Home Buying Advice - Investing In A New Vs Existing Home
Most first-time homebuyers find it both practical and interesting to have a 'new' house for a number of benefits: a new space to raise your family, brand new amenities and home features, and the fact that you need not to worry about costs on maintenance or renovation in 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. To what extent would you be wanting to pay for your desired property? Expect a premium price on any brand new home because of its freshness; basically, you will be the first one to use everything, from the bathroom, kitchen appliances, to the painted walls and carpeted rooms.
2. Does resale value matter to you? A brand new home typically appreciates faster than existing homes, explains author Ilyce Glink of the book '100 Questions Every First-Time Home Buyer Should Ask'. If you are planning on selling your home in the very near future, a brand new home may have a higher market value shortly after you move in, making it easier to sell the home for a profit.
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. Do you want to invest time and money to renovate a home? Existing homes can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. If you're looking for a long-term investment that can generate a high profit in a short period of time, buying a 'fixer upper' may be your best home buying strategy.
5. Do you want an investment or a primary residence? Most beginning homebuyers want investment properties that they can soon turn into a profitable business. However, older and mature homebuyers prefer primary residence mainly for purposes of settling down or establishing themselves in the neighborhood. Still, the best thing to do is to weigh your short term and long term goals if you want to make the most out of your home.
Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket - thats when you decide to have either a new or existing home. Choose the best investment with your time and money by simply considering all the abovementioned questions in your decision-making. - 23218
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. To what extent would you be wanting to pay for your desired property? Expect a premium price on any brand new home because of its freshness; basically, you will be the first one to use everything, from the bathroom, kitchen appliances, to the painted walls and carpeted rooms.
2. Does resale value matter to you? A brand new home typically appreciates faster than existing homes, explains author Ilyce Glink of the book '100 Questions Every First-Time Home Buyer Should Ask'. If you are planning on selling your home in the very near future, a brand new home may have a higher market value shortly after you move in, making it easier to sell the home for a profit.
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. Do you want to invest time and money to renovate a home? Existing homes can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. If you're looking for a long-term investment that can generate a high profit in a short period of time, buying a 'fixer upper' may be your best home buying strategy.
5. Do you want an investment or a primary residence? Most beginning homebuyers want investment properties that they can soon turn into a profitable business. However, older and mature homebuyers prefer primary residence mainly for purposes of settling down or establishing themselves in the neighborhood. Still, the best thing to do is to weigh your short term and long term goals if you want to make the most out of your home.
Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket - thats when you decide to have either a new or existing home. Choose the best investment with your time and money by simply considering all the abovementioned questions in your decision-making. - 23218
About the Author:
Author and Realtor Alexandria P. Anderson helps clients to find and purchase Bloomington MN real estate as well as Bloomington condos and houses in the Twin Cities.
posted by X - Men @ 4:57 AM
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