A big dilemma of many people that are in the market to buy a home is whether to purchase a new or a used home. Of course, there are pros and cons to each decision so the most important thing is to become informed of what those are and then make an informed decision as to which would be the best option for you to pursue. In the end, you want to make sure that you have made the best choice for your situation and also for your options down the road.
You will probably look at both new and used homes when you are going through the process of buying a home. Each will probably have their high point and low point but you may also be thinking about how this decision will affect you down the road. You might be wondering how it will affect the resale value if you ever want to resell your home if you have purchased a new home versus a used home. You might also be wondering if you will still qualify for reverse mortgages whether you pursue a used home or a new home. The answer to that question is you will probably still qualify for this reverse type of mortgage regardless of you buying a new or old home because the decision is based more on how much money you owe on your home and also on your financial standing. The best thing to do with that decision would be to speak with reverse mortgage lenders.
One thing to think about when you are deciding whether to go with a new or a used home is how much each will cost. When you purchase a new home, often times the basement will not be finished and you have to spend quite a bit of money to settle into the new home. With many used homes, much of things that you would have to buy for a new home may already be included, however, you may also have to deal with more maintenance issues because you would not have the warranty that would be included in most new homes. Also, you would want to think about how much each will cost you because the longer it will take you to pay of the money you borrow, the longer you will have to wait to take out reverse mortgages.
Obviously one of the biggest things to take into account then thinking of buying a used home is what condition it is in when you go to look at it. You will want to think about the amount of maintenance work it will take to make the house livable. If there will be a large amount of maintenance work needed and you plan to add that amount onto your traditional mortgage, keep in mind that you will be stuck paying that money back longer, which may keep you from taking out reverse mortgages. However, there are many used homes that need little, if any, maintenance work at the time of purchase.
