One of the grave mistakes that many new home buyers commit is rushing into a deal. They decide with a property that they absolutely love. The size, privacy, layout – it’s perfect as everything they could hope for. But they didn’t know that the property needs repairs, or that the land taxes are higher than in a neighboring town.
So, it’s important that you keep an open mind when evaluating potential houses, and take your time! There are always other homes that could fit your lifestyle and personal preferences, so if you find one that has potential problems, move on!
If you are currently renting and are considering giving notice to your landlord, make sure that you feel comfortable with the allocated time in finding a new home.
Depending on your area, you may be required to give your landlord 60-90 days notice, so keep that in mind so that you don’t accrue additional expenses by having to pay for rent when you are no longer there.
Older Homes Vs. Newer Homes
When beginning your search for a home, you want to consider all options so that you can get the best deal possible.
Older homes can be more affordable, however you may also be faced with costly repairs, such as replacing old equipment so that it’s up to code. Older homes often carry higher insurance rates because of an increased risk of repairs.
On the other hand, older homes can make for great starter houses, if you have the ability to do a lot of the repairs yourself. And in many cases, you can end up buying a larger house at a fraction of the cost in comparison with a newer home.
In addition, many people prefer mature properties because of the history surrounding the property, as well as existing vegetation, trees, and greenery, which provides privacy, while often giving buyers the opportunity to purchase more land for future development, than with a newer model.
But there are many pro’s and con’s to both a new and older home and it’s important that you fully understand everything about the properties that you are considering.