Gadsden city is a fairly cosmopolitan region that is home to well over 38,000 residents. The real estate scene in the city is especially friendly to new home buyers who can get their dream homes at fair prices. Below are a few key factors to consider before buying a home in Gadsden.
Budgeting and Financing
Home ownership begins at budgeting and evaluating how much money can be put towards this move and more so how much to borrow. Most people cannot afford to pay cash for a new home, luckily there are many reputable lenders to help out. Some of the common mortgage types include the 15 or 30-year fixed rate mortgage, the adjustable rate mortgage, the convertible option, the Federal Housing Administration (FHA) insured loans and the Veteran Affairs Loans. The convertible option is usually a good middle ground between the fixed and adjustable rate, however, the lender will advise you on which options to go for.
A down payment of 20% or less is usually market standard, therefore, the home buyer must save up the amount prior to approaching the lender. While some home owners may offer low down payment rates it is always wise to pay higher since the full amount will eventually be paid. The closing costs i.e. title searches, homeowner insurance and inspections, will total to about 2% to 5% of the loan amount. These in addition to moving expenses should be taken into account.
Buying a home is a huge investment thus it is recommended that you hire a licensed Gadsden real estate agent to represent you through the transaction. The license can be cross checked on the Alabama Real Estate Commission registry for validity.
Type of property
Being a homeowner can be a headache thus you can opt for low maintenance and extra amenities as is provided by condos, apartments and town homes. However, these options may attract regular HOA fees among other recurring fees. Looking through listings of real estate in Gadsden can land you on tempting fixer-up and foreclosure deals but caution and a thorough break down on renovation costs should be taken into account. Single family houses are especially popular in Gadsden area.
Price of the home
The price of the property is mostly dependent on factors like lot area, floor size, location, type of home, extra features, fence, number of garages or parking space, number of bedrooms and bathrooms among others.
While choosing the ideal home may lean heavily on one’s preferences the following examples can give you a rough idea of what you can get for your money.
For the price of 50k home buyers can get a modest single family home with a small floor space of about 1200-2300 sq. ft. Notably, you can still get a good deal on homes that need renovating or tearing down as well as foreclosure deals, however, caution is advised. See an example here.
For 150k you can get a lot to develop or a single family, small footprint home with at least two bedrooms and two bathrooms like this one.
For 350k you get a better location, bigger lot area as well as additional home features. The home will mostly have 3-5 bedrooms and 2-3 bathrooms. The floor sizes will be slightly large depending on the location of the home and may range from 3000 to slightly over 4500 square feet. See this example.
For the price of over 500k you get a bigger lot and floor space footage, luxurious extra features. Such features include enclosed sun porch, subzero refrigerators, many garages, fireplace and granite kitchen counter tops and pools among others. Some of the homes in this price range will include more than 5 bedrooms, more than 5 bathrooms, dining room and an open kitchen space. Take a peek at these luxury homes.
New home buyers to the Gadsden area need not worry about school proximity as the city already has 14 schools. This is in addition to being home to Gadsden State Community College and two other small satellite institutions, the University of Alabama and Jacksonville State University.