A home is usually the single largest investment that you will make in your lifetime. Most buyers tend to spend a great deal of time and energy searching for or designing “the perfect home”, even before signing any contracts!
Factors such as price, location, market trends, property taxes and the like will come into play when the house hunt begins. Then, of course, each buyer typically has a checklist (or, perhaps, more of a wish list) regarding specific needs and expectations for the potential property. Before all of these choices and check lists can be considered, you will face the most important decision of them all, and that is whether to build the home or buy it pre existing. Each option has its advantages and disadvantages: there’s no perfect option for everyone, but there might be a perfect option for you!
Over this month, we will break down the pros and cons that come with buying or building your home. For today’s blog instalment, we’ll be looking at the pros and cons of buying a pre existing home.
Buying a pre existing home
Pros
When it comes to buying an existing property the top two advantages are always going to be convenience and cost. Once your home loan has been pre-approved by your mortgage broker, you’re ready to begin the house hunt. Eventually you’ll find a place to place an offer on and, once your offer has been accepted, you’ll be ready to move in (or advertise the house to tenants) within a month or two. Quick, and generally painless.
The many steps this process takes such as financing and viewing homes, making offers, inspecting homes and closing might be a little daunting, but these measures are altogether going to take much less time than building from scratch. In most cases, this process is generally cheaper too!
The other bonus that entails an already existing home is the benefits of mature landscaping. You can save yourself a lot of time and effort if your investment property comes with mature trees and shrubbery as well as thick tufts of grass growing in the garden surrounding the house.
Cons
The first and most obvious disadvantage to buying an existing home is simply that you will not be getting exactly what you want. Perhaps you will be put off by the floor plan. Is there a pesky wall in the way of your desired open plan entertainment area? Maybe you wished for a bath on the second floor rather than the first.
The list of unsatisfactory features could go on.
Unless you happen to get extremely lucky and find yourself an existing home that meets all your needs and stands in spotless condition, you will end up spending additional money on remodeling, repairs, decorating and perhaps even landscaping.
Be prepared no matter how perfect things may seem when you view the open home. Additional expenses such as these should be factored in when you apply for your home loan regardless of whether you are building or buying.
If you are loving the convenience and cost factor of buying (and you don’t need any further convincing) then go ahead get in touch with the team at Priority Home Loans, your Hamilton mortgage broker. We’ll set you up and get you out there browsing and buying in no time.