If you are considering a move to Ardmore, you will be making an excellent investment in a coveted Main Line community. With a charming downtown, Suburban Square (a popular shopping destination), a farmers’ market, and booming entertainment scene, Ardmore anchors a stretch of highly prized Philadelphia suburbs. Residents can access urban amenities by car or train or enjoy walking the neighborhood’s tree-lined streets for a quieter outing. It also offers a direct train to New York City.
A population of just under 15,000 helps this community feel intimate, while the housing market features a blend of stately colonials, Tudors, and new construction offerings. Below you will discover what you need to know about buying a home in Ardmore.
Why buy a home in Ardmore?
Ardmore also offers its residents a level of exclusivity unique among Philadelphia suburbs. As part of the Main Line, Ardmore is among several affluent western suburbs known for impressive mansions once linked to early 20th-century executives and prominent families. Those living in Ardmore today can feast on the visual beauty of the architecture and greenery around them and feel proud that they are living in a community with a rich history.
What types of homes are available?
Traditional colonial homes with brick or stone fronts and symmetrical layouts are a familiar presence in Ardmore. Set against leafy backdrops, these stately homes evoke the grandeur of living on the Main Line. Tudors with sweeping arches and Victorians are among the other prevalent classic home styles.
Those seeking more modern builds can find them, as well. With homes designed by heavyweights like Frank Lloyd Wright, Ardmore features plenty of contemporary styles with clean lines and ample window exposures. Buyers also can choose from ranches and townhomes that occupy a smaller footprint in this desirable community.
What are the housing costs to consider?
Do not overlook property taxes, either. For many homeowners, taxes are rolled into monthly mortgage payments along with homeowners’ insurance. Factors such as your local school district, recent home sales, and broader economic conditions can cause taxes to increase from one year to the next. Lastly, be clear on whether you will be responsible for HOA fees, as well. If your neighborhood or townhome has a homeowners association, you may be liable for fees related to property maintenance or repairs.
How can I finance a home in Ardmore?
Many homebuyers opt for a conventional loan. You will need a credit score of around 620 or higher to qualify, and you can expect to have a minimum down payment requirement of 3%. If you put down less than 20%, you will need to pay private mortgage insurance as part of your monthly payments until you achieve 20% equity in the home.
Other financing options include VA, USDA, and FHA loans if you meet specific qualifying criteria. For example, a VA loan requires a military background or connection and a solid credit score of at least 600. FHA loans, by contrast, have less stringent qualifications and may be awarded to individuals with credit scores below 600. Whether you pursue a conventional loan or another option, plan on meeting with several lenders to compare offers before committing to one.
How can I save money buying a home?
Find your next home in Ardmore
Stephanie MacDonald has the local real estate expertise and client-focused approach you should expect in an agent. She can help you locate properties that will meet your needs or position your current home for an efficient and profitable sale. Contact her today with any real estate questions or to explore Ardmore real estate.