Should You Buy a New or an Existing Home?

If you’re considering selling your house and moving, you’ve probably noticed that there haven’t been many options available. But here’s some good news: more homes are hitting the market this year, both new and pre-owned. So, the big question is: should you buy an existing home or a brand-new one? The choice is yours, and it really comes down to what matters most to you.

Why Consider a Newly Built Home?

There are some great perks to buying a brand-new home:

– Everything Is Brand New: You’ll be the first to use the appliances and materials.

– Energy Efficiency: New homes often come with energy-saving features that can help you save money and reduce your carbon footprint.

– Less Need for Repairs: New homes usually come with builder warranties, so you won’t have to worry about major repairs anytime soon.

– Builder Concessions: Builders are eager to sell their current inventory, so they might offer discounts or be open to negotiation to make the sale.

Right now, many builders are focusing on selling the homes they’ve already built, and because of that, they’re offering some great deals. Interestingly, the median price for a newly built home is currently lower than that of an existing home, which is pretty rare. As Ralph McLaughlin, Senior Economist at Realtor.com, puts it:

“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 curious about what’s available in the new home market, reach out to your real estate agent (Hi! That’s me!). They’ll have the inside scoop on local builders and new communities.

Why Consider an Existing Home?

Now, let’s look at what makes buying an existing home appealing:

– Established Neighborhoods: You can check out the community and get a feel for the neighborhood before you move in.

– Variety: There’s a wider range of styles and floor plans to choose from.

– Lived-In Charm: Older homes often have a unique character that new homes can’t match.

– Mature Landscaping: Enjoy the privacy and beauty of mature trees and established gardens.

Plus, there’s strategic value in buying an existing home. You can always make upgrades over time to add modern features, giving you the best of both worlds. You’ll get the charm of an older home and can still add those trendy elements you see in new builds, potentially boosting your home’s value. As LendingTree notes:

“. . . 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 . . .”

Deciding between a newly built home and an existing one comes down to your priorities and what you value most. Each option has its own set of advantages. Let’s chat so I can guide you through the options in our area and help you make the best choice for your next move.