As you are searching for your first home, it's time to sit down with a realtor and discuss your options. Some people love the idea of owning a brand new home, while others are determined to renovate an old home into the perfect place to live. Whether you are looking at newly constructed homes, or your budget means you need to find a home that requires an abundance of work, your realtor will be able to locate properties in the area to meet your wants and needs. As you consider what you want in a home, your realtor will talk with you about the the benefits and risks of purchasing both a new and an older home.
A New Home Can Be More Expensive Initially
New homes are probably going to be more expensive than a home that needs quite a bit of work. You aren't going to run into any major repairs with a new home, though, and you may be able to pick out some of the finishing touches if the home is not yet complete. You'll pay more up front for a new home, but you won't have to budget for a new roof, furnace or electrical system any time soon. These components can also have a warranty that lasts several years.
An Older Home May Fit Your Budget
You may be able to make an offer on an older home, as it's within your budget. You may need to do extensive work in an older home. If you aren't going to do the work yourself, this can get expensive quickly. You may discover that you don't have what you need in an older home, and you'll need to have a budget for renovations. While you can make an older home yours through home improvements, there can be many variables to how much the repairs will cost.
In general, a newly constructed home is going to be move in ready. You won't have to worry about huge expenses up front, and you'll be able to enjoy all of the perks of having a home that no one else has lived in. On the other side, if you purchase an older home, you'll find that the home has a variety of unique characteristics. While you'll have to budget for repairs, you'll probably be able to afford to purchase the home on a budget. Whether you choose a new home or an older one will depend on a number of factors.
