Next year I’m going to be turning 30. That’s a lot to handle, thankfully I make a good living but this is the time in life when I need to start thinking about putting down roots. The real question is where and what kind of property would I like to purchase.
Buying A Foreclosure
The key advantage of purchasing a foreclosure is the possibility to get an amazing deal. You’re dealing with a bank as contrasted to a person hawking their home. Contingent on the bank, some are good some are bad. The process may take a bit longer than usual.
As far as the home goes, occasionally there are major things wrong. Make sure you get a home inspection on one of these. If there are any structural or safety issues, most banks will not make the repairs. With a personal seller you can assume they’ve kept their house in livable shape.
Buying A Fixer-upper
The thing about fixer uppers is that they are very costly and time consuming. However, if you have some money stashed and don’t mind a little sawdust in your cereal and coffee in the A.M. go for it. If you are not a handy man or have delusions that you should be on HGTV while you cant even nail straight, don’t do it!
Buying A New Turnkey
When you purchase someone else’s home, you purchase someone else’s vision and decorating tastes. When you purchase someone else’s home, you may find someone else’s problems. With numerous new homebuilders in all of the major metropolitan areas today, they must compete for your business.
At the same time new homes do not have that old school lived in charm like your favorite pair of jeans or that hoodie you stole from your college roommate. To me new homes feel so impersonal.
In the End
I don’t know where I’m going to end up. I know that the tough part is going to be getting a loan from the bank. And I know that there are different types of loans for different types of homes. Such as a 203(k) loan for Buy a “Fixer-upper” or REO property needing renovation or a The HomePath program was created by Fannie Mae to offer foreclosed homes directly to qualified buyers.
Post by Benjamin – our resident Man about Town & regular contributor.
Photo credit: seier+seier / Foter / CC BY
We bought a new construction home, and while it was fun to choose the interior…I miss the trees and landscaping that comes with an older home. Good luck with the future home!
rachel @ Following In My Shoes says
We tend to buy older homes — they fit our budget and style preference.
I wish I could afford to buy any home. With the prices here in the SF Bay Area, that will not be likely in my lifetime.
Anne - Mommy Has to Work says
We just bought new construction home. Love it!!
A Time Out for Mommy- Elaina says
I’m hoping to buy a house soon!
Kelly @ A Girl Worth Saving says
We’re thinking of selling our house and buying another home. I’ll have to check out the homepath program.
Ours is a fixer upper, but it’s ours.
I’d like to buy a home! 🙂
I was just telling my hubby I want to look into buying a house.
I almost bought the home next door to ours when it was foreclosed on earlier this year. Still kicking myself for not doing it.
We are hoping to buy a new home in about a year or so.
Tricia Nightowlmama says
totally threw me off there. i was thinking u were going to be 30 then realized it was a guest post. lol
Buying a home really takes a lot of thought good luck on your decision.
Steve @ Travel Equipment says
When I get to retirement, I’d like to buy a new home to start something anew. Getting a loan will really help me to get the best choice of house.
My sister has been doing fixer-uppers for years. Some of the places she moved into were so bad, but she she did them up and then moved on. She saw it as a source of income. Each time she made money, because she could see the potential and not many other people could be bothered. Let’s face most of us want a ready-made home. She’s sitting pretty right now.
Jenn @therebelchick says
I really wish that I had not bought my home when I did in 2009…while we thought the market was DONE sinking…our home dropped an additional $50K in the last 3 years. Guess we won’t be moving any time soon!
Notorious Spinks says
I can’t wait to purchase the first home I’ll actually get to pick out.