Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

What To Know About Buying A Split Level Home

by Luke Fields

Have you been looking around for a single-family house for sale and have started seeing a lot of split level homes? If you are not sure if a split level home is right for you, it helps to consider the following things about this style of house.

Split Level Homes Can Be More Affordable

If you are looking to purchase a home with a small budget, know that these homes are generally more affordable. That is because the homes are on the smaller side, so the construction costs are less than a two-story home or a much wider ranch-style home. When you actually start comparing costs, you'll definitely notice that the split level home is cheaper than other styles of homes in the area. If you do have a higher budget, then a split level home can help you budget for more modern updates and nicer finishes. 

Split Level Homes Have Plenty Of Stairs

One thing to know about a split level home is that it is not very handicap accessible. The moment you walk into the home, you are likely going to be greeted with stairs that will take you to the upper or lower level. If you are older and worried that you will have trouble with stairs, this may not be the right kind of home for you.

Split Level Homes Have Great Resale Value

Since a split level home has a lower price, you'll find that it has great resale value when it comes time to sell. It is going to be attractive to new home buyers for the same reason it was attractive to you, making it easier to find a buyer and move on to your next home.

Split Level Homes Don't Have A Traditional Basement

Be aware that you are not going to have a traditional basement with a split level home. That bottom level is going to be finished and be just like any other room in the home, with there being bedrooms or living areas in that part of the home. However, you may have a larger crawl space underneath the middle level that you have access to so you won't be completely without storage. 

Think you want to purchase a single-family home that has a split level design? Reach out to your real estate agent since they can help narrow down your search and find the right type of split level home for you. 


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.