Should You Buy A New Home Or Existing Home?
The purchase of a new home is always considered a rewarding experience by many first time homebuyers not only because it allows couples or families to enjoy an entirely new space, but due to the convenience it provides particularly with the brand new amenities minus the hassles of maintenance during the first year.
Nevertheless, brand new properties are more expensive than existing ones and you're not always sure what awaits you in the new neighborhood you will be living in.
Yet, you can gain and learn from this situation with sufficient know-how on the pros and cons of homebuying; below are some significant steps to follow as you begin scouting for your new home.
1. Are you willing to spend extra for a new home's purchase? Because of its newness, all brand new homes are priced at a premium; this means that you will be the one to get a taste of everything it offers, from the moment you entered your new property.
2. Do you care for resale value? Existing homes can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book '100 Questions Every First-Time Home Buyer Should Ask'). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it.
3. Can you easily adapt to a new neighborhood? Many new home constructions move at a very fast rate and as one of the first homeowners in the area -- knowing what the neighborhood is like wont happen unless you get to meet more people in your new environment. If you have family consisting of smaller children or elderly living with you, it can be great to factor in safety and security by finding out your options as far as making your property safe.
4. Would you be willing to spend your resources in a home renovation? The value of existing homes can extremely appreciate especially if you have the willingness to allot resources for its maintenance or renovation. Finding good investments that will work in the long run but can be profitable even in a shorter time is possible with a 'fixer upper'.
5. Are you looking for an investment or a primary residence? Many younger first time home buyers are looking for investment properties that they can fix up and sell quickly to turn a profit. Mature home buyers are more likely to be in the market for a primary residence since they want to settle down and establish themselves in the neighborhood. Consider what your short-term and long-term goals are so you can make the best decision for your first home purchase.
Once you have decided and thought about the amount you are willing to spend for your new home, its about time to choose between an existing or a new home. These questions may all be helpful as you pick the best option suited to your budget and future plan. - 23212
Nevertheless, brand new properties are more expensive than existing ones and you're not always sure what awaits you in the new neighborhood you will be living in.
Yet, you can gain and learn from this situation with sufficient know-how on the pros and cons of homebuying; below are some significant steps to follow as you begin scouting for your new home.
1. Are you willing to spend extra for a new home's purchase? Because of its newness, all brand new homes are priced at a premium; this means that you will be the one to get a taste of everything it offers, from the moment you entered your new property.
2. Do you care for resale value? Existing homes can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book '100 Questions Every First-Time Home Buyer Should Ask'). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it.
3. Can you easily adapt to a new neighborhood? Many new home constructions move at a very fast rate and as one of the first homeowners in the area -- knowing what the neighborhood is like wont happen unless you get to meet more people in your new environment. If you have family consisting of smaller children or elderly living with you, it can be great to factor in safety and security by finding out your options as far as making your property safe.
4. Would you be willing to spend your resources in a home renovation? The value of existing homes can extremely appreciate especially if you have the willingness to allot resources for its maintenance or renovation. Finding good investments that will work in the long run but can be profitable even in a shorter time is possible with a 'fixer upper'.
5. Are you looking for an investment or a primary residence? Many younger first time home buyers are looking for investment properties that they can fix up and sell quickly to turn a profit. Mature home buyers are more likely to be in the market for a primary residence since they want to settle down and establish themselves in the neighborhood. Consider what your short-term and long-term goals are so you can make the best decision for your first home purchase.
Once you have decided and thought about the amount you are willing to spend for your new home, its about time to choose between an existing or a new home. These questions may all be helpful as you pick the best option suited to your budget and future plan. - 23212
About the Author:
Author: Alexandria P. Anderson specializes helping people to find and purchase homes on Lake Minnetonka, as well as Lake Minnetonka property for her realty clients.
posted by X - Men @ 4:08 AM
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