Housing Hunting Tips for the Next Generation
The housing market has changed. Now, you can find a house entirely online, sign important documents on your cell phone, and even get preapproved for a mortgage completely online. As the housing market changes and evolves, it only makes sense that the American household, and people that are buying houses, are changing and evolving as well.
Single Doesn’t Mean Condo
Just 10 years ago, if you were single and looking to buy a house, odds are you were strongly pushed into looking at a condo or a townhouse. That wasn’t necessarily a bad thing. Buying a condo or townhouse typically involved having a homeowner’s association that took care of most of the maintenance. You could enjoy the financial and tax benefits of owning a home without having to mow the lawn. And not just single people looked at condos.
Unless you are really averse to some yard work, more and more single people are looking at detached homes, or what are traditionally called single-family homes. However, the term single-family home is dated. Single or not, more people prefer a detached home, especially if they are planning for the future, or just need more space. Some reasons that singles look at a detached home are:
· Detached homes typically have more square footage. If you find a partner, have or plan on having children, then a larger house makes more sense.
· Extra rooms, even if you aren’t going to be using them right away, can give you a little boost to your income. Rent the room out, or run your home business out of a spare bedroom.
· If you have pets, a detached home makes better sense than a condo. You have more room.
Ofcourse, buying a condo isn’t a bad choice, either. You will just need to make sure you read the homeowner’s association, or HOA, agreement to understand what you get for your fees, and what you can’t do to your home. Remember, you are looking at buying a home that you want to live in and spend your time in. Buy what you want, and what you can comfortably afford.
Take Time Inspecting the Home There is one big fear when you are buying a home buy yourself, and it’s a valid one. If something goes really wrong with the house, how will you fix it? You only have one income, so paying for the repairs can be a real stretch of your finances.
Fortunately, you have options, and two of them are often baked right into the purchase of the home. The first one is something that you should do whenever you decide to buy a house. Get a home inspection. But don’t just let the home inspector do his thing, send you a report, and leave. Be at the house for the inspection as well. This way, the inspector can show you what might be wrong, and it will be much easier in person, instead of reading a report.
Use this information to find out if repairs are needed, and if so, how much the repairs will cost. You can negotiate with the buyer on price, or have them fix the repairs. If the seller does the repair, have another inspection done to verify the work.
The second option doesn’t get as much credit as it deserves, and it is largely underrated. You can get a home warranty plan. Now, a home warranty plan is common when buying a home, and typically the seller will pay for it. But you can pay to upgrade the warranty plan to cover even more of your house. Plus, you can renew the plan each year. This is a great level of protection for anything that might happen with your home, and you’ll spend much less money on a service call than you would doing the repair or having to replace a broken water heater on your own.