If you have some money saved up, a real estate slump may seem like a good time to buy or build a home. Both have their advantages, but considering which will suit your needs best is still important.
It is only advisable to get into the real estate market if you have most of the money available since an economic decline is not the best time to get into debt. It?s not considered good practice if you are to take out a mortgage in uncertain times.
When real estate was riding high, then buying an existing home may allow you to buy a home that is either bigger or in a better area than you could afford. A few years ago, it?s possible to get home at two thirds of their price and this can give you a great opportunity to get a home in which you can live comfortably in for years to come.
But it?s not always ideal to have an existing home. The design of the home may not be exactly to your liking, and this could mean that you will be forking out money for renovations or remodelling. If you don?t like the fixtures and fittings, then it could expensive to have them replaced. Future expenses will be high as well because repairs may need to be done and a bigger home needs more maintenance.
There are a few advantages when it comes to building your home. What you can do is design a home that will suit your needs such as making a bigger and more comfortable master bedroom if you have grown children since you may only need one other bedroom for guests. Your ideal design may not suit the bulk of the home buyers out there so while you?re designing your perfect home, keep in mind that you may want to sell your home in the future. Maintaining a happy medium between what you want and what will make your home saleable in the future is important.
Because the current real estate slump is a result of the economic downturn, it is not advisable to take out a mortgage. Getting deep into debt in these difficult times is not ideal. If most of your purchase or building costs can be finance with your savings, then it?s a great time to get a taste of your own real estate pie. Whether you build or buy will depend on your particular preferences. Perhaps a good place to start is to look at existing properties for sale in the area you would like to live in. It may be a better option to build your own home if every home you see there would need major renovations in order to make it your dream home.
Any baseball fan will love this mlb gift ? complete topps team sets. We carry baseball team sets for all major league teams.
Popularity: unranked [?]
Source: http://phnompenhcapital.com/deciding-whether-to-buy-or-build-in-a-real-estate-slump/
lenka rascal flatts south park ludacris guitar keith urban versus
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.