A single family home does not share walls with any neighbors, comes with land, and maintenance responsibilities. They can be found in different architectural styles including ranch, bungalow, colonial, split level, farmhouse or craftsman, etc.
Condos typically share walls with at least one neighbor, have shared areas such as green spaces or pools, and do not have yard maintenance. To cover the cost of the shared areas and general maintenance there are condo association fees. Buyers are still responsible for indoor maintenance and updating.
These properties contain two or more units that can include duplex, townhome, or four-family options. They are viewed as an investment opportunity as they can be rented out to to generate a cash flow from the rental income. Buyers may choose to live in one unit and rent out the others or rent out all the units.
This is a plot of land with no established buildings and can be used for many purposes including developing commercial or residential real estate, recreational, and farmland. It is important to look into the zoning of the property to ensure if will match the plans of the buyer.
Deciding to buy a home is a big life event! One that involves saving for the down payment as well as the closing costs. Buyers should meet with a mortgage professional to obtain a pre-approval letter before they start looking. Your real estate agent will need a copy of your pre-approval or verification of funds to submit with any offer wanting to be made.
You will work closely with your agent, sharing specific home features, price range and location you are interested in. As you identify properties you are interested in looking at, your agent will schedule and attend showings with you. They will draft the offer and work on your behalf to negotiate price and terms of the purchase.
Once you have an accepted offer you will coordinate various tasks with your agent and lender to ensure all contingencies are satisfied in the proper timeframe. These contingencies could include scheduling a home inspection and appraisal as well as working with a title company on the title search.
Prior to the big day of closing, buyers will need to obtain homeowner's insurance for the house. If using financing, the lender will require proof of your insurance policy. Buyers and their agent will schedule and complete a final walk through of the property to ensure it is in the same condition as it was when the offer was made. Buyers will want to reach out the electric company to have the utility set up in their name at the time ownership begins. The last task is to begin packing!
After the many closing documents are signed and money is paid, you can share the exciting news! Now comes the time to move and throw a party to celebrate! If you ever have any questions, even after closing, we are always here to assist!