If you’re considering selling your home and relocating, you’re likely aware of the limited housing options available. However, there’s some positive news: the supply of homes on the market has increased in many areas this year, including both existing (previously-owned) homes and newly constructed ones.
So, how do you choose between the two? Should you opt for an existing home or a brand-new one? The decision is yours – you just need to determine what matters most to you.
Perks of a Newly Built Home
Here are some advantages of purchasing a newly built home right now:
- Enjoy brand-new features, including appliances and materials that have never been used.
- Save money and reduce your environmental impact with energy-efficient options.
- Experience fewer repairs and benefit from builder warranties.
- Utilize builder concessions that can make your home more affordable.
In today’s market, many builders are focused on selling their existing inventory before adding new homes to their offerings. As a result, some are offering concessions and are more open to negotiation to close a deal.
Additionally, with builders primarily constructing smaller, more affordable homes, there’s another potential advantage: the median price of a newly built home is currently lower than that of an existing home, which is not typically the case.
If you’re curious about what local builders have available, be sure to rely on your real estate agent. Their expertise in local builders, new communities, and builder contracts will be invaluable during this process
Perks of an Existing Home
Now, let’s look at the advantages of purchasing an existing home:
- Settle into an established neighborhood where you can get a sense of the community before moving in.
- Choose from a broader range of floor plans and architectural styles.
- Enjoy the unique charm and character that comes with an older home.
- Benefit from the privacy and aesthetic appeal of mature trees and landscaping.
Beyond these lifestyle benefits, there are strategic advantages to buying an existing home. Keep in mind that you can always make upgrades over time to incorporate the latest features. This approach allows you to enjoy the charm and neighborhood appeal of an older home while gradually adding modern touches that you might find in a newly built one. Plus, making these upgrades can potentially increase the home’s value. As 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 . . .”
Interested in exploring your options? Your real estate agent can show you the homes currently for sale in your area, helping you find one that fits your needs.
Bottom Line
Deciding between buying an existing home or a newly built one after you sell involves many factors, but understanding the opportunities available in both is crucial in today’s market. Let’s connect so you can have expert guidance as you explore the options in our area.
