You don't have to remodel everything in your home, which means your budget can flow with what you need to do. Buying a newly built home can help buyers “avoid bidding wars, closing deadlines and competitive housing markets,” says de Jong. Even though it's risky, buyers are more likely to forgo contingencies, such as inspections and appraisals, just to make their offer stand out from the competition. Buying a new build essentially eliminates that problem, says de Jong.
Deciding whether to renovate your current home or buy a new one isn't easy. One of the best things about buying a turnkey home is that you can move right away and start enjoying your new life as a homeowner. If you've only been in your home for a few years and you have a mortgage, your net worth in the home may be minimal. If you're starting to think about buying a home, you may be overwhelmed by the amount of loans to buy a home.
Since property taxes are based on the purchase price of your home, you'll pay less if you buy a higher repair home than a more expensive turnkey home.