Author: Marlon A. Thomas Jr (Page 1 of 2)

New Construction or Resale?

As you continue your home search, I’m sure you’ve wondered if it’s better to buy new construction or a resale home. You might love the idea of owning a home with the latest safety standards and modern technology. Or you might like the idea of buying an older home because of its charm. But of course, both will come with their fair share of pros and cons. Here are a few reasons you may prefer to buy a newly built home over an existing one.

Buying a Home for the First Time

Buying a home can be a daunting task for first time home buyers.

However, as a Realtor, I understand.

Below I have eleven tips for first-time home buyers.

Featured: 10 Major Advantages of Owning a Home

But first, what exactly is a first-time homebuyer?

First Time Home Buyer Definition

The U.S. Department of Housing and Urban Development defines a first-time home buyer as the following:

• You haven’t owned a primary residence for three years. However, if you’ve owned a home but your spouse hasn’t, both of you can still buy as first-time home buyers.

• You’re a single parent who has owned a home with a former spouse while married.

• You’re a displaced homemaker who has only owned with a spouse.

• You have only owned a primary residence that wasn’t attached to a fixed foundation.

• You’ve owned a home that wasn’t up to code. Or if it wasn’t possible to bring the property up to code for less than the cost to rebuild.

Which Mortgage Type?

Knowing what mortgage type is best for you can be somewhat of a doozy. For this reason, it should in your best interest to find a reputable mortgage lender. This will allow you to be consulted by an expert while finding out what home loan is best.

Before continuing, I must make a disclaimer. My intent with this article is to briefly describe each type of loan while giving my opinions. I am a Realtor, and I do not proclaim myself to be a mortgage expert whatsoever.