If you plan to sell your house and move, you probably know there’s been a shortage of options. But here’s the good news: the supply of homes for sale has grown in many 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 must determine what’s most important.
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, many builders focus on selling their current inventory before adding more homes. Some offer 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 lower than that of an existing home – which isn’t usually accurate. 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 necessary.
Perks of an Existing Home
Let’s compare that to the benefits of buying an existing home.
- Join an established neighborhood 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
In addition to these lifestyle benefits, there’s strategic value to buying an existing home, too. Remember, you can upgrade an existing home to include some of the latest features. This gives you the best of both worlds: you’ll get the charm and the neighborhood, and over time, you can still add those on-trend elements you may see in a brand-new home. And if you do, you’ll likely increase the home’s value too. An article from LendingTree explains:
“. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”
Want to see what’s available? Your real estate agent can show you homes in your area and help you determine whether one fits your needs.
Bottom Line
Many factors go into deciding whether to buy an existing home or a newly built one after you sell. Still, it’s essential to understand the opportunities you can find in today’s market. Let’s connect today. Let’s have expert guidance as you explore the options in our area.
