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Real Estate
Pros and Cons of Different Property Types: Part 1
November 16, 2020
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Location, price, size – these are the three things most people think while buying their home. But apart from these three things, you’ll have to consider the type of the property also. Usually, you’ll see four types of houses while buying your home. So, how do you understand which type of house is perfect for you? There is no binary answer to this question. Also, the answer to this question varies from person to person. It depends on your goals, budget, and buying timeline. 

In this article, I’ll tell you about the pros and cons of each of these types. For your convenience, I have divided this topic into two parts. Today, I’ll discuss the first part. Keep reading.

Pros & Cons of Different Property Types

1.    Newly Constructed House

This type of property is directly purchased from the home builders or real estate companies. Also, many people buy land first, and then they build their dream house on that land. Whichever option you choose, you get the same benefits.

In a newly constructed home, everything is new, and this offers you a number of benefits. For example, as everything is new in the house, you won’t have to spend money on repairs or replacements. If you know how to manage your house properly, you can benefit of this for years.

One of the biggest disadvantages of buying an old property is that it requires frequent repairs and replacements. For this, sometimes you’ll have to spend a huge amount of money. But with a newly constructed house, you won’t have to face such a problem.

Also, another benefit of buying a newly constructed house is that you’ll be the first one who will live in that house. That means you can design your house interior according to your choices and preferences. You won’t have to break any walls or redesign anything. Everything will be new, and you’ll be the empire of your own land.   

Everything comes with disadvantages, so does newly constructed homes. For example, a newly constructed home takes a lot of time to build. If you’re starting from scratch, it’ll take months and sometimes years, depending on the property and timeline.

That’s why if you have a short time to move, you should opt-out from a newly constructed home and search for other options. Besides, you’ll have less room for negotiation, and it’ll cost you more than an old house.

2.    Move-in Ready House

This type of house is also known as turn-key houses. This type of house requires less or no work. Besides, you can move to your house right after purchasing the property.

If you’re planning to move to a new house within a few days, this type of house is for you. Besides, you won’t have to spend extra money to get your house in shape. Apart from these benefits, you’ll require less or no repairs at all.

However, you may have to spend extra money while purchasing a move-in ready house. Like newly constructed homes, there is little space for negotiation. Besides, the house interior can be old and may not align with your preferences. You may require cosmetic touch-ups here and there in your house. In the next part, we’ll discuss the benefits of Remodeled or Flipped Houses and Fixer houses in detail. Keep your eyes out for the second part.

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About author

Richard Nevis

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