Often home buyers have a strong preference for new construction. It can be very appealing to have new flooring, fixtures, cabinets and countertops and all of the other components that go into a new home. There is definitely excitement in being able to pick colors and materials for your new place! There are a few often overlooked extra expenses for the owner of a new home. An existing home usually has window treatments, more shelving or cabinetry, extensive landscaping, a fence, extended patio and other improvements the owner(s) have added over time. It can take a couple of years and a lot of work to get an established yard in a new development. When considering the cost of some of these extras, it might be more affordable to buy an existing home. Some of the nicest homes I’ve viewed as a real estate agent were owned by the same family for 8 or more years. It’s common to plan and save money for improvements over time. If someone only plans to be in a home a short time, they might not be as likely to make significant improvements. Well maintained homes may have a better quality replacement for the mechanical systems such as the heat and air conditioning, water heater or roof. Often builders will not pay for title insurance for the buyer but that is usually a Seller expense when buying an existing home.
Market conditions can change significantly over just a few months so there may be times that inventory of available homes is low and there are few choices for either new or existing homes. Right now, there are few if any available new homes that are already built so choosing new means that you choose to wait approximately 4 to 6 months for a home to be built. There are so many things to consider when searching for your next home, it is to your advantage to work with an experienced real estate professional. I can help you compare your options and also put you in touch with other professionals such as home inspectors or mortgage lenders.