03/24/2022
Thank you to everyone who voted in this weeks This or That Tuesday!
We thought we’d share with you some pros and cons from our Resale vs New Construction segment so that you can make an educated decision when looking to buy your next home! 🏠
The Advantages of Buying a New Construction Home
· You typically wont encounter a bidding war because homes are sold at a set price
· It’s all custom! You decide on the layout, countertops, number of rooms, and more. It’s all yours to decide.
· Home builder financing incentive
The Disadvantages of Buying a New Construction Home
· More expensive: On average, it cost around 20% more to have a new home built than to buy an existing one.
· Timeline: the unpredictable home building timeline. With a new house, you have to wait 3-12 months before moving in.
· All builders are not created equal The experience of building new construction varies among buyers because the policies, skills, and options available vary among builders.
The Advantages of Buying a Resale Home
· They are less expensive than new homes. You often won’t have to pay up as much for a resale home.
· Some come with older charm and unique characteristics – things that you often won’t see in brand new homes.
· Resale homes are move in ready! You won’t have to wait 6 months to a year for your home to be built.
· It’s already in an established neighborhood – meaning no construction noise or inconvenience. This also means shopping plazas or other amenities may also be set in stone close by.
The Disadvantages of Buying a Resale Home
· You are stuck with older and less energy efficient heating and cooling systems, and possibly, appliances.
· It may require renovations and repairs – particularly in the years to come. The roof could need replacing soon. You might be stuck with updating that kitchen. And if you don’t like the carpet or paint jobs, you will have to redo the job.
