Updated 4 months ago on . Most recent reply
Buying new build
I have the opportunity to buy a $250,000 brand new build. With 20% down. It's in a good Neighbourhood. I could get the rent around $1800 a month. Insurance will be 90$ a month. 8% property management and 30$ hoa a month. Plus maintenance and vacancy.
What could make the deal work is the financing. I can finance through the builder and get 30 years loan at 4.25% for 7 years and then adjustable with a max rase of 1% a year.
They would also put 6k toward closing cost and also include all the appliances, and a few cosmetic upgrade.
I know they are not flashy numbers but I'm debating if I should pull the trigger or if I should just buy older house that need a little work. I have never bought new so not sure if that makes it worth it even if the deal is not a home run