Anyone who wants to live the dream of becoming an adult understands that at some point your parents are going to kick you out of the proverbial nest, and then it is up to you to find out where you go next. Not only is it extremely important to set up a new home base just to protect yourself and your things, but so much more than the physical aspect of having a home is the financial one as well. From the idea of building credit and equity, to the point about having a true financial asset on your side, there is a significant amount of wealth that can be generated by actually just purchasing a home and paying off a mortgage yourself (instead of continuing to rent and pay off someone else’s mortgage).
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Take these simple points into consideration as you think about your possibilities of home ownership.
Building from Scratch
When you consider the idea of owning a home, you should think about buying an existing home. The work has already been done, and if a home is going to go on the market then you should have confidence it was already good enough for someone else to live in. The short story with an existing home is that in the worst case scenario you have a place to stay and call your home base. From the day you sign the mortgage and complete the closing, your new home may not be perfect and it may still need work, but the fact remains it is yours and it is ready to be lived in regardless of what else you want to do it.
When you go to build, you have all of the options in the world. However, you still have to do all of the work that doesn’t come with buying an existing home. There are foundation issues to worry about from leveling to building and etc. You have to consider running your utilities from the street or the local lines all the way to your home. You don’t know about drainage either from water and storms or even from your own piping yet. Then you have to get into the issues of actually drawing up plans and designing a home from scratch, not to mention the costs of making a customized home. It can totally be done, but it can also cost a significant amount of money to do so in the process.
Checking The Bones
Chances are if you are putting in a bid on a home then it has to pass some sort of inspection to even make it to closing. The truth of the matter is more and more buyers not only demand a given home to be up to code before they will close on it, but they won’t even put in a bid until they have confidence the home will be safe enough to buy. If a home already is up to code when you go to buy it then you could not only save yourself significant amounts of risk by making sure that you are going to be in a safe home (especially for things like electrical and plumbing), but you are also saving yourself thousands of dollars by not having to pay to have the work done all by yourself. Buying a house that has this work done will not only lessen the burden on your wallet or pocketbook, but it will also keep your headaches to a minimum during the home buying process.
Cosmetics Are Simple
When many people walk into a home the very first thing that they see is the visual and cosmetic side of the home. However, while you do want to be sure you understand exactly what you are getting yourself into, you also want to have the right idea of what kind of costs you could be facing before you buy a home. Someone might see a paint job that needs to be done as a lot of work, but if you ask any qualified contractor they will tell you that painting (as well as any other cosmetic business) will only wind up taking a fraction of both the time and money that major interior updates or structural issues will cost.
That is exactly the reason that when you are looking for a used house with DDProperty you need to remember that the most important thing is keeping an open mind and understanding that any home may need work. The question is going to be how much work and how much it can actually cost to get it in the form you want it to be.
Renovations and Additions
Renovations may be a simple thing in the eyes of some while others may be afraid of doing them altogether. Again, the most important thing about any specific home is that you are able to put your stamp on it and have it look and be exactly the way that you want. You have to live in a place that will make you comfortable. If that means adding onto your home in the form of new projects, then so be it. The right home has enough space for you to move into now and won’t feel too big, but will also be one where you can continue to grow as your needs (and possibly your family) expand over time.
Whatever home you do end up deciding on will largely come down to your specific needs. From location and neighborhood to school districts and taxes, all of these things will fall into line when you choose the perfect home. However, one thing that you have to be sure of is pretty clear, and that is regardless of what home you do choose, make sure that you are seeing a house for what it can turn into with a little elbow grease and not just go looking for finished projects. Keep your mind open as you hunt for homes and you will find a hidden gem.