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 just need to figure out what’s most important to you.
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 are focusing on selling their current inventory before they add more homes to their mix. Some of them are offering 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 the case. 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 us at The Aaronson Group. Our 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 Lending Tree 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? The Aaronson Group can show you homes for sale in your area so you can decide if one fits your needs.
Bottom line
There are many factors that go into deciding whether to buy an existing home or a newly built one after you sell, but it’s essential in today’s market to understand the opportunities you can find in both. Work with The Aaronson Group, so you have expert guidance as you explore the options in your area. Call: 949-388-5194 or email info@previewochomes.com
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