Resale or New Construction What Side of this Debate do you Choose?
Both resale and new construction homes have advantages and disadvantages, and when it comes to deciding which one is right for you, it's a matter of looking at your individual needs and desires.
With so many important considerations to make over such a big decision, it can be helpful to make a list of the things you want and need in your new home and stack it up against the specs offered by both resale and new construction homes. You might be surprised by what you find. Here we'll take a look at the benefits of both resale homes and new construction homes:
Benefits of a Resale Home
Today's buyers, whether they're in the market for a new or resale home, expect to buy a home that's in good shape and one that will continue to cater to their needs for years to come. Resale homes offer some of the best values in real estate, and you can expect to find a variety of homes that can easily compete with brand new homes in both features and price.
Resale homes often have more character. Older homes are built with varying styles, including Victorian, Tudors, or Colonials. You can find some charming architectural features built into resale homes that you can't find as easily with new homes.
Established neighborhoods are a huge draw for prospective buyers, and one of the major benefits to buying resale. In new developments with new homes, one of the least desirable features is an incomplete community. Buying in an established and mature neighborhood will allow you to know more about the neighbors before you close the deal.
A big concern for home buyers these days is if the property will hold its value. A home's value can greatly depend on where it's located and what kind of condition it's in-rather than how old it is. Well-maintained older homes in walkable and centrally located neighborhoods tend to hold onto their value well.
Resale homes are often available immediately, which for some buyers can be the deciding factor between newer or older, depending on the urgency of the move. Also, resale homes come included with any previous renovations or improvements that may have been performed, such as a finished basement, an added deck, completed landscaping or even fencing.
Homes located in older neighborhoods tend to be closer to downtown areas, enabling homeowners to easily walk to their favorite restaurants or coffee shops. Commute times can be shorter and shopping areas nearby.
Benefits of New Construction
Perhaps the benefit most talked about with new construction is the ability to customize and add personal preferences to the home. Only with a new home will you be able to choose which floor plan you want, colors, appliances, and other fixtures. New homes have options and flexibility that resale homes don't, providing you with a home that is catered perfectly to your needs. You can be a part of the home building process, and sometimes you can even choose which lot in the subdivision you like the best.
When you buy a new construction home, you're buying a home that's built to today's standards. Building codes these days demand higher energy efficiency than their older counterparts. New homes have a tighter-sealed building envelope to help prevent conditioned air from escaping by having higher-efficiency insulation, doors, and windows.
If one of your high priorities is little to no maintenance and fewer repairs, then buying a newly built home is definitely the way to go. When you buy a brand new home, you aren't buying into any existing problems, and you don't have to worry about replacing the roof or water heater for years and years to come. Plus, new construction homes of today often come equipped with a builder's warranty, offering you peace of mind.
New construction homes are modern, and come with the latest conveniences such as networked wiring systems, built-in high energy efficient appliances, and master suite baths. New homes often feature these types of amenities as part of the standard package.
New construction can be a great option for those who are in the market to buy a home and have limited inventory to choose from. There's a large spectrum of options out there for buyers in the home building industry whether you're a first time home buyer or looking for an investment property.
What's True for Both
Great values are to be found in both resale and new construction homes, as well as the amenities that are most important to you.
Most buyers are concerned with the price tag attached, and assume that new construction is always more expensive, but this simply isn't the case. With an apples-to-apples comparison, you may be surprised to find how comparable the costs are between old and new homes.
The choice between resale and new construction simply comes down to personal preference, things that are largely subjective to buyers. Regardless of what your tastes and needs are, there's a home out there that will fit your needs.
money.usnews.com: 9 Reasons to Buy a Newly Built Home
Washingtontimes.com: Cover Story: New Vs. Resale Homes
SmartMoney: Price Gap Narrows Between New, Old Homes