Buying a Home

Real estate agents don't like to call a house a "used" house. It makes it sound too much like a used car, doesn't it? But when you're buying a home you only have two choices: new or used.
 

I'm Ilyce Glink with expertrealestatetips.net and today we're talking about how to decide whether you should buy a new house or a used house — by the way, real estate agents will refer to a used house as an existing home. "Existing home" sounds a lot nicer, doesn't it?

If you're deciding between buying a new house and buying one that someone else has owned, you've got to think through some of these big issues.

First, there's the cost of new construction. Buying a newly-built house tends to cost more than an existing home, unless you buy way out in a rural community, where land is cheap. Of course, then you might go broke from buying gas to get to your job.

And it isn't just about getting to your job. You'll also want to think about how long it will take to get to a grocery store, dry cleaners, your kids' school, your house of worship, and other places you go by car.

While new homes are more expensive, they might also increase in value faster than an existing home. That said, it might be impossible to buy a new home in your neighborhood of choice, unless you buy a lot, hire a developer and build your own house — which gets back to the money thing again.

Finally, think about how much renovation you'll need to do to an existing home. If you can buy an existing home that's been totally renovated in a great neighborhood with a good school district that might be a better choice than moving to a newer neighborhood with an untested school district.

I can make the case for and against buying either a new home or a "used" home. It's great to live in a brand new home, but there's nothing like the feel of an established neighborhood. But the bottom line is price: it depends on what you want to spend, where you want to live, and what kinds of amenities you'll want to have.

This video is also available on YouTube: Video: Buying a Home

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NOTE: This video transcript is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This content may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.