You want to get into the market you have saved your downpayment and you have your pre-approved amount in your hot little hand, now what? Do I buy old or new and where do I want to live? Two very important questions. You want to live in a good area but then that means you may have to sacrifice what type of home you are able to afford as many resale homes have had time to appreciate. You could buy new but what will the neighbourhood be like and what if there are problems with the construction?
There is a misconception that buying an older home is more affordable than buying a new home and it isn't always the case. You make the sacrifice and buy in that great area everyone is talking about. I'll just change the carpets and renovate the kitchen or the bathroom and it will be good as new, in actual fact more often the older homes end up costing the homeowner the same or more than if they just bought new.
Today's new developments are well thoughtout and are designed with the community in mind amenities like playgrounds, green spaces, communal gardens and other features are added to increase the overal value and lifestyle of the area. Some well planned communities can appreciate before they are even built! Homebuyers today are more educated and are demanding homes that are wired for the latest technology, offer high efficiency appliances, heating and cooling systems and higher grade building materials.
Before you get out there make sure you make a list of your needs and wants then get shopping, the perfect home is just waiting for you. Happy house hunting!