Last year was a seller’s market since buyer demand was at a high while inventory was at its low, and it seems like 2022 will be the same. Newly constructed homes are booming, making up for the market’s low inventory. However, it’s completely the buyer’s choice whether to go for the new or the resale home. Let’s find out the different advantages between the two!
Is a New Home for you?
Photo by Avel Chuklanov and Callum Hill on Unsplash
An unseen benefit when buying a new home, you, along with your neighbors can start afresh creating new and strong bonds with each other, compared to moving into an existing neighborhood where one may feel a bit out of place. Aside from creating a new community, there are other advantages of buying a new home!
- Minimal need for renovation and repairs due to freshly done paint, finishes, and appliances and fixtures thereby having lesser maintenance compared to resale homes
- Conforms to the most recent building codes and is designed based on current standards
- It is designed for modern lifestyle consisting of “structured wiring, security systems, and sophisticated lighting plans” (National Association of Home Builders, 2019) unlike in older homes where electrical wiring may need to be adjusted to accommodate today’s technology
- Your needs or design changes can be accommodated based on your taste and preferences. This may include the color of paint, sidings, appliance and fixtures, flooring selections in accordance to the builders’ standards
- New homes feature lower bills due to it being more energy efficient than older homes, together with better windows and insulation
- The builders’ lender partners can help in making it “easier to qualify for a competitive mortgage” (KW New Homes, n.d.)
- May include new home warranty along with the appliances’ warranties
Is a Resale home for you?
An older home definitely has its advantages as well. Its location in an older neighborhood may provide it with more charm, along with a more established landscape. There are more benefits of buying a resale home also!
- Costs less compared to a new construction, and the previous owners can throw in some added items like curtains, some furniture, and even appliances.
- Buyers can have the opportunity in negotiating here more than with builders
- Resale homes also provide an opportunity for lower property taxes
- There’s a more convenient public transportation system in comparison to newer homes in the suburbs
- If you have a knack for home improvements or house flipping, this might just be for you offering big rewards in equity positions!
- There also might be more character, both in the exterior and interior
Your Choice
If you’re considering on buying a home or another home, which would you choose? Which of the two options’ advantages outweighs the other more? Let us know your thoughts! You might want to check out our Ultimate Real Estate Guide with informative topics that might further help you in your buying journey and also the new Seven Sisters Subdivision coming to Pasco if you’re thinking of getting a new construction home!
References
HomeOwners Alliance. (2019). Pros and cons of new build. Retrieved from https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/new-build-vs-existing-home/
KW New Homes. (n.d.). New Home vs. Resale.
National Association of Home Builders in Home Builders Association of Greater New Orleans. (Sept. 20, 2019). The Not-So-Obvious Benefits of Buying a New Home. Retrieved from https://www.hbagno.org/blog/welcome-home-5002/post/the-not-so-obvious-benefits-of-buying-a-new-home-20821
NEA Member Benefits. (2021). New vs. Resale Homes. Retrieved from https://www.neamb.com/your-home/new-vs-resale-homes