When you decide it’s time to buy a home, you can choose between existing homes and new ones. There are pros and cons to both, and the decision of what real estate for sale to buy can come down to personal preference.
Whether you are looking for beach property, a condo or a single-family home, existing homes are likely to be cheaper than new homes of a similar size and scope. This is because labor, materials and land costs have continued to rise over the years faster than the appreciation of existing homes. So if you want a new home, you should be prepared to pay a premium for it.
Another advantage to focusing your real estate for sale search to existing homes is that you will have more choices. There are approximately 115 million occupied housing units in the U.S., which means existing homes will be available all over the area you live in, whereas new homes will only be available in newer areas where building is going on. Your Realtor can help you find the areas where the most homes are for sale and which are the most desirable neighborhoods. Working with a Realtor is a good choice, as 98% of buyers who used one said the real estate agent was a useful source of information.
One additional advantage of buying an existing home is that you move into a developed neighborhood. That means you get mature trees and no vacant lots or unfinished streets, which is something you often may encounter when you move into a subdivision where new homes are being built.
With an estimated 1.5 million new homes being built every year to keep up with population growth, there should be plenty of new homes being built in your area, and there also are advantages to focusing your real estate for sale search on new homes.
One advantage of buying a new home is your ability to customize the features you want. When you have a home built, you can choose the number of bathrooms and bedrooms and where in the home they are placed as well as custom features that you desire.
Another advantage of building a home is that everything in the home is new. That means you shouldn’t have to worry about a major system such as your furnace breaking down and costing you a bundle for repairs. Even if something does break down, it should be covered by a warranty. An additional advantage to everything being new means you don’t have to spend a bunch of time doing renovation projects because you have selected a home that has things the way you want them.
These aren’t the only factors you should consider in your home search and whether you buy a new or existing home, but they are important ones.
