate agent in your area.
