1. Getting Financially Ready

Check Your Credit

• Aim for a score of 620+ for conventional loans.
• Use free tools like Credit Karma or your bank’s credit monitoring services.

Set a Budget

• Factor in mortgage, property taxes, homeowner’s insurance, HOA fees (if applicable), and repairs.

Get Pre-Approved

• Choose a lender who understands the Philly market. Good local options include:
  • Truist
  • WSFS Bank
  • Citizens Bank
  • Independent local brokers

Explore First-Time Buyer Assistance

• PHFA (Pennsylvania Housing Finance Agency) – Affordable loans and closing cost help
• First Front Door Grant – Up to $5,000 for eligible first-time buyers
• City of Philadelphia (DHCD) – Local assistance programs

2. Understand Philly’s Neighborhoods

Philadelphia is very neighborhood-centric. Do your research on the feel, safety, schools, and amenities of each area.

Popular Neighborhoods:

• Fishtown/Northern Liberties – Trendy, walkable, great for young professionals
• Passyunk Square/Bella Vista – Great food scene, family-friendly
• Mt. Airy/Chestnut Hill – Green space, historic homes, great for families
• Roxborough/East Falls – Affordable and residential
• West Philly/Germantown – Mixed areas with historic charm and investment potential

Use the Philly Atlas Map to check zoning, permits, and property history.

3. Home Types in Philly

Most homes in Philly are rowhomes—narrow, attached properties that share walls.

What to Watch For:

• Older homes may need updates to plumbing/electric.
• Check for basement moisture issues.
• Inspect roofing and shared “party walls.”
• Parking may be on-street only; check for permit requirements.

4. The Buying Process

Assemble Your Team

• Real Estate Agent – Choose someone with local expertise.
• Mortgage Lender – Local lenders often understand Philly’s quirks better.
• Home Inspector – Highly rated in Philly:
  • Tri-State Inspection Co.
  • ValueGuard
• Title Company – Ensure there are no liens or ownership issues.

Start Shopping

• Use Bright MLS with your agent.
• Attend open houses and showings.
• Ask about:
  • Renovation history
  • HVAC/plumbing/electrical systems
  • Taxes and potential abatement
  • School catchment zones

Make an Offer

• Use local comps to guide your bid.
• Philly’s 4.278% transfer tax is usually split, but negotiable.
• Include contingencies for inspection, financing, and appraisal.

Complete Due Diligence

• Home inspection and repairs negotiation
• Lender appraisal
• Final walkthrough
• Check L&I violations here

5. Local Tax and Legal Considerations

Transfer Tax

• Total tax is 4.278% of the home sale price.
• Typically split 50/50 between buyer and seller.

10-Year Tax Abatement

• New or rehabbed properties may qualify for a tax break on improvements.
• Verify eligibility and time remaining here

Historic Property Restrictions

• Historic districts like Society Hill may limit what changes you can make.
• Always verify zoning and preservation rules.

6. School Considerations

Public, charter, and private schools are options in Philly. School quality can vary widely by neighborhood.

Use the GreatSchools website and School Finder to research.

7. Final Steps to Closing

• Review all closing documents
• Secure homeowner’s insurance
• Pay closing costs (~5-6% of purchase price)
• Sign and get the keys!

8. Helpful Tools & Resources

Government & City Services

• Philadelphia Property Search
• Zoning & Permits (Atlas)
• Licenses & Inspections (L&I)
• DHCD Housing Resources

Financing & Grants

• PHFA
• First Front Door

Crime, Schools & Walkability

• Philly Crime Map
• School Finder
• Walk Score

Final Advice

• Work with local experts—Philly is block-by-block, and insider knowledge matters.
• Be ready to move fast—Homes in hot areas don’t last long.
• Inspect thoroughly—Rowhomes have quirks you don’t want to miss.
• Ask questions—About taxes, permits, schools, and future development.

Buying in Philly can be a great investment and a great lifestyle choice. With the right prep and team, you’ll be set up for success.