New Homes vs. Resale Properties

How do you know if you should buy a new home or resale home? I’ll explore the pros and cons of each today.

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Which is a better investment—new homes or resale homes?

I get this question a lot from buyers. Ultimately, it all depends on your perspective.

A new home is a great investment if you’re looking for a low-maintenance home. If you’re looking for everything under warranty and you don’t want to make improvements to the property right away, then a newer home is going to be the better option for you. A new home will also maintain its value longer than a resale property.

If you are interested in making improvements, you can get a resale property at a lower price and make upgrades to increase the property’s value.

You can get a resale property at a lower price and add upgrades to improve its value.

Both are good investments. It ultimately depends on your perspective and how you want to manage your time and money in the property.

If you have any other questions about buying a home, just give me a call or send me an email. I would be happy to help you!

What’s the Difference Between a Pre-Qualification and a Pre-Approval?

If you’re a homebuyer in our market, it’s better to get pre-approved than pre-qualified. Here’s why.

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What’s the difference between being pre-qualified and being pre-approved? Which one should you strive for as a homebuyer?

Being pre-qualified involves just getting on the phone and having a short conversation with a lender. They’ll take some basic information from you, and how they qualify you is based solely on the information you give them. However, this information, through no fault of your own, might not be accurate.

Being pre-approved means filling out a loan application, meeting with a lender in person, and giving your whole file to an underwriter. You’ll then get pre-approved by the underwriter. Once you’re pre-approved by that underwriter, you’re actually qualified to buy a home.

If you want to beat out other buyers, get pre-approved.

In this market, it’s especially important to be pre-approved. Sellers won’t want to take an offer from a buyer who is only pre-qualified—they’ll want a full pre-approval. If you want to beat out other buyers to the best deals in our market, get pre-approved.

If you have any questions about pre-approvals or pre-qualifications or you’re thinking about buying or selling a home in our market, don’t hesitate to reach out to me. I’d be happy to help you.