What you need to know when buying your first family home
Are you out house hunting? “House hunting” is really a generic term for anyone out looking for a new home. It could be a condo or townhouse or single family structure. While all these style of homes have a similar buying cycle, there are differences. If you are considering a single family home, understanding what to expect will help you find the right house for you and your family. Starting with the right real estate agent will make house hunting that much easier.
Buying a single family home requires some diligence. It’s easy to be distracted by the new built-in entertainment center or granite countertops, but here are a few tips for making the best decision possible:
The first thing a buyer should notice is the neighborhood surrounding the home. As you first drive onto the street, pay attention to the homes you see.
- Are the homes nicely maintained?
- Is there a pride of home ownership clearly visible?
- Are there parking issues?
These will not only be your neighbors, but these homes also affect your market value and resale opportunities. Did you know that most people only stay in their homes for about 7 years? You want to be able to sell.
Is there a Homeowner’s Association (HOA) in the community? If so, you must remember to check the HOA documents carefully. You might see restrictions on house colors, landscaping, pet ownership and much more. You should also pay particular attention to the financial statements of the HOA, is the operating budget reasonable and well-funded? If the HOA runs out of money or is mismanaged, you…the homeowner….will pay for it.
As a single family home buyer, your home inspections become very important. Unlike Condominium or Townhouse developments, all maintenance on your home will be your responsibility. You should consider this as you schedule your home inspections. It’s common to have separate inspections for the general condition, mold, roof, septic or sewer and termite. You might find that other, more specific, inspections are necessary based on the results.
Buying a single family home is exciting. You have a lot more freedom than other forms of home ownership. By doing your homework during the home buying process, you can ensure that you’ll find the right house in the right neighborhood for you and your family.
Do you have a question about buying your first single family home?
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