If you are planning on buying a home, the first thing to consider is if you want a new or existing home. Each possibility has advantages and disadvantages, as described below.
Buying an Existing Home
Advantages
One of the advantages of buying a home already owned by another individual is the market availability of this product. Existing homes, or resale homes, far exceeds the quantity of new construction homes in the real estate market. You can move into a resale home quickly, especially if it is current unoccupied. If the existing seller is anxious to move, it is possible to purchase a resale home for below current market value.
Disadvantages
The main disadvantage of buying an existing home is the current condition of the home. The home has been occupied and lived in and will experience normal wear and tear. Repairs made be necessary for any damage seen in the home. Items such as appliances may be nearing the end of their functionality and need to be replaced.
Building a New Home
Advantages
When you build a new home from the ground up, you will end up with a home in perfect, brand new condition. There may be a builder?s warranty on the home, which typically covers the whole house for the first year. It may cover structural parts for even longer, such as the roof.
With a new home, the buyer usually can pick the floor plan and type of home to be built. The builder usually offers a variety of house plans to choose from, which you may be able to modify to meet your personal desires. You choose everything from the color and style of the kitchen cabinets and countertops to the type of flooring and appliances to be installed. You can create your perfect dream home, exactly as you want it.
Disadvantages
When you build a new home, one of the disadvantages is that it could take months to build. Another disadvantage could be the cost. Depending on where you are located, it may cost significantly more to build a new home compared to buying an existing home. You also have to figure in the cost of the land. It is not always included with the cost of the home.
If you need to obtain financing to buy a new construction home, be aware that this type of financing is different than a conventional mortgage loan. Rates may vary during the construction phase and upon completion. Down payment requirements may be higher also.
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Depending on your financial budget, time frame, and type of house desired, you may find that one option is better than the other. For more information, consult with a real estate professional.
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Home Buying Guide: Buy Existing or Build New,Related Articles:
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- Buying a Home? Get a Prepurchase Building Report First
- Buying a House and Land Package
Source: http://myprservices.com/real-estate/home-buying-guide-buy-existing
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