When it comes to residential real estate, there are a variety of options to choose from, ranging from single-family homes to condominiums and everything in between. For many, single-family homes are their property of choice. There are a lot of benefits to these types of homes. They tend to be larger than condominiums and often have yards or other outdoor spaces to enjoy. These properties are ideal for raising a family or for those who like to entertain. If you are looking into buying a single-family home, here are three things that you should consider.
Hire a Real Estate Agent
In certain parts of the country, single-family homes are in high demand, but there isn't much in the way of inventory. If you live in one of these areas, finding the right home in your budget can be a challenge. Even if you live in an area with plenty of inventory, finding the right home for your needs can still be difficult. This is where hiring a buyer's agent comes in handy. A buyer's agent can help you find the right single-family home for your needs that also fits into your budget. On average, the commission for a buyer's agent is between 2 and 3 percent of the sale price.
Get Your Financing in Order
In 2015, the median cost of a single-family home was $223,900, while the median cost of a condominium or co-op home was $210,700. While it is not a big difference, single-family homes are usually more expensive. Due to this, it's important to get your financing in order before you make an offer. Getting a mortgage preapproval takes just a few days at most and can show sellers that you are both motivated and also qualified to buy their home.
Get a Home Inspection
Buying a new home can be a very exciting process. However, it's important to know exactly what you are getting into before buying. This is why a home inspection is key. Getting a home inspected will allow you to walk away if there are any major issues. It can also help you prepare for any potential problems that may be headed your way after you have been in your new home for a while. On average, you can expect to pay between $278 and $390 for a home inspection.
When it comes to purchasing a single-family home, there are a few things that you should do. First, hiring a real estate agent can help you find the right home for the right price. Getting your financing in order before making an offer can increase your chances of success. If you plan on buying, getting a home inspection is also very important. It can catch major issues before the sale is final. Start looking at single-family home listings today.