There are many options available when it comes to buying your first property. You can choose between a brand new build, a previously owned house, and even a condo. According to 2016 data, it is almost 38% cheaper to buy something than to rent in the top 100 cities in the United States. So whichever type of purchase you choose, you are making a better financial decision than renting.
Advantages of a new build
A new build is a great option if you have looked at many previously owned houses and not yet found the perfect one. Approximately 52% of home buyers cited finding the right property as the most difficult part of buying a home. Some home buyers have very specific of needs or wants and look at many houses, never finding one that meets all of their needs. With a new build, you can have a house customized to your exact needs. Also, you don?t have to worry about any housing surprises, because everything including the plumbing, electrical, and foundation are all new.
Advantages of a previously owned house
Previously owned houses are the most common type of real estate purchased. This is likely due to the fact that there are more previously owned houses on the market than any other type of property. In 2015 alone, there were 501,000 homes sold in the United States. There were also many more houses for sale. When you buy something that has been previously lived in, you do not always know the full condition of the plumbing, electrical, and foundation, but you often get a better financial deal. With so many houses on the market, you can usually find something with your required bedrooms, bathrooms, and square footage, all within your price range.
Advantages of a condo
More and more home buyers are choosing to buy condos. With an increase of condos for sale, buyers are considering the advantages of condos for sale. Condos mimic the living situation of an apartment, expect that you own the property. In many cases, condos are maintained well according to building standards. Although the buyer still has to maintain the electrical and plumbing bills, these units are often controlled by the building. Additionally, when you purchase condos for sale, you don?t have to worry about maintaining the landscaping and snow removal.
How to choose the right purchase
It can feel overwhelming to have so many purchase decisions. However, you will find that working with a licensed realtor can be extremely valuable. They can help you evaluate your current budget and living situation. They can go over the advantages and disadvantages of each of the living situations. They can also schedule multiple showings in each type of property, giving you a better idea of what you like and dislike in a housing option.
What to look for in a property
It doesn?t matter if you choose a new build, previously lived in house, or one of the many condos for sale, there are a few basic things you need to look for. Firstly, you should always stick to your budget. In most cases, it is not worth it to extend your budget for a little larger of a house. if you are unable to find something within your budget, wait as new properties are listed. Also, remember that location is important. You want to choose something that is near your place of employment. Finally, keep resale in mind. Eventually, you will want to sell your house and you want to start with something that has good resale value.
Many renters will become home buyers over the next year. As you begin the home buying process, you will find that there are three categories of houses available. There is no right purchase. What is the best purchase for you is something that fits your buying needs and makes sense to your living situational needs.