(Good Things Utah) – When it comes to buying a new home, design and location may top the list for searches, but the final decision is driven by financial matters. Here’s what you need to know to make a great decision on whether to buy a new home.
Key questions from home buyers looking in the market today? Does any of this sound familiar?
1. “If I sell my existing home and buy a new home, my payments will go up, so it doesn’t make sense to buy new.”
This is FALSE.
Because you buy and sell in the same market, you can sell an existing home and purchase a new home at a similar price and the payments will be similar. You can also use your existing equity to move up to a larger home to meet the demands of the family or a better location.
Leverage your equity to move up and while your payments go up some, the slight increase is probably worth it.
2. “I want to buy a new home, but renting is cheaper.”
Rent isn’t always cheaper when you look at the overall financial snapshot. Your landlord can increase your rent but not a locked-in mortgage payment. Some potential home buyers stay out of the market and don’t buy because they think renting is the best path. While that may be true for some it’s not always the best decision.
With all of the financial benefits of owning a home including building equity and a forced saving plan, it’s worth looking into. Do the research before making conclusions. New townhomes are a great option for first-time homeowners and Fieldstone Homes have a great new community in Eagle Mountain to stop by and look at.
3. “Buying a new home is out of reach or not worth the change financially.”
There are many homeowners that live in a property they don’t love but don’t want to change for various reasons. In many cases, it’s not out of reach to change or even upgrade. Determine the reason for the change and look into making the plunge. For example, there are homeowners selling in the Traverse Mountain area to buy at Canyon Point because it’s a once-in-a-lifetime opportunity so it makes sense to act quickly.
It may be schools, amenities, or close proximity to work that will make sense for you to look at a new home. Now is a great time to look at a new home and we can help you determine how it will work financially.
You may be surprised. Homes are still available and more accessible than you might realize. Fieldstone Homes is a great example of a builder that has homes available now and is building those homes in under eight months.
Consult with First Colony Mortgage for more details and they can help you determine if now is the time to buy. Start with finances and know what you can afford. Then start shopping and don’t be afraid to build a new home.
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