Buying a Home in Ardmore

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.

Ardmore is a friendly community known as the “Main Street of Main Line.” The area boasts well-tended homes, spacious parks, trendy shopping destinations, and a robust dining scene that has been attracting new residents for generations. Working professionals appreciate the range of employers in the area, while families know that their children can obtain top educational opportunities within the local private and public schools.

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.

When looking for an Ardmore property, you will have a range of options from which to choose. As a community that traces its roots to the 19th century, you can expect to find historic properties reflecting popular architectural trends of that era and into the early 20th century.

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.

From a financial standpoint, buying a house entails more than just writing a monthly mortgage check. Before you even reach that point, you must consider closing costs. This umbrella term covers several different expenses, some of which may include appraisal fees, title insurance, taxes, and agent commissions. As a buyer, be aware that these fees can amount to up to 5% of the purchase price of the home.

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.

Unless you can pay in cash, you will need to secure pre-approval from a lender before exploring the housing market. Then, once you are ready to make an offer, you will be positioned to move forward with full financial approval from the lender. Before visiting a potential lender, gather evidence of your financial status, including tax returns and bank account statements. In general, the higher your credit score is, the better the mortgage interest rate you are likely to receive.

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.

Yes, buying a home is one of the more expensive acquisitions you will make. But there are ways to save money during the process. For starters, make sure that your credit score is in good shape since it will impact the mortgage rate offers from different lenders. A credit score of 650 or higher indicates that you are fiscally responsible and increases the possibility of a low-interest-rate loan. You also can make a down payment of 20%. Doing so may earn you a better interest rate from a lender, and it will reduce your monthly payments. Additionally, working with a real estate agent can translate to significant savings. They will know the local market conditions and help you avoid making a hefty offer or agreeing to too many concessions.

Choosing to invest in a home in Ardmore is an excellent decision that can allow you to build equity while enjoying the prestige of living in a coveted Main Line community. Approach the process with as much real estate knowledge as you can learn, and partner with a trusted agent who listens to your needs. In a competitive market, look for an agent with a track record of success, strong negotiation skills, and a high level of professionalism that can make the real estate transaction process as smooth as possible.

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.