When many go to buy a new home they often debate between new construction or buying an existing resale home. Each option has its pros and cons, leaving the decision entirely up to the homebuyer’s preference.
Before deciding on your next home, consider what the possibilities are for both. Below, we’ve listed the benefits and hurdles one may find when trying to choose either home buying option.
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Choosing New Construction:
The first pro to building a new home is no need to worry about home buying competition. We see homes fly off the market so quickly, by choosing a new build you could eliminate the typical home market stress.
New home construction allows you to choose every aspect of your potential dream home. You have the option to choose from the latest floor plans, trendiest designs, and latest technologies. Buyers also have the option to make their new home reflect their unique tastes inside and out.
A majority of builders stick with the times and include many of today’s best styles and features. They’ve also made what used to be upgrades, a standard part of the home. After your move in, you’ll have a warranty that will help you take care of any issues that may arise and help you keep your new home in tip-top shape.
However, by choosing new construction your move-in date could be delayed. This leaves the possibility of a gap in residence between the time you sell your old place and build your new one. It’s important to be prepared to cover the cost of renting until you can move into your newly built place, if this issue does arise.
Many homebuyers approach the market wanting to make deals and lower costs, but with new construction prices usually don’t fluctuate. This is why researching the new construction market can come in handy. Knowing the price of builders nearby could possibly help you negotiate incentives that can be worked into the contract price.
Given the situation on the build, new construction can come with some unexpected out-of-pocket expenses. These are usually seen with home upgrades or amenities that may have not been rolled into your contract price. This is why it’s important to ask your builders questions before such as: How much does your typical buyer actually spend on upgrades? What’s included in the base price? What will be an additional cost at closing? Knowing more information upfront is better than being blindsided later.
Choosing An Existing Home:
This route tends to be more cost-effective initially, minimizing construction stress. While many consider having a choice in all matters in new construction amazing, some don’t particularly enjoy or want that pressure. Having a home that’s already built can eliminate the number of decisions you need to make about the house since it’s all there!
Existing homes tend to be very negotiable on price when you’re going to purchase.You could potentially save money by choosing an existing home by negotiating with the seller on the weak points of the home. Then, once the home is bought, you’re all set to move in!
Once in your new home, you can have all the time thereafter to renovate and remodel at the speed and time you want it done. This allows you time to save money for the changes you wish for your home while being able to live in it still.
Given how old your existing home is, there’s a higher risk you’ll face maintenance issues. But by having a professional home inspection before you close the deal, you can root out many of those potential problems and save yourself the maintenance hassle later.
Older homes may contain outdated decor such as raggedy carpeting or unappealing wallpapers and paint colors. This may lead to you having to spend time and money on remodeling this, but you could use these points to negotiate a better deal.
Some who purchase existing homes tend to feel a buyer’s remorse. This refers to elements of the purchase you cannot really control such as not loving your home’s floor plan, higher energy costs, or rowdy neighbors. However, if you choose a real estate agent who knows the areas you’re looking at, they could help point you in the right direction.
What will you choose?
Every home buyer is different, just like the market. It’s best to consider your living needs, budget, and time when making your decision. Hopefully, these points will help you decide if you’re looking for a place with roots and character or be the first in the up-and-coming communities.