SINGLE FAMILY HOMES
Single family homes are easier to maintain than multi-family properties. They are very much in demand which is why their value appreciates at a faster pace than in the case of other residential property types. Here are a few important steps that you need to follow to locate and own the most suitable single family home:
- Doing Research
The first and most vital step is to do market research to find out the right time to invest in a home in the area of the city of your choice and to shortlist properties that suit your requirements. You can get access to various properties in one place through MLS portals. The factors on which you should focus your market research are the location of the property, the layout and number of rooms, access to amenities and utilities and the extra facilities being offered.
The value of a proper
ty should be in consonance with its features. Market research should also include the checking of terms of purchase of the different sellers and price comparisons. You should check which location ensures maximum return on investment and narrow down your choices accordingly.
- Checking Affordability
After shortlisting properties and settling for the one which meets most of your requirements, you need to check whether you can afford to buy that property. The total cost of buying the property needs to be calculated including the value of the property, taxes to be paid, mortgage payments, utility bills, maintenance charges and insurance premiums. Only if you have enough money put aside for all these expenses without making a significant change in your lifestyle, you should go ahead with the process. You also need to find out the amount of loan you can get. To ensure the best loan coverage, you should get your credit report done and improve it as much as you can before applying for a loan.
- Hiring an Agent and Negotiating with Seller
It is bett
er to negotiate with the seller through your agent than doing it directly. The experience and negotiating skills of the agent can come in handy at such a time. You should always check out a few agents before choosing the best one from the options available. Going for an exclusive buyer’s broker is a good idea to make sure that your interests are protected. The agent can guide you regarding the offer that you need to make to the seller. After the negotiations are over and you come to an agreement with the seller, you can close the deal by making the down payment.
If you follow these steps, you can make your home buying process hassle free and streamlined.
Take the help of Connecticut Real Estate & Investment if you are planning to buy a single family home in Connecticut.