Interesting Homeownership Facts Every Buyer Should Know

Homeownership Facts

With 63% of Americans owning their own home, homeownership is still a big part of living the “American dream.” Owning  your own home connects you to community, offers many financial benefits, and creates a sense of pride for families. So if you are thinking about buying a home, here are a few facts to consider.

1. Homeowners insurance can be tricky

Check over your policy carefully, and work with your agent to make sure your home is properly covered. Keep in mind, not everything structurally will be covered, and not every belonging is included. For example, expensive jewelry or electronics may have a coverage limit that won’t repay you full price. Consider getting additional insurance for those items.

2. Neighborhood is more important than home size

In a perfect world, you’d be able to find the right home in the ideal neighborhood right?! But in most cases, you have to compromise something when looking for a home. In a NAR Community Preference Survey, 78% of responders said the neighborhood was more important than size of the home. A home located in a neighborhood with walkable amenities was key in their decision making.

3. Thermostat positioning affects your electricity bills

When buying a home, it’s also important to consider your ongoing monthly bills…and your electricity bill can be one of the biggest! So here’s a not so well-known tip…take a look at the thermostat positioning in the home. It needs to be in the area that has the most accurate reading available, so inside your hallway closet is probably not the best location as the thermostat will read that it’s too hot and over-run your AC. Seek the pros by hiring an electrician to reposition the thermostat for the best reading.

4. Homes are only getting larger

In the past 40 years, the average size of a new home in the U.S. has grown by 61%, adding up to just about 2,500 feet. Just remember to keep in mind bigger is not always better! Your monthly costs will be more, and the larger the home, the more space to fill!