Are you thinking about investing in a new home? You might have heard that purchasing a new build on the market is always the best option. However, we’re not entirely convinced that this is always the best case. By the end of this article perhaps you’ll agree as we look at some of the other options that may be more beneficial.
Buying A Fixer-Upper
One option that you might want to consider is purchasing a fixer-upper. Yes, there is a considerable level of risk with this possibility, but that doesn’t mean that it’s the wrong decision. It could be beneficial because it will be cheaper and thus there will be less financial pressure on you in terms of the mortgage. Furthermore, if you invest in the right fixer-upper they can be a fantastic investment opportunity. You’ll be able to sell it for far more than it’s worth with the right renovations.
Build A Home From Scratch
Alternatively, you might want to consider building a home that’s brand new for you. This is a little different from purchasing a new build because when you work with the right architects, you’ll be able to get exactly what you want. This could include highly specific details that you wouldn’t have a hope of finding in a home for sale on the market right now. You are probably concerned about the cost of an option like this. In the past, custom builds used to only be accessible for the uber-rich. However, times have moved on and these days there are builders and contractors that can work with your budget. You will have to consider this choice carefully and take into account that it will take longer before you can move into your new home. But when you do finally get the keys you’ll be able to say that you have your dream home. It’s very difficult to say this when you buy a property that is already built.
Keep Renting
Finally, you have probably heard that renting is dead money. While this may be the case, it can be the best option for certain individuals including those who do not have high levels of job stability. For instance, freelancers will always find it difficult to gain a mortgage. They also often see their income fluctuate through the year making it difficult to pay off a mortgage on time. Renting can provide more flexibility if you can’t predict what your circumstances are likely to be like in the next few months or the next few years of your life.
As you can see then, it’s fair to say that buying a brand new home or a new build on the market may not always be the best decision. There could be better possibilities available to you and this is true regardless of whether you are looking for a new home to live in or a fresh investment opportunity. It’s important to consider your options carefully before settling on the right choice for you and your family.
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