Most first time home buyers in Minnesota find it both practical and interesting to have a 'new' house for a number of reasons: a new space to raise your family, brand new amenities and home features, and the fact that you need not to worry about costs on maintenance or renovation in the first year.
However, a brand new home can be significantly more expensive than an existing home and you don’t always know what to expect if you’re one of the few homes in a growing neighborhood.
Comparing the strengths and limitations of each scenario helps in coming up with the best decision for your home buying; the following are questions you must keep in mind when you begin finding your new home
1. How much extra are you willing to pay for a new home? Brand new homes in Minnesota are priced at a premium because of the ‘newness’ factor; you’ll be the first person to use the bathroom and kitchen appliances, will be walking into freshly carpeted rooms, and making the most of the freshly painted walls.
2. How important is resale value to you? Existing Minnesota homes for sale can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book ‘100 Questions Every First-Time Home Buyer Should Ask’). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it.
3. Can you easily adapt to a new neighborhood? Many new home constructions move at a very fast rate and as one of the first homeowners in the area - knowing what the neighborhood is like wont happen unless you get to meet more people in your new environment. You may need to consider safety and security if you have small children or elderly residents living in your home, and find out what options you have to make sure your home is as safe and secure as possible.
4. Do you want to invest time and money to renovate a home? Homes that are existing can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. If you’re looking for a long-term investment that can generate a high profit in a short period of time, buying a ‘fixer upper’ may be your best home buying strategy.
5. Which do you prefer, a primary residence or an investment? Most beginning homebuyers want investment properties that they can soon turn into a profitable business. However, older and mature homebuyers prefer primary residence mainly for purposes of settling down or establishing themselves in the neighborhood. Identify your goals beforehand and decide what you think will give you more benefits.
Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket - thats when you decide to have either a new or existing home. These questions may all be helpful as you pick the best option suited to your budget and future plan.
However, a brand new home can be significantly more expensive than an existing home and you don’t always know what to expect if you’re one of the few homes in a growing neighborhood.
Comparing the strengths and limitations of each scenario helps in coming up with the best decision for your home buying; the following are questions you must keep in mind when you begin finding your new home
1. How much extra are you willing to pay for a new home? Brand new homes in Minnesota are priced at a premium because of the ‘newness’ factor; you’ll be the first person to use the bathroom and kitchen appliances, will be walking into freshly carpeted rooms, and making the most of the freshly painted walls.
2. How important is resale value to you? Existing Minnesota homes for sale can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book ‘100 Questions Every First-Time Home Buyer Should Ask’). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it's market value is higher and you can profit at a larger scale from it.
3. Can you easily adapt to a new neighborhood? Many new home constructions move at a very fast rate and as one of the first homeowners in the area - knowing what the neighborhood is like wont happen unless you get to meet more people in your new environment. You may need to consider safety and security if you have small children or elderly residents living in your home, and find out what options you have to make sure your home is as safe and secure as possible.
4. Do you want to invest time and money to renovate a home? Homes that are existing can appreciate tremendously in value if you have the time and resources to invest in renovations and maintenance. If you’re looking for a long-term investment that can generate a high profit in a short period of time, buying a ‘fixer upper’ may be your best home buying strategy.
5. Which do you prefer, a primary residence or an investment? Most beginning homebuyers want investment properties that they can soon turn into a profitable business. However, older and mature homebuyers prefer primary residence mainly for purposes of settling down or establishing themselves in the neighborhood. Identify your goals beforehand and decide what you think will give you more benefits.
Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket - thats when you decide to have either a new or existing home. These questions may all be helpful as you pick the best option suited to your budget and future plan.
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