BiggerPockets

For you, it sounds like it's a buyer's market right now. Find a great deal and land it. There have never been more of them out there. Jump in, the water's fine. Good Luck.

Don't be overly glorified by the sounds of a new house.

Remember, new houses come with a lot of hidden expenses depending on how much the builder finished on the homes, and the local ordinances. If the local ordinace requires a lawn, but the builder didn't put one in, count on several thousand for it. The list goes on and on and may include: landscaping, exterior lighting, mailbox, patio/deck, air conditioning (although it probably has it considering your area), etc.

Also consider the quality of the home. If it's a cheap production home, it likely only has one color of flat paint throughout, cheap carpets, etc.

After you consider all the costs it would take to complete the home, the price may not be as attractive. And, it will take you longer to at least breakeven on the home because you have more invested than the market could bear.

A "used" home does have benefits.

In the mean time, why don't you see how much you qualify for. When do find what you want, you are in good position to move on the deal quick. Depending on what type of loan you need, it might take sometime.

Hello all - new here - old to the world. The basic premise in investing in anything is to always sell for more than the cost at which you bought. Too many people like to think that life is in control of ones actions - but in reality we are the ones that control our destiny. Although it is a buyers market now - you may find it hard to find buyers and vice-versa in a sellers market. If it was easy and without risk - everybody would be doing it. It is work.