Buy a New or a Pre-Owned House

When it comes to real estate, it not only important to buy a house, but most importantly a home. A home is where you look forward to going every evening after job. Careful considerations therefore need to be made before the purchase of a house.

You may either decide on buying a new house or settling for a resale house under a previous ownership. Either way, there are several factors to consider like the pros and cons of each side.

The Pros Of Buying A New House

The first advantage of buying a new home is that everything is brand new and squeaky clean. This means that there are no major issues such as repairs, old tiles or even outdated wall colors. The other advantage of a new house is the incorporation of the latest technology in building and design.

A new house is also move-in ready and there is no work that needs to be done or time to be wasted before you move in. a new house also comes with the space for customization of features. If you have plans to obtaining a mortgage, you should definitely go for the new house. Other types of financing also give a higher consideration than a pre-owned house.

The Cons Of Buying A New House

A new house is expensive to purchase. Moreover, the location of the new house may not be the one of your choosing.   A new house may also come with loose architectural ends since you may not be able to tell what amount of work was put where. Purchasing a new house also comes with the uncertainty of neighborhood dynamics and you never know what to expect regarding the culture, social and political environments.

The Pros Of Buying A Pre-Owned House

A resale home is cheaper than a new home. I buying a resale home, you will have the luxury of choosing the location and therefore, the neighborhood and surrounding environments.  An old house is also important for you if you want to make personalized renovations. Old architectural designs also tend to be stronger and unique than the new designs.

The Cons Of Buying A Pre-Owned Home

The first con is that they are hard to find, unless you find someone moving out with an intention of selling the house. The house may also have major problems that you may fail to notice at the beginning. It is also an uphill task to get financing from a resold house.

Also, in buying a pre-owned house, you may come to a point of choice between the perfect house and the perfect neighborhood. You may end up settling for a smaller house just to get the ideal location.

Hottest Real Estate Markets in the US

In the past decade, the real estate market in the USA has been on a steady rise. Due to the high number of houses put up, 2019 will be the year where there will be more houses than buyers. But in some cities, the prices and sales will shoot up.

Some of the best real estate markets have ranked in regards to how viable the economy will be, the rates of unemployment, median household income, affordability among other factors. From Midwest to southwest, from north to south, these real estate markets represent a diverse and broad America. New housing is constructed to meet the needs of everyone starting from first time buyers, young families and even the elderly as they can be put up as retirement communities.

The following are the hottest estate markets in the USA:

Lakeland, FL

With its proximity to Walt Disneyland and also Tampa and Orlando this has become one of  hottest markets in the US. The projected price growth is at 7.4% and sales at 5%. The medium price list is $224,950.

Grand Rapids, MI

Due to the availability of viable jobs and lower cost of living real estate companies are shifting to this area as the predicted price growth is at 8.2% and sales are set to grow to about 4%. The average listing price is at $278,750.

Chattanooga, TN

Located in the small river city along Tennessee-Georgia border the houses here are affordable. Investors are moving here quickly as the sales are projected to grow up to 5.2%. The median list price is at $269,950. The price is set to grow to a high of 4.3%.

El Paso, Texas

The town is located close to one of the largest military base in the country. With people moving from neighboring estates the predicted price growth and sales are projected 2.5% and 7.9% respectively. The houses are quite affordable as they start at $175,050.

Miami, Fl

With the price growth slated at 5% and sales projected to grow at 3.3%, the market is becoming quite popular among retirees. The median listing price is $385,050.

Boise, ID

This town has attracted many people from the more expensive towns such as California. The median listing is at $330,045. Although it is growing the sales are at a low of 1.5% brought about by the high price growth of 6.9%.

Bridgeport, CT

This town has become a harbor for people escaping the mansion’s tax in New York. The predicted price growth is 4% while the median price listing is at $749,050 coupled with a projected sales growth of 5%.

Las Vegas, NV

Since it was hit hard in the housing crisis in 2008, the city has bounced back to become one of the best markets in the USA. Due to its low mortgage rates and lack of state income tax people are moving in large numbers. The listing price is set at $320,049. With projected price growth high at 7.9% it has reduces the sales to about 0.9%

Getting Past the Fear of Buying Your First House

Buying your first time home requires proper planning. Many first time buyers have the fear of buying the wrong home. On top of that, many have the fear maintenance costs among other costs that come with owning a home. Below is a brief discussion of how you can overcome the fear of buying your first house.

Have a list of all you need in your new house

This is highly essential to avoid buying a house that you don’t like. Many first time house buyers out there, fear buying the wrong houses. You can overcome this fear buy having a list of all requirements you need in a new house. With that list, you can look for a house that will meet all your requirements. This will ensure that you feel comfortable in your first time house together with your family.

Plan and budget properly

Many first time house buyers fear that they might have difficulties in paying their mortgage. You can fear losing your job which can make mortgage payment a challenge. For that reason, you should have a large emergency fund set aside for the mortgage payment. Furthermore, it is important to put your business in order to ensure that you can take care of the bills and repair costs that may be needed.  Here is how to create a budget.

Consider your family size and possibility of growing

You need to consider the size of your family when buying your first time house. On top of that, you need to consider the growth of your family in the future. Buy a house that will accommodate your family right now and consider some growing room to avoid issues after some years.  This will ensure that you have a peace of mind even if your family grows.

There is no perfect time to buy a house

Many first time buyers fear owning homes as a result of fear of adjustment, loss of property value among other reasons. For that reason, it is important to note that there is no perfect time to buy a house. You can keep waiting for affordable classic houses but they keep coming.  Therefore, get yourself ready and go for that house of your dreams any time you feel you are ready.

The above tips will help you overcome that fear many first time house buyers experience. With the right budget and plan, you can get the right house that meets all your needs. Therefore, use the above tips to get past the fear of buying your first house.