Is it better to buy a new constriction house or a foreclosure house for a first time home buyer? Pros and cons?

Posting as :
works at
You are currently posting as works at

New construction will likely have special promotional financing available, and many will have a warranty. You can also customize your finishes if you buy it while it is still being built.

A foreclosure may have limited financing options, and will have a lot of unknowns if it is truly bank owned. I would not suggest it unless you have a reasonable contingency fund for repairs.

like

If you have a reputable real estate agent and a home inspection, then both can be excellent purchases. Foreclosures typically will have some repairs needed. And just because something is new construction doesn’t mean it was built well. Look for something in between. Our home was built 1969 and our home inspector said it was better built than any of the new construction he had seen in the last five years. Decide what it is you like, and then speak to reputable agents and see what your options are..

like

For new builds, you pay about 20% more in the purchase price, but they may have rate buydowns so it could be more affordable.

like

Those are two extremes

Related Posts

Those of you with 50%+ of your comp in bonus, do you factor that in when budgeting living expenses? Obviously we expect it but bonuses are never guaranteed.

like

Can I afford a $1.5M primary residence with a ~$9,000 monthly payment after 20% down if my household monthly take home is ~$25,000 (with another $50k in annual bonus)? No debt other than monthly credit card bills. Am I being irresponsible? Will I struggle month to month?

like

Which consulting firm doesn't restrict you from using Robinhood for investing?

like

Need to get precheck/global entry. Should i get a credit card that covers this and cancel in a year, or should i pay it myself?

like

I am new to crypto investing, and would like to invest~$10k. Apart from bitcoin and ethereum, what other options should I look into?

like

Finally I am a tax payer of India.... After 3.2 years in TCS, will pay tax on 8k😂😜😜😜

like

Safest wallets / exchanges for buying VET and safe moon? 😭

like

Which luxe car do you own/ lease? I’m gravitating towards leasing a Mercedes.

like

Is this an aggressive position? Would you use final regulations effective for tax year beggining Dec 16, 2020 to support a deduction for calendar tax year 2020? Proposed regulations didn't include this exception. More details below.

In your opinion which is the best target fund to choose in IRA Roth?

Will mods hurt the resale value of a car? I'm considering selling my daily and am debating on whether or not I should put the effort in to return it to stock.

like

The account dropped the register down the flight of stairs and it shattered into a million pieces. Fear not the account says, for it was already depreciated to $0.

likefunny

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

Laaa laaaaaaa lala wait till i get my money right (just accepted a PE offer woo)

likefunnyuplifting

How to check what is there in full and final settlement as they just sent the amount to my account...not any mail or anything to check.

like

What is the best performing NPS available on market. Let's assume that I invest 50k per year for tax saving, what could be my retirement benefits out of this(30 yrs of investing). Please help me with calculation and suggestions.

like

Hi fishes, could any one help me on how to withdraw of money and how much can be withdrawn ?

like

Just got an offer to upgrade my Amex Gold to Platinum with a 100k point bonus (spend $6k in 6 months). Is this worth it to upgrade to platinum? Would you do it

likesmart

Off the topic.. being in IT field and living in Bangalore, what do you think is best renting a house or opting for a home loan and paying similar emi for 20 years?

like

Anyone have any tips or ideas on how to collect money owed from a client? In a few months it’ll be two years since the debt was incurred. We send monthly reminders of the bill. It’s a significant amount (well to us) and the client is now starting to open up and telling everyone about the situation that we helped to resolve.

like

More Posts

13 LPA fixed for Package Specialist. Is it good for a 3.2 years exp candidate? How much can we expect in hand?

like

Why is Deloitte giving Iphones to people and what is this well being program? Can anyone explain.
Also, does it apply to Deloitte India(not USI) employees? Thinking of joining Deloitte India in feb in consulting service line.

Hi, does anyone know when an employee becomes eligible for maternity/paternity leave at either Gilead, BMS, or Merck? For NVS, it’s day 1 of employment but not sure if that’s common within the industry.

like

Best recent healthcare books related to improving our broken system? Atul Gawande’s books are a bit dated now I think.

Just finished An American Sickness again. Thank you!

like

Hey MBB fish. I am a senior in the data and analytics space and have 8 years of experience 6 in consulting and 2 in the industry. I also have a master's in analytics from a very reputed school..contd

like

What is a normal salary for Sr design Ops manager?

like

Is this an OK watch for wearing with a mid blue suit, chili shoes on a wedding? Budget is $400 max until I can afford a Nomos :(

Post Photo
like

Looking at how the priority dates are moving for India I believe this October there could be even bigger and jump and lots of folks will be eligible, am I reading this right ?

like

Thoughts on analyst to associate promote in IB?

like

Hi and welcome to the Career Advice Bowl! Stuck on how to make your next move or what that move should even be? Had an experience you feel others could benefit from hearing about? Just need to vent for a second? We got you! Post away, all. I look forward to seeing what conversations and connections come our way.

like

Hi! Does anybody happen to know if Apple offices are dog-friendly? Specifically the Culver City office and Apple Park. Thank you!

like

What is an online MBA program you would recommend?

like

If I max out my traditional 401k and have a mortgage interest deduction to against my w-2 taxes does it mean I can pay way less taxes than a average person who makes same amount salary as me?

Fellow fishes - Does anyone have any insights into Advanced Development Associate Manager role at Advanced Technology Centers (ATCI) in Noida, India ? Thank you in advance!

Am I behind the curve if I plan to apply this fall and haven’t finished/started my essays/applications?

like

For those a little farther along, when did you go from feeling like a grunt following orders to feeling more like you had control/in the driver’s seat?

like

Hello sharks.

What will be the equivalent salary in India if getting $80k in Canada??

like

I work from home a majority of the time, is it ethical to bring the monitor they ordered for me home if I give it back when I quit (obviously)?

Additional Posts in The Real Estate Bowl

Better mortgage vs. Rocket mortgage - anyone shopped with both and what swing your decision?

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

Having trouble selling my (retired) dad's house. It needs a lot of work, but has great character. What if I buy it myself for a low, low price? Then I would be able to get a FHA 203k loan to do the updates. Rent it out or put it back on the market in the spring.

like

28 year old with ~125k in cash/brokerage. Have been wanting to begin purchasing rentals but anxious to use a good bit of my liquid savings. Thoughts on biting the bullet vs. investing in stocks. In Houston if that is a factor

like

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

Question for folks with second homes: Considering buying a vacation home but would be primarily for family use. We currently have a primary residence with a mortgage balance of ~640K, so my understanding is I could only deduct the mortgage interest on 110K of the second mortgage to stay under the 750K cap. If I were to buy the second home through an LLC, would that allow me to exceed that 750K since the expenses of the second home would be pass through expenses/income?

like

(1/2) People who work in the Bay Arae peninsula (Menlo Park) and live in the east bay- which is a good place to buy a house, upcoming, easy to rent or Airbnb in case I have to move back to my country! Prefer single family home as young as possible.
1- brentwood
2- Pleasanton
3- Dublin (expensive)
4- San Ramon (very expensive)
5- what else?

like

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

Anyone know the average annual rent increase for 1200 sqft 2 bedrooms? I’m renting and want to know what to expect in a few weeks

like

I bought a property with 5% down. If after a couple of years I decide to move and rent this out, can I buy another property to live in for 5% down or does it need to be 20-25% down?

like

Hi all - any advice for a first time real estate investor looking to make their first purchase at the end of 2021.

I plan on saving $50K, for a $350-400K property in the Long Island, NY area for my first property. Does this sound reasonable? And does anyone have any experience & advice investing in the LI area?

Id like to rent it out for some positive cash flow that I can then start using to save for my 2nd property (sounds easy when I type it).

Thanks all for your input - stay safe!

like

Our appraisal came through exactly as the offer price we put. Apparently by lenders 3rd party. Isnt that a bit fishy? If it came in lower our contract has the option to negotiate a bit with seller. Is lender just trying to push this along faster? I'm pretty sure in this crazy market the home is not valued at what we offered. Why would seller put a much lower asking price then? Make no sense. Please advise!

likehelpful

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

What do you all think of fundrise and start engine Real estate Reit ? Any experience? Would you invest here if you didn’t have the time to actually buy and rent properties? Any insight is welcome.
Thanks

like

Can I get a commercial loan without 25% down?

like

Is it common for HOA to ask you to prove your car registration is up to date?

like

How do you judge a low ball offer with how the market is changing? Earlier this year, you would look at comps and say this is the value. Now with rates going up and people pulling out, how do you justify the value? (View point from the buyers end)

like

I’ve been thinking about getting into real estate investing. Not right now but later down the road. I’ve been trying to save up for a down payment. What are some good resources for a beginner? Blogs, YouTube, books etc I’m not looking for paid courses because I will be learning at a slow pace. Any help will be appreciated.

like

Went into a multi family property 50/50 with a relative against my gut. Things are going horrible. Need to get out. Best options? Buy him out? He invested maybe 4-5K in time (demolition work) and 2K in cash. I’ve managed the whole thing for 9 months. 10% of gross rents (as a management fee) would be about the same (6-7K)). Bought at low in market just after COVID hit. I want to keep the building. Seems fair to give him his initial investment back + some additional money for market gains. Help!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal