Putting up 20% for a down payment on a home is a big ask, especially for a Millennial. These last ten years have been rough, and have left many Millennials burdened with enormous college debt,
Searching for a home can be exciting and stressful. It is an emotional rollercoaster to say the least.
New homes are great because you can pick everything that goes in the home from structural options to colors of cabinets, countertops, etc. One of the issues with new homes is that they are in new communities. What will be in the community as time passes? It could be great for building equity in your home or a total disaster depending on how sales go for the builders. If sales are low the builders can reduce the price of the home to encourage more sales. This can be a problem if someone purchases at the high price.
Resale homes are different in that you know what the community will be when you drive in. Established trees, amenity centers, and no new construction. This is a safe bet when purchasing a new home but be prepared to pay market value for the home. Along with know what you are getting you also will inherit any problems with the home concerning maintenance and repairs.
So which way should you go? I like to show clients new and used homes for them to decide what will work best for them at the time of the purchase.
Butch Gilley is a Real Estate Professional in the Austin and surrounding areas and has helped hundreds of clients find the home of their dreams. After graduating from The University of Louisiana at M....
Latest Blog Posts
We live in a world of story telling as we gather with friends and family around our dinner tables and share our stories. They help us de-stress and also it gives us the opportunity to share stories