18

Jun
2012
Posted in:
For buyers

New home or resale?

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In today’s housing market, buyers have more choices than ever before. As you’re trying to decide between buying a new home and looking into resale homes, you’ll discover brand new communities where you can choose your floor plan, your homesite and all your design options. Then you’ll turn around and see the other end of the spectrum: established, comfortable neighborhoods with homes that were built a few years or even decades ago.

Here are a few factors to highlight why buying a new home might be the best choice for you:

Energy efficiency

New homes frequently offer improved energy efficiency due to better wall insulation and high-quality heating and cooling systems. These features can provide comfort as well as cost savings. What’s more, new homes often allow you to opt for features such as low-e windows or water-saving showerheads. If you buy a resale home, keep in mind that you could end up with poor insulation, drafty windows or an old furnace, all of which could need to be replaced.

Design choices

Building a new home can give you the freedom to choose your own colors and finishes, while buying a resale home means you’ll have to settle for someone else’s style choices. Pink roses might be nice for Valentine’s Day, but chances are you won’t be thrilled about seeing them on your bathroom walls every morning. And while you can always redecorate later, changing items like carpeting and cabinetry can be expensive—and they’re often put off for a rainy day that never seems to come.

Storage

Today’s new homes can offer floor plans designed to fit the way you live, with convenient features like walk-in closets, generous kitchen pantries, cabinets with pull-out shelves, garage space options and large basements that provide plenty of room for growth. With resale homes, especially older models, you may find that the storage space is limited or has been customized to someone else’s preferences.

Warranties

Brand new homes can include a builder’s warranty, providing an added sense of security for the years ahead. Heating and cooling systems are also new and often covered under manufacturer’s warranties, so you don’t need to worry about replacing them right after you move in. On the other hand, many resale homes don’t come with a warranty included in the price. If a warranty is important to you, you may have to pay extra or negotiate with the seller to pay the cost.

Appliances

Some builders offer homebuyers optimal convenience by including brand new appliances such as refrigerators and dishwashers. And if they’re not already included in the price of your home, you may be able to roll the cost into your mortgage. When looking at the price of a resale home, you may need to factor in out-of-pocket expenses like replacing outdated appliances or buying a new washer and dryer.

As you can see, buying a new home offers distinct advantages that you’ll want to keep in mind while you’re shopping around. Be sure to compare the cost of new vs. resale homeownership, taking all of these factors into consideration. Making a smart move means looking at the big picture, so think about the benefits you’ll care about tomorrow as well as today. Good luck in your new home search!

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