Private homes are ideal for anyone looking to settle down in one location for the foreseeable future. They are more spacious than condos or co-ops and typically have yard space in the front and/or back, making them the preferred choice for families with children. One of the main benefits of single-family homes is having independence and control over the space. There are no communal spaces to contend with, no boards to consult when making renovations, and no sharing walls, ceilings, or floors with neighbors like you would find in a condo or co-op.
For all their benefits, single-family homes also come with a unique set of challenges. The additional space and privacy typically make them more expensive than the other residential property types. Since most private homes are located on the outskirts of metropolitan areas, it can be difficult to find one with easy accessibility to workplaces or city centers. Whereas condos and co-ops usually have shared facilities like swimming pools, fitness centers, or playgrounds, it is rare to find single-family homes located in planned communities with such amenities. The lack of an HOA board also means that all responsibilities for the property’s maintenance will fall to the homeowner.
Here are some other important things to consider when buying or selling a private home:
Private Home Purchase
Financing
You will need to secure financing for the purchase, and there are various options available, including conventional mortgages, FHA loans, and VA loans. It’s important to explore your options and choose the one that best fits your financial situation.
Home Inspection
You should have a professional home inspector assess the property to identify any potential issues or needed repairs before finalizing the purchase.
Title Search
A title search will ensure that the seller has the legal right to sell the property and that there are no liens or other claims on the property.
Homeowners’ Association (HOA) Fees
If the property is part of an HOA, you will be responsible for ongoing HOA fees, which can vary depending on the community.
Closing Costs
There are various closing costs associated with a home purchase, including lender fees, title insurance, and transfer taxes. It’s important to understand these costs and budget for them accordingly.
Private Home Sale
Listing Price
You will need to determine the appropriate listing price for the property, taking into account the current market conditions, comparable sales in the area, and the condition of the property.
Disclosure Requirements
You are required by law to disclose any known defects or issues with the property to potential buyers.
Home Inspection
You should consider having a professional home inspector assess the property before listing it for sale. This can help you identify any potential issues and address them before putting the property on the market.
Closing Costs
As the seller, you will be responsible for certain closing costs, including real estate agent commissions and transfer taxes.
If you are considering making a purchase or sale of a single-family home and would like to do a consultation with one of our real estate attorneys, please call us at (212) 922-1330 or fill out our Contact Us form.
