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Is it Time to Move into a Single-Story Home?

Is it Time to Move into a Single-Story Home?

Is it Time to Move into a Single-Story Home? | MyKCM

Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a move while demand for your current house is high could be your best step forward toward the retirement goals you set out to achieve several years ago.

The dilemma, though, is where to go next. A big concern for many homeowners who are ready to sell is finding a home to move into, given today’s lack of houses available for sale. There is, however, some good news: the number of single-family 1-story homes being built today is on the rise, improving your odds of finding the right home for your changing needs. In a recent article, The National Association of Home Builders (NAHB) explains:

“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”

Here’s a map showing the breakdown of newly constructed homes being built by region, and the percentage of 1-story and 2-story homes in that mix:Is it Time to Move into a Single-Story Home? | MyKCM

What are the benefits of buying a one-story home?

Still not sure about buying a single-story home? An article from Home Talk covers several advantages of switching from two floors to one:

1. Energy Efficient

“It is easier to heat and cool a single-story house [than] it would be to regulate the temperatures of a multi-story house.”

Most single-story homes only need one heating or cooling unit, and they typically stay cooler than a two-story home, both of which can lead to significant savings.

2. Easier to Maintain

“Doing a general cleaning in a single story requires less effort and you will be able to see all areas that need cleaning and the areas are easily accessible.”

Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.

3. Accessible for Everyone

“A single-story house can be accessed by anyone, whether they are young children or the senior citizens.”

If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.

4. Good Resell Potential

“When buying a single-story house, you should consider the resale value should you think of reselling it in case of a circumstance that can happen. Look at the growth rate of that area. Due to the high demand of these types of houses it is [easy] to resell them and depending on the growth rate of an area, it increases in value significantly.”

Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.

Bottom Line

There are many benefits to downsizing into a one-story home. Doing so while demand for your current house is high might make it easier than ever to make a move. Let’s connect if you’re ready to purchase the single-story home you need while homes are so affordable today.

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9 Tips for First-Time Home Buyers in Colorado Springs

first time home buyers in colorado springs

Colorado Springs is a great place for buying a new home. Unfortunately, purchasing a home for the very first time can be a stressful experience. Here are some tips for streamlining the process so you can find the home you’ve always dreamed of. 

 

  1. Hire a good agent. There is a lot to learn about the home-buying process and plenty of complex paperwork to go through. An experienced real estate agent can help make the process a lot easier and a lot more affordable. 

 

Since you will be working closely with your agent, it’s important to find someone you get along with well. The agent should also be highly skilled, motivated and extremely knowledgeable about Colorado Springs and the surrounding area. This will help you target the right home in the right neighborhood. It will also help keep costs down, especially if the agent is very familiar with the local market and available home inventory. 

 

  1. Know what you can afford. Before you begin looking for your dream home, you need to have a clear idea of your price range. Use a home affordability calculator to help you determine how much you can safely afford to spend without taking on too much unwieldy debt.

 

  1. Get pre-approved. Sellers typically will not accept an offer unless you have a lender’s letter stating you can acquire the financing required to close the deal. Having a pre-approval letter makes you look more serious to sellers, giving you an advantage over buyers who have yet to take this key step.

 

  1. Look into local financing programs. Even if you have your finances in order, you may still have trouble coming up with a down payment. Fortunately, there are a number of first-time homebuyer programs available locally and statewide. 

 

Before you start browsing for homes, check to see if you might qualify for a first-time buyer program available through El Paso County. You should also look into one of the following programs available to qualified first-time buyers looking to purchase a home in Colorado Springs and other Colorado communities. 

 

 

  1. Budget for closing costs. In addition to securing money for a down payment, you will need to budget for closing costs. This will generally run between 2% and 5% of your loan amount. 

 

  1. Pick the right neighborhood. Even if a home is perfect, the actual neighborhood could be a bad fit. So be sure to:

 

  • Research local schools, even if you do not have kids, since schools affect home value.first time home buyers
  • Look at local crime and safety statistics.
  • Map the nearest pharmacy, hospital, grocery store and other amenities.
  • Explore the neighborhood at different times on various days to check out noise, traffic and activity levels.

 

A good local agent can help give you invaluable input about specific neighborhoods, but only if they specialize in Colorado Springs real estate. 

 

  1. Stick to your original budget. Since it’s easy to fall in love with an overpriced home, it’s best to only look at properties that cost less than the amount you were approved for. Although you may be able to afford your preapproval amount, it won’t account for other monthly expenses that come with homeownership. Shop with a firm budget in mind to avoid getting in over your head. 

 

  1. Don’t just buy a home for today. It’s easy to focus on properties that meet your existing needs. If you plan to start a new family or expand your existing one, however, it may be better to buy a larger home you can grow into. Always consider your future wants and needs when deciding between available properties.

 

  1. Act fast. Colorado Springs real estate moves quickly in many areas because of limited inventory. It’s best to check out any newly listed homes that interest you as fast as possible. If a property is listed on a Monday, don’t wait until Friday to look at it. If you hesitate, you risk losing out to a more ambitious buyer.

 

If you’re thinking of buying your first home, contact The Wheaton Team. Over the past decade, we’ve established a well-earned reputation for specializing in residential real estate throughout Colorado Springs and all of El Paso County. Let us help you find the home of your dreams.