If you have some money saved up, a real estate slump may seem like a good time to buy or build a home. There are advantages to each, but you need to consider which will best suit your needs.
An economic decline is not the best time to be getting into debt, so it is only advisable to get into the real estate market if you have most of the money available. Taking out a mortgage during uncertain times is not a good practice.
When real estate was riding high, then buying an existing home may allow you to buy a home that is either bigger or in a better area than you could afford. A few years ago, it?s possible to get home at two thirds of their price and this can give you a great opportunity to get a home in which you can live comfortably in for years to come.
An existing home is not always ideal though. 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. If you don?t like the fixtures and fittings, then it could expensive to have them replaced. You need to do some repairs and more maintenance is required for a bigger home which means that future expenses will also be high.
Building your own home has a few advantages. What you can do is design a home that will suit your needs such as making a bigger and more comfortable master bedroom if you have grown children since you may only need one other bedroom for guests. You may want to sell your home in the future and this is something you need to keep in mind when you?re designing the perfect home for your needs and it?s possible your design isn?t suitable for a lot of the home buyers out there. It?s important to maintain a happy medium what will make your home saleable in the future and what you want.
It?s not advisable to take out a mortgage since the current real estate slump is the result of the economic downturn. During these difficult times, it?s not a good idea to get into debt. 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. Depending on your particular preferences is whether you build or buy. A good place to start is in the area you would like to live in and you can look at existing properties for sale there. It may be a better option to build your own home if every home you see there would need major renovations in order to make it your dream home.
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Source: http://www.howtoinvesttoday.com/2011/06/01/deciding-whether-to-buy-or-build-in-a-real-estate-slump/
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