Sweat Equity, New Construction or Instant Charm

Some buyers love the idea of developing instant equity by fixing up a home and doing much of the work themselves. Others wouldn't dream of it and want new construction only. Your decision on the type of home to buy should be based on what your housing goals are, and if you have the time and money to put into fixing up a home.

Here are some things to consider:

• New construction usually costs more per square foot than existing homes.

• New construction usually features built-in appliances, larger closets, low-maintenance siding, and more energy efficiency.

• Resale homes are usually located in established neighborhoods so they may offer a greater sense of community.

• Fixer-uppers allow you to make an overall change for a more personalized property. If the neighborhood will support the cost of fixing up the house, it may even allow a good return on your investment.