Buying a new home is a big investment decision that will impact you financially for many years to come. For this reason, many of today’s home buyers purchase new construction. Michigan is seeing a great deal of new development throughout it for this very reason. And, that’s a very good thing! But, when it comes to buying your next home, realize you have plenty of options to choose from including both new construction homes and condos. Which one is the right fit for your unique needs?
Is buying a home or a condo right for you?
To decide this, consider the current Michigan real estate market. First, home prices in many areas are on the way up. And, there is moderate to low levels of inventory available. We are seeing demand rise for many areas including some of the largest cities. Yet, new construction is considered a higher value. Buying a new home today will net you a big return down the line, in many cases. When it comes to buying a condo or a home, there are several things to keep in mind.
First, condos are more affordable and tend to be easier to finance. However, they do have numerous restrictions and limitations for buyers. You have to follow the association rules on layout and amenities. This isn’t the case with most new construction. You can build what you want and enjoy it. However, with larger new construction single family homes, too many customizations and details can make the home hard to sell down the road. There is demand for luxury property in Michigan, though, which can help to offset these risks.
Both buying a new condo or a new home can be a very good decision. With home values on the rise but still affordable, if you plan to live in a home in the next few years, it may be best to build your dream home now rather than later.
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