Cost of Owning a Used Home and the Benefits of Owning a New Home
When you're looking to buy a home, you obviously have two options: buy a used home or one that's new. While both undoubtedly have their perks, when it comes to the latter, there's nothing quite like the experience of buying a new home. While we'll discuss more about the benefits later, right now, let's talk money. While it can be a touchy subject, it’s also a rather important one considering what the cost of a home could be. You work hard for your money, so you want to make sure it's being used wisely, right?
There are several factors involved in the cost of a home (such as size and location), and according to the National Association of Home Builders (NAHB) the median cost of a new home in April 2017 was $309,200 while the median cost of an existing home was $246,100. However, what if we told you that a 2014 NAHB article, New Homes are Less Expensive to Maintain, claimed that over time, it's going to be cheaper to maintain a new home? With that said, let's discuss some of the costs you may potentially face with buying a used home over one that's new.
While you might think that the previous owners are going to repair everything in the home that needs to be taken care of before you move in, that’s not necessarily true in many cases. It all depends on the agreed upon terms. In some cases, you may have to take some, most, or all of the repairs on yourself so you'll have to be financially, and emotionally, prepared to do that. You might find yourself fixing a loose railing in the backyard, repairing a fence, or having to fix loose stairs. Individually, they might not seem like much, but when added together, it could be a pretty big amount especially...