Home Buying Options
Buying your first home? The buying process can be intimidating. Maybe it’s a second, or third purchase, but you aren’t sure if the process has changed since your last purchase. Whether it’s your first or 5th, buying a home is a big deal. For most, it’s one of the most expensive investments they make in a lifetime.
Purchasing a home isn’t like other big investments, such as a car, because a home will be with you for much longer. So there is a lot to consider, which can be daunting even for those who have previously purchased. So it’s always a good idea to seek the advice and guidance of a professional.
Our team can help guide you step by step through the buying process, and help ensure you consider all of your options.
Let’s start with the five different ways you can buy your next property, and the pros and cons of each.
5 Ways to Buy a Home
Option 1: Buy a Fixer Upper
This option is fantastic if you enjoy do it yourself projects, especially working on homes. You buy a home that is listed below market value, you live in the home and work on it room by room. Once you are finished, you can remain in your update home or sell it again for higher value than you purchased it for.
Fixer Uppers require rehab money, so the upfront investment is greater. They can also come with surprises, and can turn into money pits. So it’s important to get educated on the best options for financing, ensure a good inspection, and make sure you find the best network of contractors to help.
Want to learn more about the pro’s and con’s of buying a fixer upper?
Click below and we will walk you through the things you should know and hot to be better prepared.
Option 2: Buy a New Construction Home
Don’t want to deal with the hassles of a fixer upper? Looking for a move in ready home? New Construction Homes may be the best option for you.
This is a great option of you want to be in a specific area of a large Metro Area like Dallas, TX, and plan on staying for at least a few years.
Buying new construction homes has a lot of benefits. You can choose from different models with different layouts, you can choose from 1-garage or 2-garage homes, open spaces or spaces that are section off, and even choose from different finishes for things such as cabinets, counter tops and flooring.
You can also choose from all different price ranges. Buying pre-construction can also help save you money. Many home builders offer bonus dollars for buying pre-construction, will brings the price down, and many also offer closing costs.
Interested in learning about the additional benefits and incentives of buying new constriction homes? Click below to keep reading.
Option 3: Buy a Pre-Owned Home
The majority of home buyers choose to buy a pre-owned home that has been put on the market.
Most Popular Reasons Buyers Choose Pre-Owned Homes:
- They are less expensive than buying a new construction home.
- You benefit from the upgrades and remodels made by the previous home owners, such as pools and outdoor living areas.
- There are many more options in your price range.
- You have a much wider search area in the city you want to live in.
For many home buyers, choosing a neighborhood with a good schools for their kids is very important. Have a close commute to work is another important factor. Having relatives close is another reason home buyers choose homes in specific areas of town. No matter what the reason is, if you have a specific area in mind, buying a pre-owned home can give you more options.
If you would like to learn more about the benefits of buying a pre-owned home, click below to continue reading.
Option 4: Buying a Home Not Listed on the MLS
Some sellers choose to sell their homes themselves and not list them on the open market, also knows as the MLS. This is better known as “For Sale By Owner” (FSBO).
You won’t find these homes being showcased by real estate agents, this is because when a home is not listed in the MLS, there is no guarantee that the buyer’s agent will get paid. In these cases, the benefits are mostly seen by the listing agent.
Because of this, many of these homes are overlooked, even though they may be the perfect fit for you. So it is worth taking these into consideration as you are doing your home search.
Choosing the right real estate agent is even more important in this case. We can help you schedule appointments to see a home that is not listed, and help you walk through the pros and cons should you find your dream home. If you do find it, we can help you finalize your purchase.
Did you already see a home you may be interested in? Learn more about buying homes that are not listed on the MLS by clicking below.
Option 5: Building a Home on a Purchased Piece of Land
Building a home on purchased land is becoming a more popular way to buy. This is especially true for those that don’t have to commute to and from work every day. Lots of Americans work from their home offices and want to get away from the city life.
So, they buy an acre of land outside of the city, but close enough that they can still enjoy a shopping trip. Before buying land, it is important to consult with a building contractor, as they can determine the infrastructure is safe for development.
What does this mean? You will need a septic system, gas lines, water lines, and electric lines. Would you have access to necessary services, like garbage disposal and pick up? It is important to know all of this before you purchase the land.
Interested in taking this approach? I can help you find the right land, and the right contractor to help ensure this land would be the right fit and would fit in the price range you have in mind, so you also have the budget you need to build your dream home.
Interested in learning more about building a new home on your own land? Click below to get even more details.
To recap, you have a lot of different ways to buy a home, wether it’s a forever home, a vacation home or an investment home.
- Buying a Fixer Upper
- Buying New Construction
- Buying a Pre-Owned Property
- Buying a Home that is For Sale By Owner
- Building a Home on Purchased Land
Are you still having trouble deciding which is the best option for you? Did you already decide on which option is best? Give us a call and we would be happy to get you started on your home buying journey.