Looking To Buy A Single-Family Home? 3 Things To Know

Buying a home is one of the biggest financial decisions that you will likely make in your lifetime. There are a lot of things to consider when searching for a new home. It's important to find a home that has enough space for your needs, has the features you want, and is also within your price range. It's also important to purchase a home in a location that is convenient for you. While there are a variety of properties available, single-family homes are the property of choice for many. Here are three things to know when looking at single-family homes for sale.

A Real Estate Agent Can Help

While many decide to use a real estate agent when selling their home, it can be tempting to skip out on using one when purchasing a home. However, if you are looking at single-family homes in your area, a buyer's agent can be very helpful. Chances are that there are a variety of single-family homes for sale in your desired location. A buyer's agent can help you narrow down your options and help you find the right home. A buyer's agent's commission is typically 2 to 3 percent of the home's sale price. 

Mortgage Pre-Approval Can Help

In many areas, there is a lot of competition when it comes to single-family homes. In order to separate yourself from other potential buyers, it's important to have your financing in order before making an offer. Getting a mortgage pre-approval and having money set aside for a down payment and closing costs can be helpful. Mortgage pre-approval will show sellers that you are motivated to buy. This process typically takes between one and three days and the pre-approval will be valid for sixty to ninety days.

Resale Is Something to Consider

Unless you are planning on living in the home for the rest of your life, it's important to consider potential resale. Single-family homes are becoming more expensive with prices climbing on average 5.3 percent in the last year. It's a big investment, and if you plan on selling in the future, you want to ensure that you will be able to sell without losing money. Knowing how the area may change in the future and whether any new developments are planned nearby the single-family home you are interested in is key. 

If you are looking to buy a single-family home, there are a few things to keep in mind. First, a real estate agent can help you find the right single-family home for your needs. Getting mortgage pre-approval can also make the process of buying a home easier. You will also want to consider resale potential when buying a new home.