New construction home buying advantages can really set them apart from a resale. So, if you’re in the market to buy a home and are considering newly built or building your own house, in comparison with purchasing a resale, you’ve got a lot to think about. While the actual buying process does differ (particularly for custom construction), there are some similarities. But, if you want to know the pros and cons, this is a great place to start.
New Construction vs Resale Homes
Okay, so the home buying process is a lengthy one. It’s also an exciting and stressful time. But, if you do your homework and look into all of your options, you’ll find the right property eventually. So, let’s take a quick look at the difference between a resale and new construction. With a resale, you’ll probably pay a lower price. And, you’ll get into a house that’s been maintained. Also, the homeowners can easily point out any little quirks. Plus, they can likewise give you the inside scoop on the neighbors and neighborhood.
“Houses are priced to sell, rents are on the rise, and mortgage rates are at historic lows. All of these factors are contributing to a surge in positive sentiment among brokers, sellers, and buyers. A number of important decisions are involved in the purchase of a home. But one of the most basic decisions is the first one, which will impact the rest of the process: buy an existing home or build one from scratch?” —U.S. News and World Report
With a resale, you’re not starting from scratch, which can also be a good thing. Then, there’s the matter of the community already being established. It’s grown and you can definitely go back in time to see previous trends. What’s more, you’re much less likely to encounter surprise construction or other types of redevelopment. Of course, you can always customize a resale to remake it to fit your wants and needs.
Top New Construction Home Buying Advantages
Now, that certainly sounds good but there are downsides to buying a resale. For instance, it’s an older home, which could prove a bit problematic. Another pitfall is the neighbor location might not serve as the best fit. There are other disadvantages to purchasing a resale. So, let’s take a look at the top new construction home buying advantages:
- Less maintenance. With new construction, everything is, well new (or at least fairly new). Which means you’re less likely to encounter replacing and repair scenarios and related expenses. New construction means getting in first with no previous use, which is also a nice benefit.
- Builder incentives. Another advantage of new construction is that you’ll probably receive some builder incentives. These can include things like discounted or free upgrades, home warranty, and more. Such extras are a wonderful perk of new construction that you simply won’t get with a resale.
- More energy efficient. Since new construction is built to the latest building codes and with the latest technology, the property will certainly be more energy efficient. New construction also offers the latest in amenities and more.
- Customization possibilities. When you by new construction, you’ll usually have the option to customize the house. This includes a whole plethora of alternatives and choices which can really make the house yours and yours alone. (A word of caution, if you will sell in the future, don’t over-customize it or you’ll be stuck with a house very few people will want to purchase. And, you might have to make big changes to undo those customizations.)
If you are considering buying or selling a home in Orlando, contact us for the latest market information. We’ll also provide you with the right advice about the local real estate market so you make the best decisions.