If you’re planning to sell your home and move, you’re likely aware of the current shortage of available properties. But there’s good news: This year, supply has been on the rise in many markets, affecting both existing and newly built homes.
So, which option should you choose? Deciding between an existing home and a newly built one can be challenging, but the choice ultimately depends on what matters most to you.
Advantages of Buying a New Home:
Here are some benefits of purchasing a new home:
• You’ll get brand-new appliances and materials.
• You can take advantage of energy-efficient options, reducing costs and your environmental impact.
• There’s little need for repairs, and you’ll benefit from the builder’s warranty.
• Builders often offer incentives that can reduce your home purchase costs.
In the current market, many builders are focused on selling their existing inventory before constructing more homes. As a result, they’re more open to price negotiations and offering various incentives to buyers. Additionally, with many builders now constructing smaller, more affordable homes, the median price of new homes is sometimes lower than that of existing ones—a rare occurrence.
If you’re curious about which builders are active in your area, it’s a good idea to consult a real estate agent. Their knowledge of local builders, new communities, and builder contracts can play a crucial role in this process.
Pros of Existing Homes
Now, let’s compare the benefits of purchasing an existing home:
• You can settle into an established neighborhood that you can explore before moving in.
• There’s a wide range of floor plans and styles to choose from.
• You can enjoy the unique charm and character that comes with age.
• Mature trees and landscaping often provide privacy and beauty.
Beyond these lifestyle benefits, buying an existing home can also have strategic value. Existing homes allow you to add modern features over time, offering the opportunity to incorporate the latest trends you might see in new homes. These upgrades can also enhance the value of your home. According to a LendingTree article, buyers can personalize existing homes to their tastes, potentially increasing their resale value. Furthermore, the physical details and history offered by existing homes can sometimes become attractive features that boost their resale value.
Are you curious about what homes are available? By carefully considering the advantages of each option, you’ll be well-equipped to purchase a home you’ll love for years to come.
Conclusion
Deciding whether to buy an existing or new home after selling your current one involves many factors. However, understanding the opportunities available in the current market for both options is key to making an informed decision. Stay tuned for more helpful articles!
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