As first time home buyers, you must prepare yourself to ask the right questions. One of the biggest and most important questions, is whether to buy a new house (maybe even build one) OR get an older house.
Let’s take a look at both.
Build a house, plant a tree, raise a child. An ideal plan is for things to go in this particular order. Yes, a brand new house will probably cost you two or even three times as much as an older one. But before you get rid of this idea think of the advantages it provides:
- All appliances are new (you won’t need to invest in your heating and AC systems, windows, and you will have the most up-to-date insulation and ventilation systems)
- It will be your house from the very beginning (you are free to design it the way you want to, and really enjoy the comfort and functionality that you’ve created)
- If you decide to sell in 20-30 years you will still get good money for it!
Buying an older house also has advantages:
- It saves money (down payment and regular mortgage payments will be a lot more affordable)
- It is more likely to be located in and area with well-developed infrastructure
- You can invest money for home-improvements slowly, without braking the bank
- You get a wider variety of choices because there aren’t so many new houses out there on the market.
So, it’s not all about buying or not buying, it’s also about what you’d like to get.
See more steps for home buyers in a handy infographic.
The Ultimate Checklist For First Time Home Buyers