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• You often get a better value buying a used home, because rising construction costs and psychological factors make new houses more expensive.
• A used home often is located in an established neighborhood and has found its true value in the marketplace. With new construction, particularly in a new subdivision, you never have a solid feel for a house's value.
• To buy a house as an investment, look for one that is selling for below the fair market value, because of speical circumstances such as divorce, a relocation or a foreclosure.
• Buying a used house means taking on an added risk of breakdowns and repair costs. Just make sure the purchase is contingent on an inspection, and don't buy a house with major structural problems.
• When you buy a used house, it's important to put at least $50 a month into a repair fund. You never know what can break.
• If you buy wisely, you can get a good home in an attractive neighborhood and not be overrun by the myriad problems of a booming new area. With a new house, there's a danger of crowded schools, poor drainage, and an abundance of new construction that can make it hard for you to resell your house.
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