Buying a home in philadelphia can be a wise long-term decision. The city offers many attractions, including historic sites, trendy restaurants, and plenty of green space.
However, the process can be quite daunting. Before buying, it’s important to know your budget and have a plan for a smooth home search. To make the process easier, you can seek help from a trusted real estate agent.
First-time home buyers should check out programs that can help them obtain a down payment and other financial assistance. There are also settlement assistance grants that can cover up to $500 of your closing costs.
There are plenty of advantages to owning a home, like increased property value, the ability to customize your own home, and independence from annoying landlords. However, it’s not always a good idea to purchase a house if you don’t have a steady income or don’t have a long-term plan for the area.
Not sure where to begin with buying a home
If you’re a millennial, you’ll have plenty of options for housing in Philadelphia. Despite the fact that the housing stock is old, the prices are quite low compared to other major metropolises.
The average mortgage payment in Philadelphia is around $900 per month. You’ll also need to pay realty transfer tax, which is an estimated 4.278 percent of the purchase price.
Purchasing a home in Philadelphia will be a huge financial commitment. You’ll need to get a mortgage, pay your taxes, and take care of your new home.