The most obvious benefit of buying a new home instead of an old, existing, or used one is the fact that it is completely new. It's intact, it's clean, everything works fine, and there's no need to repair anything. Building a new home doesn't offer the same convenience as buying an existing home. Not only do you have to find the land, which may not be in an existing neighborhood, you also need to factor in the time to find an architect or builder, and choose each element of the new structure.
The general rule of thumb is to buy a home if you plan to stay in the area for at least five years. Owning a home also comes with challenges. For example, if you lose your job, it can be difficult to pay your mortgage or move to a new job. In addition to paying your bills on time, have you also managed to save a considerable amount of money? If you have a sizeable portion of cash that can put a dent in your down payment, now is a good time to buy.
However, make sure you have plenty of it left over. Lenders are more comfortable lending you money if you have additional cash reserves that provide a cushion in case something unexpected happens.
