A real estate slump may seem like a good time to buy or build a home if you have some money saved up. There are advantages to each, but you need to consider which will best suit your needs.
Getting into debt is not a good idea during an economic decline so if you want to get into the real estate market, make sure you have most of the money available first. It?s not considered good practice if you are to take out a mortgage in uncertain times.
Buying an existing home may allow you to buy a home that is bigger or in a better area than you could afford when real estate was riding high. Giving you a good opportunity to get a home you can live in comfortably for many years is the fact that you can get home at two thirds of their price a few years ago.
An existing home isn?t always considered as ideal. The design of the home may not be exactly to your liking, and this could mean that you will be forking out money for renovations or remodelling. Replacing the fixtures and fitting that may not be to your taste can be costly. You need to do some repairs and more maintenance is required for a bigger home which means that future expenses will also be high.
There are a few advantages when it comes to building your home. Designing a home that will suit your needs is what you need to do such as building a master bedroom that?s bigger and more comfortable since you may only need one other room for guests if you have grown children. While designing the perfect home for your needs, bear in mind that you may want to sell your home in the future, and your ideal design may not be suitable for the bulk of the home buyers out there. Try to maintain a happy medium between what you want and what will make your home saleable in the future.
The economic downturn caused the current real estate slump which means that taking out a mortgage is not advisable. Getting deep into debt in these difficult times is not ideal. If you can finance most of your purchase or building costs with savings, then now is the perfect time to get your own slice of the real estate pie. You can choose whether to build or buy, but it will depend on your particular preferences. Perhaps a good place to start is to look at existing properties for sale in the area you would like to live in. If major renovations are what you need to do to every home you see there, then building your own home may be a better option.
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Source: http://phnompenhcapital.com/advantages-of-buying-or-building-in-a-real-estate-slump/
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