New Construction or Existing Home: Which is Right for You?
As you search for your dream home, you have a lot to consider. Neighborhoods, school districts, work commutes…and whether to purchase a new construction or an existing home. Here are some advantages and disadvantages of purchasing a new construction home versus a resale home to help you decide which option best suits your lifestyle.
The most alluring aspect of a new construction home may be the flexibility the buyer has when it comes to what they want in their new home. Many home builders will allow their buyers to be a part of the building process, giving the customer a chance to add their personal touch to a new home. Since new construction communities are building several homes at a time, you are less likely to have competition with other buyers and will be able to choose from multiple floor plans.
As new technology develops, these same advances make their way into new construction homes. Energy efficient updates are becoming standard in many new communities, which in turn can lead to overall savings. Things like solar panels, large appliances, wall insulations, and dual pane windows can all help lower your utility bills.
New homes are often equipped with built-in technologies such as alarm systems, speakers, internet wiring and cable. Lennar is even set to launch the World’s first Wi-Fi Certified home with a built-in Amazon Alexa!
Old School Charm
Housing styles change over time. Those who purchase an existing home may enjoy the charm and character that comes with an older home. The attention to detail and interesting architecture are great selling points for many existing homes.
We all know when talking real estate that location is everything. New construction homes are typically found in suburban areas, possibly making your commute longer. If living close to the city is important to you, existing homes can often be found near downtown. A more established neighborhood—one with lush landscaping and a tight-knit community—may also have you consider purchasing an existing home.
Your budget is also a large factor when considering whether to purchase a new construction or an existing home. If you opt for a new home with the latest technologies and more space, you are likely to pay a bit more (20% more to be exact.) However, while you may be paying more, your new construction home may be more attractive if or when you need to resale. Depending on when you resell, your home and appliances may still be under warranty, making it a great value.
Most builders, such as Lennar Homes, have their own financing affiliates that may be able to tailor a mortgage loan program to fit your needs.
Explore Your Mortgage Options
Whether purchasing a new construction or an existing home depends on your lifestyle and needs. Be sure to take the time to inspect the property and the neighborhood to find the home that is right for you!