Buying your first family home is a gigantic milestone in your life. However, not everyone approaches it in the same way, and they shouldn’t. Each home buyer is going in with their own goals and expectations, as well as their own needs in terms of budget and the vision they have for their new life. Before you set your heart and your money on a home, be sure you’ve considered all of your options and how they align with your home-buying goals.
Investing in a Fixer-Upper
Deciding to make a fixer-upper your first family home is a risk, but can also be a financial boon if you know how to work within your means. The entire point of investing in a fixer-upper is to acquire a home at a cheap market cost so that you can fix it up to reveal its true potential. This is also a great option for those who are looking to add their own personal touch to a home without the cost and hassle of a custom-built home. A fixer-upper home will take a commitment of both time and money. If you’re willing to living in the home while also renovating it, you have the potential of turning a bedraggled house into your dream living situation. When getting a fixer-upper, however, be sure to remember to consider the factors that you can’t change, such as the neighborhood it’s located in.
Buy a Brand New Home
a magical feeling that comes with moving into a new home. The knowledge that no
one has ever lived in the home before gives you full freedom to add your own
wear and tear along the years without concern for how the home was previously
used. Along with the benefits of purchasing a new home comes the downside,
however. The downside is that new homes are more expensive, so it’s harder to
get into the market. If you’re set on getting a newly-built home, be sure
to keep a watchful eye on the market in your target area to see where
developments are being set up by new home
builders so that you can put your bid in as soon as they’re available.
An older home will have experienced decades of use but will also be more affordable. This means the house will have experienced wear on the plumbing, wiring, and foundation. However, not all used homes are old, so you can easily buy a home that is only two to three years old at a fraction of the price of a brand new build. Another benefit is that any problems in the way the home was constructed will have been discovered by the previous family, resulting in a home that is tried and already adjusted to optimal living conditions. Make sure that you have the home inspected however, to ensure that the reason the old family left isn’t going to remain a problem for you.
Buying a custom-built home can seem like your dream home come to life. For many homeowners, it is. Unfortunately, there are a lot of hidden downsides to signing up for a custom-built home. You will need to find somewhere to live while the home is being built, and have it inspected yourself. You’ll also end up being the one coordinating the contractors, architects, and other professionals required to plan and build the house. Hiring a professional architect is a must if you want to ensure that your home is structurally sound, as not every custom idea is viable for a safe living environment. Additionally, purchasing a custom-built home means a longer wait until move-in day, making it a great choice for those who plan to wait for their new home but not so much for those in a hurry to relocate their family.
Take your time when you decide to buy a home, and do your research well in advance. This will be a major commitment for you and your family. You want to ensure that you are making a choice that is right for your family’s needs in finances and other areas. Don’t forget to look at neighborhoods, as well, to ensure that your perfect home is in the perfect place for your family to grow and thrive.