Homebuying 101: Finding Your Dream Home

Homebuying 101 Series

Congratulations! You have decided to start the process of buying a new home. Whether you are a first-time buyer or you have already owned several homes, we understand the process of home buying can sometimes be overwhelming. Lennar is here to offer support, some insider tips and provide you a step-by-step guide to simplify your path to homeownership.

Finding Your Dream Home

Now that you have made the decision to buy a home, the first step is to begin researching what type of home you are interested in purchasing – attached, detached, single-story or multi-level – and what location you prefer. You will also want to consider the overall area including community amenities, schools, parks, shopping and recreation, low crime rates and your daily commute. Most of this initial research can be done online.

City websites and Chamber of Commerce websites are great sources for information.

You will also need to decide whether you will work with a real estate agent or if you prefer to research and tour the homes on your own.

New Homes vs. Resale

New homes are built with more recent code requirements and energy efficient technology. Some of the additional benefits of buying new are:

  • Move-in ready with few repairs and updates needed to the home.
  • Brand-new features and amenities.
  • Have the reassurance of warranties on the structure, roofing, appliances, etc.
  • New homes have modern designs and advanced technology.
  • New homes are more energy efficient than older homes.
  • Today’s building materials are low maintenance, which can mean lower repair costs.
  • Healthier components that can reduce the risk of mold, lesson exposure to pests, reduced levels of lead and other harmful chemicals.

Foreclosed vs. New Homes

Choosing to purchase a foreclosed property can oftentimes lead to frustration and disappointment. A foreclosed or bank-owned home has several disadvantages including:

  • Homes are purchased “as is.”
  • You may need to deal with the after effects of previous disgruntled homeowners.
  • You may have to handle the eviction responsibilities.
  • Your home will have no warranty.
  • You choose from a very limited selection.
  • You’re required to be very savvy to recognize a very good deal.

Renting vs. Owning

Buying your own home provides the pride of ownership and the independence and financial rewards that renting doesn’t, for example:

  • You are your own landlord and gain a sense of control over your home.
  • Historically, homes increase in value over time and you can build equity.
  • The interest that you pay on a home mortgage is typically tax deductible.*
  • You have the luxury of painting and decorating your home to your personal style.

INSIDER TIP: Research neighborhoods that interest you. Go to websites such as move.com or NewHomeSource.com to find out the median price of homes in those neighborhoods.

Find your dream home in a Lennar Community in your desired location.

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