Plan Your Move: New vs. Existing Homes
If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.
So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you.
Perks of a Newly Built Home
Here are some benefits of buying a newly built home right now:
Have brand new everything with never-been-used appliances and materials
Use energy efficient options to save money and leave a smaller footprint
Minimize the need for repairs and benefit from builder warranties
Take advantage of builder concessions that can help with affordability
In today’s market, a lot of builders are focusing on selling their current inventory before they add more homes to their mix. And some of them are offering concessions and are more willing to negotiate to make a sale happen.
That, coupled with the fact builders are primarily building smaller, more affordable homes, has led to one other potential perk. The median price for a newly built home in today’s market is actually lower than the median price of an existing home – which isn’t usually the case. Ralph McLaughlin, Senior Economist at Realtor.com, shares:
“Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”
If you’re interested in seeing what builders nearby have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be important in this process.
Perks of an Existing Home
Now, let’s compare that to the benefits of buying an existing home.
Join an established neighborhood that you can get a feel for before moving in
Choose from a wider variety of floorplans and styles
Appreciate the lived-in charm that only an older home can provide
Enjoy the privacy and curb appeal of mature trees and landscaping