Should I Buy New?

Should I Buy New?

If you are getting ready to buy a home, you might think it’s a good idea to buy a new property. After all a newer property has a newer structure and newer appliances and is likely to have less repairs in the short term.

Old homes are less expensive. There is more potential for you to fix them up and increase the value. They can also have charming architecture and other features that you won’t find in modern builds.

Here are some things you should consider when making your decision.

Budget

Older homes have older fixtures and appliances that can break down over time making up for any money you saved when buying the home. They are also less energy efficient so you will be spending more on heating and cooling unless you update your home to add eco-friendly features.

Maintenance

Maintenance on an older home can be quite costly. If you are handy and can do some of these repairs yourself, but you need to have money set aside for “projects” that will come up.

If you are buying an older home, it’s important to get a home inspection in advance. A home inspection will reveal any problems the home has to give you an idea of what you can expect moving forward. You also may be able to negotiate the price based on any repairs you will have to deal with.

Builder Warranty and Customization

Builders (on new homes) will often let you customize finishes and certain design elements. Building new allows you to personalize your house to your needs and tastes.

Builders and supply manufacturers will often warranty their products and work. As a new homeowner, this will give you piece of mind for the short term that you are covered and will have limited costs.

Condition of the house

Not all old homes are in bad condition and not all new construction is well built. It is important that you know what you’re buying, age doesn’t mean everything!

Modern vs. Vintage

The design of your home will be another deciding factor. With a vintage home, you may enjoy features like crown moldings and attention to detail. However, a modern home will have interiors with open living spaces, accessible hallways and eco-friendly appliances.

The one you prefer will be a matter of personal tastes and there is no saying which is better or worse.

There are pros and cons to buying old and buying new. Once you start the search, you may fall in love with a property and forget about how old it is. Just be sure to take repairs into consideration when calculating your budget.

Good luck finding the home that’s right for you!

Finding your Dream Home

For most people buying a house requires some amount of sacrifices. When working within a budget, it can be hard to find a home that has everything you are looking for when considering space, location, amenities and more.

And while finding the perfect home may not be realistic, if you have a bit of time, you may be able to build a strategy that allows you to find a home that is pretty terrific. With that in mind, here are some ways you can get into the home you’ve always dreamed of.

Think of What You Need and What You Can Do Without

Start by making a list of what you absolutely need in your home and what you can do without. For instance, you may absolutely need a two car garage and a large yard for your pets. However, you may be able to do without that fourth bedroom you wanted to convert into a weight room and that patio in the back of your house.

Base your needs on your lifestyle for the next five years. You can always sell to upsize or downsize after that initial period of homeownership.

That way you won’t be paying for things you won’t be using. This will get you lower payments and more money to reinvest in your new home or pay for other things you enjoy doing.

Be on Top of the Market

The early bird gets the worm.

You may be relying on your agent to let you know when new properties you are interested pop up on the market. But remember, you and your agent are a team and there are many resources for you to see new homes on the market. Discussing the pros and cons of new listings with your partner and your agent allow you to hone in on 1) Value 2) What is truly important to you.

Therefore, you should make it your responsibility to keep on top of the latest listings. You can do this be setting up alerts on real estate listing sites or just keep hitting the refresh button when you’re sitting at your desk and logged in. Many sites update as often as every 15 minutes.

Present Yourself as an Attractive Buyer

You may think you have found your dream home, but guess what? It’s probably someone else’s dream home too. In order to ensure your seller picks you instead of all the other buyers making offers, it’s important to make yourself look as attractive as possible.

When you submit your offer, include a personal touch that will make you stand out from other buyers. Think of including a letter that lets the seller know that they are making a good choice by selling their home to you.

Your agent will guide you through what to include in your offer and how to best negotiate:

Should you attempt to lowball the sellers? Or make an offer that is close to the selling price? Should you add stipulations and requests to your offer. How do you keep the offer as “clean” as possible? 

Most of all, be sure to get preapproved. This lets the seller know you are a serious buyer with the funds to go through with the purchase.

A dream home can make your life complete. Hopefully these tips will help you find a home that is ideal for you and limit the chances of sellers going with different buyers. We wish you the best of luck finding a place you really love.