Are you thinking of buying a home in Westport, Connecticut? This New York City suburb features gorgeous beaches, well-manicured lawns, and quiet streets. The peaceful Saugatuck River meanders through the center of town, bringing in swans, turtles, and other beautiful things wildlife. You won’t regret moving to this picturesque town in Fairfield County.
Why should you buy a home in Westport?
There are many benefits of buying a home in Westport, including amazing real estate, well-rated schools, low taxes, and proximity to New York City.
Excellent investment in real estate
Westport real estate offers excellent investment opportunities. So many celebrities and large corporations, including Michael Bolton, Terex, Paul Newman, and Bridgewater Associations, have called Westport home over the years, boosting the value of the homes in the area. On top of the celebrity appeal, property taxes are amongst the lowest in the state. Any home you buy in Westport will have an amazing resale value.
Suburban lifestyle
Westport provides an incredible suburban lifestyle. When you live in Westport, you will be mere minutes away from theaters, waterfront shopping, fine dining, farmers markets, hiking, boating, golf, and beaches like Compo, Old Mill, and Burying Hill. No matter where you live in the area, you’ll have your own private green space in your backyard.
Incredible schools
Whether you currently have school-age children or you plan to have them in the future, you’re in luck. All of the public schools in Westport are top-notch.
Top three neighborhoods in Westport
Saugatuck Shores
Saugatuck Shores is a beautiful neighborhood found between the Long Island Sound and a lagoon. Keep in mind that many homes in Saugatuck Shores have been rebuilt or renovated over the past decade to be FEMA-compliant since the neighborhood juts into the water.
Beachside Avenue
If you live on Beachside Avenue, part of Green’s Farms neighborhood, you will have quick and easy access to Burying Hill Beach, a 2.39-acre park by the Long Island Sound shore. Almost all of the homes on Beachside Avenue feature multiple acres of property and thousands of square feet.
Compo Beach
Compo Beach is also close to the Long Island Sound, and you will find most homeowners walking between the beach and their homes in the summer. There is a much more laid-back atmosphere in Compo Beach in the winter months.
What you should know about buying a home in Westport
It’s crucial to have all the facts about property taxes, closing costs, and median home prices when you’re buying a home in Westport.
Median house price
The median home price in Westport, Connecticut, is about $1.35 million, about 199% higher than the national average, while the median rent comes to about $4,100 per month. When it comes to utility prices in the area, you can expect to see about $253 for phone bills and $235 for energy bills.
Closing costs
The closing costs for a home in Westport are usually about 0.75% of the sales price for homes up to $800,000 and 1.25% of the sales price for homes over $800,000. For an average $2.1 million home, the closing costs would be about $26,250.
Property taxes
The tax rate for homes in Westport is $18.07 of property taxes per $1,000 of assessed property value. For instance, if your Westport home were worth $1.35 million, you would pay about $24,400 in property taxes each year.
Requirements for buying a home in Westport
Before you purchase a house in Westport, you should know the basics about conventional loans, FHA loans, and VA loans.
Conventional loans
Conventional loans refer to mortgage loans that are not part of a particular government program. These conventional loans usually cost significantly less than FHA loans, but they are often harder to get than FHA loans.
FHA loans
FHA loans are mortgage loans that are supported by the Federal Housing Administration. This kind of loan enables you to purchase a home with less stringent financial requirements. For instance, you might be able to qualify for this type of loan, even if you have a lower credit score or a lot of debt.
VA loans
VA loans are government-backed mortgage loans supported by the United States Department of Veterans Affairs, also known as the VA. The VA provides guarantees to private lenders that manage VA mortgage loans. The lenders can then provide loans with no down payment required to veterans.
Money-saving tips for buying a house in Westport
Want to save money on your Westport home? Here are some of the best ways to keep costs down during your home purchase.
Look for the best mortgage rate
Don’t simply work with the first mortgage lender you come across. Instead, we recommend speaking to multiple different mortgage lenders to ensure you find the best possible mortgage rate and the right fit for your particular situation and needs.
Consider making a larger down payment to keep monthly payments down
Putting at least 20% down on your home is not the easiest thing to do, but it will help you save money over the long term. It will reduce your overall monthly payment and keep you from having to pay extra for private mortgage insurance.
Boost your credit score
You must take the steps you need to improve your credit score before purchasing your house. Set aside at least a few months or even years to build your credit file, pay down account balances, and catch up on past-due accounts before buying your home. It also helps to make all of your credit card and bill payments on time and limit how regularly you apply for new credit cards.
Use a commission rebate to save money
Using a commission rebate is a great way to save money on your home. This type of rebate allows your Westport real estate broker or agent to help you save money on buying your home without needing to negotiate a reduced home price with the home seller.
Reach out to an experienced agent
Are you looking for a new home in Westport? Reach out to trusted Westport real estate agent Fatou Niang for guidance. Fatou, who speaks three languages, is committed to providing clients with the most attentive and professional experience possible.
