When you are buying a home, whether it’s your first home or fifth home, you will likely ask yourself if you should purchase a newly constructed home or a resale home. The answer depends on several factors, including when you’re moving or what’s on your “wish list” for your next home. You will also need to consider how much home you can afford and what you can buy within that price point.
Your timeline for moving may be a big determinant in your decision. If you need to move pretty quickly you may have to look into purchasing resale, unless you opt for a builder inventory home. In most cases a resale home will offer a quicker close. This doesn’t mean you should forget about a new construction altogether. Some builders may have homes in inventory that are completed or partially completed and offer a quick close.
Do you need a bigger house? Are you downsizing? Either of these reasons and many others can play a role in deciding to buy new or existing. If you need a “bigger” home, the total square footage of the house or the size of the rooms in the house may be taken into consideration. Depending on the builder, some newer homes may offer more amenities but have smaller bedrooms than older homes. To compensate for smaller bedrooms new homes may offer a gameroom, media room, or a private office. These bonus rooms can increase the total square footage of the home, but may not always meet the objective of buying a “bigger” home.
Probably the most important factor is how much home you can afford and how many of your wish list items you can get within that price point. Once you have been pre-approved by a lender you’ll likely have some idea of what you want before you begin your search. Does your wish list include formal living and dining rooms, a private or in-suite office, a large gameroom, separate media room, three or more bathrooms. Creating wish list for your next home is exciting, in deed. The reality, though, is you will need to find a home that not only gives you most of what you want but also meets your budget.
New homes provide many options and flexibility of choices in décor or choosing a “bonus” room in place of a bedroom. There a many upgrade options but some options may increase the price of the home. A new home may also provide features that contribute to energy efficiency including building materials and appliances. These features can save you money over time. One benefit that helps overcome the cost of upgrades is that some builders offer buyer incentives that will help you create the home of your dreams without exceeding your budget.
With an existing, or resale, home the seller may have already added many of the upgrades and features on your wish list. The age and location of the home may also offer some additional benefits like larger rooms, character, or an established neighborhood where pride of ownership is evident. Some resale homes may not be as energy efficient as newer homes but, again, you may find a home where seller has already made these upgrades or be willing to offer concessions or allowances.
Still not sure whether to buy a new home or resale? Don’t worry. I am Certified New Home Specialist and Accredited Buyer Representative. What that means to you is, I have the knowledge and experience to help you make the right home buying decision. Call me today and let’s start looking for your dream home in the League City, Friendswood, Pearland, or anywhere in the Clear Lake area.