Can a home depreciate in value?

Many first-time home buyers believe the physical characteristics of a house will lead to increased property value. But in reality, a property’s physical structure tends to depreciate over time, while the land it sits on typically appreciates in value.

Is an older home as good a value as a new home?

Key Takeaways. There’s no clear relationship between the age of a home and its price. Older homes often have larger lots but less storage space, and they’re more likely to need repairs. Newer homes tend to be larger but have smaller lots, and they’re more likely to be energy-efficient and built to code.

What is the difference between being prequalified and preapproved for a loan?

A pre-qualification means that the mortgage lender has reviewed the financial information you have provided and believes you will qualify for a loan. Pre-approval is the second step in the loan process, which is a conditional commitment to loan you the money for a mortgage.