Buying a brand new home as a first time home buyer is an attractive proposition for most; you get to move into a completely new living space with brand new amenities and don’t have to worry about maintenance and renovations for at least the first year.

On one side though, new properties can be more costly compared to an existing one, not to mention the level of uncertainty you might be facing as a newcomer in a whole new community.

Yet, you can gain and learn from this situation with sufficient know-how on the pros and cons of homebuying; below are some significant steps to follow as you begin scouting for your new home.

1. To what extent would you be wanting to pay for your desired property? Expect a premium price on any brand new home because of its freshness; basically, you will be the first one to use everything, from the bathroom, kitchen appliances, to the painted walls and carpeted rooms.

2. Do you care for resale value? Existing homes can have slower appreciation than newly-constructed ones, as explicated by Ilyce Glink (writer of the book ’100 Questions Every First-Time Home Buyer Should Ask’). When you have plans of selling your home in the near future, it may be a good idea to have a brand new home because it’s market value is higher and you can profit at a larger scale from it.

3. Can you easily adapt to a new neighborhood? Many new home constructions move at a very fast rate and as one of the first homeowners in the area — knowing what the neighborhood is like wont happen unless you get to meet more people in your new environment. If you have family consisting of smaller children or elderly living with you, it can be great to factor in safety and security by finding out your options as far as making your property safe.

4. Would you be willing to spend your resources in a home renovation? The value of existing homes can extremely appreciate especially if you have the willingness to allot resources for its maintenance or renovation. Finding good investments that will work in the long run but can be profitable even in a shorter time is possible with a ‘fixer upper’.

5. Which do you prefer, a primary residence or an investment? Many younger first time home buyers are looking for investment properties that they can fix up and sell quickly to turn a profit. Mature home buyers are more likely to be in the market for a primary residence since they want to settle down and establish themselves in the neighborhood. Identify your goals beforehand and decide what you think will give you more benefits.

Based from your goals (both longterm and short term) and the amount of money you are willing to shed off your pocket – thats when you decide to have either a new or existing home. Choose the best investment with your time and money by simply considering all the abovementioned questions in your decision-making.