If costs were the same, 40 percent of Americans would prefer a new construction home over a pre-existing home. That is compared to 21 percent who would opt for an established home and 39 percent with no preference.
However, fewer than half of those who strongly prefer a newly-built house are willing to fork over the additional 20 percent that new builds bring on average. Why is that? Although the newness is enticing, it doesn't single-handedly carry the luster during the home-buying experience.
While shiny and new has its allure, what's actually behind these home buyers' preferences? Questions on how to buy a new construction home? What are the pros and cons of buying a house that is newly-constructed? The following points look at some of
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When it comes to home buying, there are a number of different factors a lender considers. Beyond the standard credit score, they're also looking at the buyer's total financial history—including the entirety of their assets, income, and debt. The debt-to-income (DTI) ratio is a major factor when it comes to the approval chances for a buyer. Why is the DTI ration significant, how do lenders calculate it, and what can home buyers can do to improve their ratio?
The debate between renting and buying has been going on for years. It's something many are faced with, especially when moving to a new city. Here are some of the things you should consider if you're thinking about buying or renting a home.
Buying a home is a huge decision, not only because of how much they cost, but because there are a lot of moving parts that affect the purchasing process. Various types of safeguards are put in place during the normal home buying process that work to protect both the seller and the buyer, and in most cases, they are referred to as contingencies. What do these contingencies mean and how can they help a buyer? Let’s explore three common ones and how they work.
Buying a home can involve a lot of expenses to consider, including a down payment, fees, inspection costs, and more. What many people tend to think of, though, when purchasing a home is the sum of closing costs that must be paid before the purchase is finalized. While many parts of the buying process are important, having enough capital for closing costs is an integral part of the entire purchase.
Home down payments can be a significant expense for a first-time buyer, who might not be able to pay as much towards a down payment as someone who already owns a home and is able to sell it in order to finance the purchase of their next home. This can put first-time home buyers at a disadvantage in the home-buying market and raise important questions as they struggle to put together the money necessary to make the down payment on a home.
Whether a person is buying a home, adding to their existing home or erecting a new structure on their property, there's a good chance they'll need to hire a surveyor. Many states actually require a survey on property before a title is transferred. Understanding the need for a survey and when to get a survey is important.
When it comes to finding the right real estate agent, home buyers should treat it like they do when they need to find a qualified professional that will be handling any other important aspect of their life.
One of the more important aspects of the home purchase process is the crucial step of getting a home inspection. While some buyers may see this as another service to skip in order save money, it can have the potential to completely change the rest of the transaction.
Bidding wars are usually fun for the home seller, but they can be downright dangerous for a home buyer. When two (or more) buyers are bidding on the same home, it can start to feel like there are no other homes on the market. This usually happens when the real estate market is a sellers market.