Joining a house hunt is not a walk in the park for entry-level home seekers. With a market flooded by multiple real estate proffers, choosing a home that best matches your style and demand could be a real challenge. That said, a lot of people are stuck on making a decision whether buying, building, or renovating a home is ideal for first-time homeowners.
It goes without saying that a lot of factors can have an effect on our home-buying decisions including price, location, market trends, taxes, and so on. Sometimes, these factors could also influence your specific wishlist for a dream home. These are the luxury features that you would like to have that the house could do without if (let’s say) it’s beyond your price range.
With tons of significant choices to make, the first thing to decide on is whether to go for an RFO house, make a few repairs for an old one, or build a new home that follows your specific needs and wants. Regardless of the path you take, know that there are certain advantages and disadvantages to each option. Contemplate both sides so that you can arrive at something you won’t regret in the future.
Buying an RFO Property
If you can roll with the punches of buying a new house that has been constructed and has never been lived in, convenience and cost are the primary advantages that you can gain from it. The fact that it is a brand-new house ensures that there are no necessary renovations to be made upon move in. You could even save money from purchasing HVAC equipment, cabinets, and other appliances that are readily available in the unit. Since it is ready for occupancy, you can easily move in once the buying process is closed.
Speaking of the process, buying a move-in-ready house may involve a series of steps, but working with an experienced realtor should make it all easier for you. An agent will assist you in terms of financing, home-viewing, making negotiations, and other related tasks.
On the flip side, move-in-ready houses are usually offered at a higher price range compared to an existing old house. Odds are that you won’t always get exactly what you want since it was developed in the absence of your personal touches.
Building a New House
If you want to be in control of the entire design and construction, hiring reputable project home builders could be your best option. Aside from it gives you the exact structure you like, another reason why most people opt to build their own house is that they want to avoid future renovations due to substandard mechanical systems and other internal issues that a move-in-ready or an existing house can conceal. Depending on the size and style, building a new house can be less expensive than a comparable move-in-ready house if you already own a piece of land.
Even so, building a new house can be time-consuming since you will be starting from scratch not to mention it requires extra costs for securing access to water, electricity, and HVAC systems.
Fixing an Existing House
Unlike a move-in-ready home, an existing house is something that has been lived in before. The best thing about choosing an existing house is that you can easily catch it at an affordable price. The odds of an existing house are that it is unsurprising to spot a few damages and that most of them are a bit outdated and so require some polishing. However, as long as the house is made of good bones, it is easier to compromise on its flaws. Pro-tip when you do home viewings, hire an experienced home inspector to help you determine whether or not the house is still in good shape.