Should I Buy New Construction Or Resale?

When resale inventory is low, we look to our homebuilders and new construction to provide the needed homes to fill in the gap for our buyers. Some people go by the old adage “but they don’t build ‘em like they use to”. Let’s take a look at a few things to consider when weighing a new construction home purchase vs a resale.

One of the many advantages to purchasing a new construction home is that these neighborhoods are typically located in desirable locations in an area rich with desired conveniences. To add to your quality of life, some new construction neighborhoods are being built to offer impressive community lifestyle amenities such as swimming pools, clubhouses, and perhaps even a sports court or two.

New Builds and Security

A big plus to buying a new construction home is that they typically come with a builder’s warranty, which, when buying resale, you will have to negotiate with the seller to get and, if you’re unsuccessful, you will pay out of your own pocket for that coverage.

Of course, with a new construction build, EVERYTHING is brand new— new floor coverings, new paint, new cabinets & fixtures, and new appliances-which are under warranty as well, by the way. And don’t forget, newer appliances with greater energy efficiency provide a headache-free homeownership experience and your energy bills may be significantly less than they might be with a resale home. You also, for the first few years anyway, won’t have the repair bills that you may encounter with a resale home.

When talking about the old adage “they don’t build ‘em like they use to”, that is very true. A new construction home is going to be built with newer building materials and better insulation and the construction of the home will meet or exceed the current building codes. Many items called out on an inspection of a resale home are those that are out-of-date and should be considered as items that need to be brought up to code. If the seller won’t fix it, guess who’s going to?

New Build Features

smart home diagram of features Features in a new construction home also tend to include more of the “smart and healthy living options”, like smart thermostats, new forms of insulation, tankless water heaters and completed outdoor spaces. In a home built today, the layouts of the floor plans are for today’s lifestyle rather than that from another generation which means lower maintenance and no renovations to get the house to live the way you want it to.

Another great thing about new construction is you can take advantage of having the ability to personalize your new home, if you should desire any upgraded features or appliances, those costs can typically be folded into your mortgage. If you need space for hobbies or if you work at home, you may appreciate the perks of being able to choose how your new construction home is laid out while it’s being built. If, on the other hand, you enjoy the charm of tree-lined streets and mature landscaping, an older home may fit the bill. Any upgrades or structural changes to an existing home will need to be paid with another loan or out of your pocket.

As you can see, there are many advantages to purchasing new construction. If you prefer to have fewer surprises, no renovations and lower maintenance then perhaps a new home build is something to consider. If you aren’t afraid of renovation projects, then you may prefer a resale.

Whether you decide to go with new construction or a resale, The Old Mill Group is here to help you through the process.