New home is always the better choice especially if you coming from an apartment. Few things to ensure while searching for the new home is getting an all inclusive home meaning it comes with all new appliances.. Stove, refrigerators, washer and dryer etc. if you able to get an all inclusive home for a few thousands more that's the best deal. No Pre owned home is coming with new appliances if any at all. Also as someone else said check the taxes and insurance as well but those will be almost the same in the same area.
New is always better, IF you are new to the game and can't weild tools or have the paper to do ongoing repairs.
Best advice, even if you DON'T HAVE kids spend the added cash for area (school district, near facilities, central business district).
Old construcrion that has been cherried out, better wood, custom hand made wood accents etc will always be worth more than the thrown up "new" developer home.
If used make sure that you have everything mechanically checked out properly. And don't use the inspector recommended by the realtor or the title company.
Good luck
Builders put more value in homes depending on the decade, sort of like cars
Make sure that you buy title insurance at closing.Update: Found a home built in 2004 that I'll be purchasing for under $200K. Already did my due dilligence and inspection. If all goes according to plan then I'll be closing on December 1st.![]()
Anybody here have experience with a 203k loan?an alternative to new construction could be a 203K loan and since that home you showed us is well within an FHA mortgage consider this loan with this loan it will allow on a pre-existing home pretty much anything you wanted new with the exception of a pool or tennis courts... new floors appliance upgrades bath and kitchen upgrades only drawback a slightly higher intrest rate...here is a link to learn more about it
http://www.203kmortgagelender.com/?...Gds9-lQqZ2F7HAsWbDxdZM7P325NfQlP68aAqOV8P8HAQ
Congrats on your purchase man 1 thing about it they sure can't make no more land
We just bought a house for 222K, approved for 245K loan. The survey was done prior to us putting in an offer though. Home inspection was done the week after we put in our offer ( has to be done within a 15 day window from when an offer us put in).Anybody here have experience with a 203k loan?
What was the first thing you had to do when you found a house to buy?
Get it appraised? Surveyed?
Did you have to have a detailed plan for all the work that needed to be done?