The USA home sales statistics reveal that in 2021, $6.9 million home sales transactions were conducted. In 2021, the number of occupied house units grew by 0.3%, representing a rise from 82.81 million houses in 2020 to 83.5 million houses by the end of 2021. An increase in the number of new homeowners reveals that Americans are advancing the dream of homeownership. Chris D. Bentley, an award winning Dallas real estate Broker, reveals 4 little-known things you should consider when buying your new home.
- Mode of financing
You can acquire your house unit by paying cash or via mortgage financing. You need to ascertain the mortgage application fees and the interest rates charged. It would be best to compare the interest charged against the average market price. The current average interest rate for a 30 years mortgage in the USA is 5.30%; your mortgage brokerage company should not charge too high interest. Very high-interest rates make the mortgage too expensive, increasing the risk of default, leading to losing your house due to the recovery process.
- Insurance cover on your home
To guarantee the safety of your home and belongings, it should be insured against damages brought by disasters. You need to do a thorough analysis to determine the services your insurance package offers. Your insurance cover should cover losses from fire, lightning, and hurricane. Detached housing structures like gazebos need to be insured too. Your insurer covers you from incurring reparation costs by repairing your house if the house gets destroyed by fire or hurricanes, returning it to its original position before disaster struck.
- Monthly mortgage installments
When purchasing a home unit on the mortgage, you need to consider your required monthly installments. It would be best to be realistic about the cost of the house you purchase to ensure that the installment is affordable. Very high installments compromise your purchasing power, making it difficult to afford a good healthy lifestyle. You can communicate with your mortgage brokerage company to flex your loan term to ensure that the installments are low and affordable.
- Access to social amenities
You need to ensure that your home is strategically located along good roads that lead to schools, hospitals, and banks for easy accessibility. If you have kids, buying a home near good schools enables your kid to enjoy high-quality education. Having your home near colleges offers room for future development whereby you can build hostels that students can hire, acting as a source of income.
The real estate industry has tremendously evolved. You need comprehensive up to date information when purchasing a home in the USA to make an ideal home ownership decision. Chris D. Bentley, an award winning Dallas real estate Broker, offers home ownership services to enable you to purchase an ideal house unit. He has helped many Americans purchase their homes, which is one of the reasons he was voted by D Magazine as one the best Realtors in Dallas, Texas in 2017, 2018, 2019, and 2021. For more information, connect with Chris D. Bentley to get up to speed with all you need to know when purchasing your home on Twitter @https://twitter.com/ChrisDBentley and Linkedin https://www.linkedin.com/in/chrisdbentley/