Posted on: 12 November 2019
A single-family home is one of the most common home types available in many real estate markets. These homes are freestanding structures that do not share a wall, ceiling, or floor with a neighboring property.
Deciding that a single-family home is right for you is just the beginning when it comes to your search for the perfect property. You must narrow your options to determine which type of single-family home will be best suited to meet your immediate and future needs.
New Construction Home
A single-family home that is purchased directly from the builder is referred to as a new construction. These homes have never been lived in.
Everything inside and outside the home is brand-new, which can significantly reduce potential repair costs in the near future and make the home easier to maintain. You may even have the option to customize certain finishes, depending on what phase construction is in when you purchase your new home.
The downside to a new construction is that you often do not get to see the exact home you will be buying before signing a contract. You will walk through a model home instead. If you can't live with that kind of uncertainty, then a different type of single-family home will be better suited for you.
A flipped home can offer some of the same benefits as a new construction. Both types of properties will feature new materials, fixtures, and appliances. Real estate investors often flip homes full-time, so they know what they are doing.
You can find an affordable property that has the look and feel of a new home and some built-in equity as an added bonus. You will need to be sure that you are purchasing from a reputable investor if you opt for a flipped home.
Do your research to ensure that all major structural changes are properly permitted to avoid potential complications after you move into your new home.
Buyers who are handy with power tools and have a specific vision for their home will often benefit from purchasing a fixer-upper. These homes can usually be purchased for a fraction of the cost of other properties in the neighborhood.
The key to scoring a great deal on a fixer-upper is to look for properties that need only cosmetic updates. Replacing a damaged roof, addressing mold, or fixing a cracked foundation can be very costly.Share