If you are planning to buy a home, either for the first time or for investment purposes, you should know that the property market today is offering numerous investment opportunities for both homebuyers and investors.
Now, mortgage rates are much lower and so are home prices and because of this, a lot of people are tempted to buy new homes. When it comes to buying homes, you should know that there is no perfect time to buy. When you find the perfect house and you find out that you are able to afford the house, then don’t waste your time, go for it otherwise it would be bought by someone else.
If you are buying a house for yourself or for investment reasons, you should always know your options. Here are the different types of homes that you can buy today.
- Newly Constructed Homes. If you want to buy a new home but don’t want to construct it yourself, you can definitely go for a newly constructed home. Because they are new build homes and have not been inhabited before, you can expect them to cost more than previously owned homes. The good side is that the property market offers numerous great prices for newly constructed homes.
- New Home Construction. If you want to build your home from scratch, you should definitely go for new home constructions. Here, you will be responsible for the construction and even the design of the house. One of the biggest benefits you can get from here is that you get to choose the layout of the house as well as the color of the walls, floors and even the cabinets. However, new home constructions could take longer to build and inhabit.
- Previously Owned Homes. This is the most common choice for homebuyers and the property market for previously occupied homes provide numerous opportunities for negotiation. This type of home is much more affordable than both new home constructions and newly constructed homes.
- Foreclosure Properties. This is your most affordable option. Foreclosure properties are previously owned homes and the property market today has so many foreclosure properties that are often 65% below their market value. However, you will be responsible for the minor repairs and modifications for these properties.