What to Know Before Buying a Home
Before hitting the streets to look for a home, check out these helpful facts and figures from the experts at Sleep On It.
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- Of major appliances, gas ranges last longest (15 years).
- In the western U.S., window replacements get 103 percent of cost recouped on sale.
- The average U.S. home appreciates 5 to 6 percent per year.
- Most homeowners move every seven to 10 years.
- The average bathroom remodel costs $10,500. They also have the highest return on investment — about 102 percent.
- Outdoor living is key for today's buyer.
- The median price of an existing house has gone up 5.5 percent since 1989.
- Thirteen percent of previously owned homes are for sale by owner.
- New homes can cost about 20 percent more than existing homes.
- Three considerations when choosing a home are price, location and condition.
- A typical midrange kitchen remodel costs nearly $44,000 and can bring a return of about 90 percent.
- Ask about lead paint or asbestos in older homes.
- Tree roots can crack a driveway.
- Homes in premium condition sell for more, even in a buyer's market.
- Talk to homeowners in the neighborhood you're interested in for more information about the area.
- Most agents suggest that the No. 1 reason houses don't sell is price.
- In the western U.S., a basement remodel may return 108 percent on resale.
- Studies of magnetic field exposure from power lines show little evidence of an association to increased health risks.
- Forty-three percent of homebuyers rank proximity to a school as an important factor.
- Thirty-six percent of buyers prefer a separate shower in the master bath.
Bob Clark built this house in 1956. He and his wife, Rita, have raised nine children in this house.