When it comes to buying a new home or an older home, you have lots to consider and think about as a buyer. It’s important to do your research and know what you are getting involved in and whether it’s for you or not.
The last thing you want to do is make a mistake that will haunt you for quite some time and put you in a hole financially. With this informative and easy to read list, you are sure to make the right decision when it comes to buying a home as you will have all the tools you need to make a smart and informed decision.
1) How much money do you have and how much are you willing to spend?
The worst thing someone can do is spend beyond their means and buy a house that is over their budget and incredibly expensive. You are starting off on a bad note with your new place and you are struggling before you even get a chance to relax and enjoy all that your new home has to offer.
You have to be realistic and truly look at how much you have to work with and what is in your budget. Do not lie to yourself or fool yourself into thinking you will find ways to afford it and it all be all right.
You have to stick to a strict budget of money, and once you do that you can see if you can afford a new home or an old one and what’s feasible.
2) How handy are you around the house?
If it’s an older house, chances are it’s going to need a lot of work done on it to make it look better and improved. If you are not handy when it comes to fixing things and unable to make repairs, you might have to spend a ton of extra money by having someone else do it for you.
In that case, maybe it’s best to save that extra money and just get a new house that is up to standard already and doesn’t require a lot of work.
If you are going to be spending a ton of money on repairs and have to put in a ton of extra time, you don’t have, why not just save yourself the hassle and buy a new place?
3) How can you handle the risk/reward of a new home/old home?
With an old home, it’s a risk as its older, might have more things go wrong in the future, and it might not be in the best shape. Are you prepared for the unexpected and do you have some extra cash in your pocket to take care of it?
It’s a risk, but if you pick the right one, you are saving a lot of money and that’s quite a reward. With a new house, can you risk all of that money it takes to get a new home for a place that’s a home for a long time? You have to weigh all of your risks and rewards.