Buy a Fixer-Upper. Buying a home is an expensive and stressful experience. Thanks to skyrocketing prices, flat salaries, and fixed costs such as rent, health care, and college, today’s adult generation are not in the position to afford a home. They have plenty of expenses, along with debts that make them think twice before even considering buying a house.
Young people who have saved enough and are buying a home are making one huge mistake ― they are looking at large, new construction homes and not considering fixer-uppers or smaller models. Yes, the former home types give you the exciting opportunity to design and decorate your house as you see fit, but one of their disadvantages impacts you in the long run.
New Construction Homes vs. Fixer-Uppers
When you buy a new construction Orlando real estate, the second you settle in, it depreciates. You are probably wondering why this happens when it’s an entirely new home, right. The thing is that since you will be decorating it to your liking, potential buyers no longer see it as a new construction home. If you maintain the property and landscape, it’s possible to get a reasonable price for it when selling, but you can’t fully recoup what you spent.
On the other hand, a fixer-upper has repairs that needed to be done immediately and messed-up walls that need a new coat of paint. The more you spent on making the standard repairs and renovations, the more its value will rise. However, keep in mind that the renovations you choose should be the ones most buyers look for in a house, such as a deck in the backyard, new cabinets in the kitchen, and painting the walls. A few renovations that buyers don’t like are a swimming pool, a fancy porch, a more oversized bathroom with luxuries such as a sofa and LCD, etc.
Buying a Home Even When You Are in Debt
According to the findings of a survey conducted by The Harris Poll, 68% of Millennials are still trying to pay off their student loans, even years after their graduation. This debt has put them in a precarious position of whether they should continue renting or buying a house.
Many fail to reach the latter decision because most of their savings cover their personal expenses and pay down their debt; this doesn’t mean that you can’t buy a house. Paying down your debt is not that difficult as people make it out to be. By analyzing your expenses, prioritizing them, and cutting back on luxuries, you can shorten the payment period of your debt.
In conclusion, the biggest don’t of buying a home is looking at construction houses. To find a house that will fit in your budget and not put you further in debt, you should consult an Orlando Buyers Agent. Visit the website Megan Dowdy Realty to get in touch with a Sanford Florida Realtor. For further information, call 407-509-9279.
