When you begin upon your search for a home, the one thing that most people think about the most is how much they can afford. Besides the mortgage, there are other factors like renovations, appliances and closing costs but these things are considered when you’re buying a home that is listed as “used.”
When it comes to buying a new home, the main factor is simply the fact that’s never been lived in, it’s completely new. Some people don’t want to live in a home that someone else has lived in for plenty of reasons, or they simply want access to the newest features and amenities. This also means you’ll be able to live in a new home without needing to fix anything for quite some time.
Everybody Loves Alexa
In the modern age of technology, things are ever changing so even buying a new home means you might be slightly behind in just a week or two. In today’s new homes they come with smart appliances, vehicle charging stations, and locks you can control with your phone, but even all these features can seem old just a few years down the line. These upgrades can also get you a tax break when it comes to being energy efficient.
It can also be easier to buy a new home as home builders often have their own home loan divisions. This means they’ll be motivated to work with you to get the deal done, but it’s a good idea to shop around and negotiate as well.
Can I Afford a New Home?
The main downfall when it comes to buying a new home is the cost. A new home is obviously going to cost more than an older home so if budget is your concern, you might have fewer options if you’re attempting to buy a new home. The location is also something to consider as new homes aren’t able to be built just anywhere, and that means some of the locations they are built may not be the best.
In regard to location, this is when buying a used home might be to your advantage. You might be able to walk to work or local restaurants. And just because a home is used doesn’t mean it can’t be updated inside. If you shop around you might be able to find a home that looks the way you like and is more affordable up front. But keep in mind, older homes may need more money put into them to keep them up to date and for regular home improvements.
Reach Out Today!
Whether you’re looking for a lived-in home with character and historic features or top of the line smart technology, you want to invest in your research to make sure you land the home of your dreams. No matter what you’re looking for, we can help you with financing, so don’t hesitate to give us a call at North Star Mortgage Network today!