It’s also worth considering since there’s been a recent decline in the number of homes for sale, while construction of newly built homes are ramping up and builder confidence is soaring, according to the latest Housing Market Index of the National Association of Home Builders.
Whatever it is you choose between the two, remember that for every advantage comes a flip side. This is why it’s important to consider these factors before coming up with a final decision that best suits your needs and situation, which hopefully leads you to your dream home.
There’s also a greater opportunity for negotiations with the seller when purchasing a resale home, something you generally can’t do if you’re buying from a builder. New construction homes already have a set price for any specific model.
With a resale house, you may need to do some repairs depending on the age and condition of the home. Major issues related to your plumbing, wiring, roof, foundation, air conditioning, or septic system may bring additional costs. You also need to factor in the extra costs of renovations, especially if there are some parts or characteristics of the property that do not suit your taste and needs. You may need to hire a contractor to get the job done or do it by yourself if it’s just a minor renovation. The good thing is that you can make your desired upgrades while you live in the home, whenever you have the time and money to do so.
With new construction, you will need to wait for the house to be built, probably around five to six months, unless you’re looking at something that is move-in ready. Of course, a custom home will take several months longer depending on the market and the builder. But with a new construction there won’t be a need to feel rushed or compete with other buyers in the market.
On the other hand, existing homes are commonly located in established neighborhoods, and many are closer to downtown areas where local grocery stores, coffee shops, and restaurants are easily accessible.
You also won’t need to grow a lawn or wait for plants and trees to mature since your home will most likely already have landscaping and good curb appeal. With new construction, you might need to create a new landscape, which could mean extra cost.
