Graduate Hospital, a neighborhood west of Broad Street and South of South Street, bordering Center City, is often considered a great location for first time home buyers. Why consider Graduate Hospital? It has a lot of desirable features of the other bustling neighborhoods in the middle of Philadelphia, but with its own unique vibe. Here’s what you need to know! Graduate Hospital’s Continue Reading
Buying Your First Home in Old City Philadelphia
Old City Philadelphia (sometimes spelled as Olde City) is known for two things: tourist attractions and nightlife. These items, though, are also what makes Old City a popular neighborhood for buying a home. Read on to see if Old City is right for your first time home purchase. Old City’s location is super convenient Old City is appropriately named. It’s literally the original part of Continue Reading
Considering Neighborhood Infrastructure When Buying Your First Home
If you’re a first time home buyer in any city, state or community, there’s likely a list of things you want to consider in your new home. Size, number of bedrooms and bathrooms, condition, and perhaps neighborhood schools likely top the list. Others have more specific requirements, like finished basements, home offices, garages or yard space. But if you are buying in a city like Philadelphia, Continue Reading
What Are the Worst Homes for First Time Buyers?
When buying your first home, you may have an image in your mind of the house you’ve been dreaming of since childhood. Or perhaps you’re eyeing a cute bungalow, or a crumbling Victorian mansion and have grand plans of making it your own. But is the perfect house for right now really the perfect house for a first time buyer? While everyone has different needs and wants, first time buyers might want Continue Reading
Budgeting for Your Home Purchase: What First Time Buyers Should Know
Buying a home is a financial investment. It comes with not only a monthly payment, much like what you’re probably used to paying in rent, but additional upfront costs, one-time fees, and even monthly escrow can really increase the amount you will spend. Here’s how to determine how much you might expect to pay for your new home. Use a mortgage calculator to determine what you can afford. Mortgage Continue Reading
Should Your First House Be A Single Family Home or a Condo?
If you’re a first time home buyer, you’re likely facing the crucial decision of whether to buy a single-family home, or a condominium. A condo is a home in a multi-residence building, which may include a typical condo building, laid out like an apartment complex, or possibly a town-house like community with separate entrances but shared walls. Some condo buildings might contain only a few units – Continue Reading
Financial Incentives for First Time Home Buyers in Philadelphia
Buying your first house is a big step and a big investment. Unlike second or third time buyers, who can usually leverage equity from a previous property purchase into a new home, first time buyers are starting from scratch! You need to come up with a down payment, closing costs, moving costs, and often new furniture and décor to fill out that space – all while paying rent on your current Continue Reading
Do I Qualify for an FHA Loan?
An FHA loan is a very popular way to get a mortgage, especially for first-time buyers. These loans are backed by the Federal Housing Administration (FHA) and require that you put less money down – as little as 3.5% - than a conventional loan through a mortgage lender, which usually requires 10% or even 20%, depending on your credit. To understand an FHA loan, first you have to remember than Continue Reading
Should You Rent or Buy?
Most of us will rent an apartment or house at some point, and many will also buy property, too. Whether or not you decide to rent or buy depends on many factors. Check our list to see if this is the time to purchase your perfect home, or if you should rent a bit longer. Budget The biggest factor when considering renting versus buying is how much each will cost. In some markets, buying may be Continue Reading
Are You Really Ready to Buy a Home?
Owning a home is a huge goal for many Americans. You may think buying a house is something you want to do soon – you’ve been saving, looking, and planning home décor. You’ve made a list of your must-haves. But are you ready to actually pull the trigger? Here’s how to tell. One-on-One Showings vs. Open Houses If you’re sticking to just open houses, you may not be ready to take the Continue Reading
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