The home-buying process can be an interesting time for novice homebuyers as well as knowledgeable homeowners. As you start to take a look at houses, you might be wondering, “Is it more affordable to build your very own home or to purchase a Myrtle Beach home?”
The typical sale price of a new home in the United States was $322,500 in December 2016, according to the United States Census Bureau and the United States Department of Real estate and Urban Advancement; the mean price of an existing house was $232,200 in the same month, according to the National Association of Realtors. With house rates increasing and home loan rates remaining low, the time may be perfect for buyers to protect a deal on a brand-new or pre-existing house. Thinking about all the expenses of a new home, which is the better investment: building or purchasing?
In this post we will take a look at buying an existing home.
Purchasing a house is an attractive choice for lots of people due to the fact that most of the time, you can move into the house immediately after closing. You may be stressing over the purchase of a house that doesn’t have all the features you desire. But the home you decide to buy, whether it’s your very first house or not, does not need to be perfect down to the wall paint. You can upgrade the unappealing functions of a home gradually, and you might even make money from a couple of upgrades.
In some cases you may be able to negotiate a lower price if the house has been on the market for awhile. If the home is 90% what you are looking for, call in a home remodel expert to give you an estimate on what it would take to make it the perfect home for you.
5 Pros of Buying an Existing Home
In order to understand if purchasing a home is the right option for you, you have to initially comprehend this kind of purchase and how to weigh the advantages and disadvantages.
Opportunity to quickly resell the home: After purchasing a home and making a few renovations, you have the potential to resell the home, allowing you to roll over added revenue into a newer and better home. In accordance with a RealtyTrac report on single family home sales in Q3 of 2016, the average gross earnings of completed turns was 47.1 percent of the original home purchase cost.
You don’t need to make all the upgrades at one time: With a pre-existing Myrtle Beach home, you can take your time making renovations, allowing you to better budget plan for the costs.
Capability to move rapidly: For the most part, the purchaser can move in instantly after closing; you don’t have to fret about a wait time or make arrangements for short term housing.
You understand the area: If you’re buying a house in a pre-existing community, then you can take the time to get to know the neighborhood, property values and other details.
Easy to envision: You can see the layout and the design of a pre-existing home. It can be hard to visualize the layout when you build a home to ensure it is what you are dreaming of.
5 Cons of Buying a Home
Buyer’s regret: You need to discover and get used to the peculiarities in your house that didn’t stick out when you were in the home-buying process.
Update expenses: Needing to move into a house and make upgrades can be a major time and money investment. Even the most basic house redesigning projects can cost thousands; the average expense of a significant kitchen remodel in the U.S. in 2016, for instance, was $119,909.
Being stuck with the design: You can’t quickly alter the layout or floor plan of a pre-owned residence.
Remodel expenses: Aside from paying closing expenses and other upfront expenses, you might have to invest some time and money to bring the house up to your standards, or even local building codes, by changing carpeting for hardwood floors, repainting, etc. You should always have a home inspection before you go to closing on an existing home.
Greater house insurance: Compared with a brand-new home, your house insurance coverage expenses may be greater with a pre-owned home. New homes come with features that are new and energy saving, unlike some pre-existing houses.
Contact Full Potential Real Estate before you make a final decision on whether to buy an existing home or build from scratch. We can help you with the decision making process.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577