New Construction Home Vs Buying An Existing Home
So are you planning to make a move this year?
With so few homes available to buy right now, it’s important to consider all your options, and yes, that means new construction.
Pros and Cons Of Building A New Home Vs A Resale
Let’s take a look at the pros and cons of building a new home versus one that already exists.
Building new lets you choose from features that are most important to you. It’s customizable, and everything is brand new. Plus, new homes usually come with warranties and greater energy efficiency, both of which can help you save money in the long run.
On the other hand, homes that have been lived in offer a wider range of floor plans and styles. They also allow you to join an established neighborhood, plus you can usually move in faster without waiting for a new home to be built.
Unless you’re looking at buying a spec home, there’s a lot to consider, and that’s why it’s important to work with somebody like myself, who I consider a new construction expert in today’s northeast Ohio real estate market.
So if you’re thinking about your next move, let’s get together and talk about what’s available in your area, from new to existing. And if you don’t know me, I’ve helped over 400 clients build new construction.
There are several reasons why it’s important to price your house right from the start when selling:
- Attracting potential buyers: Setting the right price for your house from the beginning will attract more potential buyers. Buyers often have a budget range in mind when looking for a new home, and if your price is outside of that range, they may not even consider your property.
- Faster sale: A well-priced home will sell more quickly than one that is overpriced. If your home is overpriced, it may sit on the market for longer, which can lead to a perception that there’s something wrong with the property.
- Avoiding appraisal issues: If your home is priced too high, it may not appraise for the amount of the sale. This can cause delays in the closing process, and in some cases, the deal may fall through altogether.
- Maximize your profit: Setting the right price from the start can help you maximize your profit on the sale of your home. Overpricing can result in a longer time on the market and ultimately, a lower sale price.
- A good first impression: The initial period after listing is when your home will receive the most attention from potential buyers. Setting a fair price from the start helps create a positive first impression and can generate excitement among potential buyers.
In conclusion, pricing your house correctly from the start is critical to attracting potential buyers, selling your home quickly, avoiding appraisal issues, maximizing your profit, and creating a good first impression.
Here is a more detailed list of pros and cons of building new construction vs buying a resale home
Pros of building a new construction home:
- Customization: With new construction, you have the opportunity to customize many aspects of the home, such as the layout, finishes, and appliances.
- Energy efficiency: New homes are built with the latest energy-efficient materials and appliances, which can save you money on utility bills in the long run.
- Warranty: Most new homes come with a warranty that covers any defects or problems that may arise within the first few years of ownership.
- Lower maintenance: Since everything is new, you’re less likely to encounter major maintenance issues in the first few years of ownership.
- Modern amenities: New homes often come with modern amenities like smart home technology, built-in sound systems, and updated security features.
Cons of building a new construction home:
- Higher cost: Building a new home can be more expensive than buying a resale home, especially when you factor in the cost of land and customization options.
- Longer wait time: Building a new home can take several months to a year or more, depending on the complexity of the project.
- Potential delays: Construction projects can encounter unexpected delays due to weather, supply chain issues, or other factors that are beyond your control.
- Limited location options: Building a new home requires a suitable piece of land, which may limit your location options.
- Unforeseen issues: Since everything is new, unforeseen issues may arise that were not caught during the construction process, which could lead to additional costs and delays.
Pros of buying a resale home:
- Lower cost: Resale homes are generally less expensive than new construction homes.
- Established neighborhoods: Resale homes are often located in established neighborhoods with mature landscaping and established community amenities.
- Faster move-in: Since the home is already built, you can move in as soon as the transaction is complete.
- Negotiation: There may be opportunities to negotiate the price and terms of the sale with the seller.
- Known issues: With a resale home, any existing issues or maintenance needs will be known before you make an offer, allowing you to budget accordingly.
Cons of buying a resale home:
- Limited customization: Resale homes may not have the same level of customization options as a new construction home.
- Potential maintenance issues: Resale homes may require more maintenance and repair work, especially if they’re older.
- Energy efficiency: Older homes may not have the same level of energy efficiency as new construction homes, leading to higher utility bills.
- Outdated amenities: Resale homes may not have modern amenities like smart home technology or built-in sound systems.
- No warranty: Resale homes may not come with a warranty, meaning that any defects or problems that arise after the sale will be your responsibility.
In conclusion, there are pros and cons to both building a new construction home and buying a resale home. Ultimately, the decision will come down to your personal preferences, budget, and priorities.
Working With a New Construction Expert Who Is A Realtor
Working with a real estate agent who is a new construction expert can have several benefits, including:
- Knowledge of the new construction process: An expert in new construction will have a deep understanding of the construction process, including how to read floor plans, understanding building codes, and identify potential issues that may arise during the construction process.
- Access to new construction communities: Real estate agents who specialize in new construction often have established relationships with builders, giving them access to new construction communities and information about upcoming developments.
- Expert negotiation skills: Real estate agents who are experts in new construction are skilled negotiators and understand the nuances of working with builders and developers. They can help you negotiate favorable terms, such as upgrades or discounts, or even expose ways to cut costs during the construction process.
- Understanding of new construction financing: Working with a real estate agent who is a new construction expert means having access to their knowledge of new construction financing options, including construction loans and the process of financing a new construction home.
- Assistance with customization options: New construction experts can assist you with navigating the customization process, helping you make decisions about finishes, appliances, and upgrades that will suit your needs and budget.
- Advocacy on your behalf: An expert in new construction will be your advocate throughout the construction process, ensuring that your needs are being met and that the construction is on schedule and up to your standards.
In conclusion, working with a real estate agent who is an expert in new construction can provide valuable knowledge, negotiation skills, access to new construction communities, and assistance with customization options, making the home-buying process smoother and more efficient.
How a New Construction Realtor Benefit You When Buying Resale
A new construction expert Realtor can also provide benefits when looking at resale homes, including:
- Knowledge of construction quality: A new construction expert Realtor will have experience with the construction process and can assess the quality of a resale home’s construction, helping you identify any potential issues with the home.
- Understanding of market trends: Real estate agents who specialize in new construction often have a good understanding of the local real estate market trends, allowing them to provide insight into resale home pricing and potential resale value.
- Ability to identify potential upgrades: A new construction expert Realtor can help you identify potential upgrades or renovations that can be made to a resale home to improve its value and suit your needs.
- Skilled negotiation: Real estate agents who are experts in new construction are skilled negotiators, and they can use their negotiation skills to help you secure a fair price for a resale home.
- Access to industry connections: A new construction expert Realtor often has established relationships with other professionals in the industry, such as home inspectors, contractors, and lenders. These connections can be helpful when purchasing a resale home and can provide you with trusted resources throughout the home-buying process.
In summary, a new construction expert Realtor can provide valuable knowledge, insight, and negotiation skills when looking at resale homes, helping you make informed decisions and securing a fair price for your purchase.
Want to discuss building new construction vs buying a resale home? Contact us today at (440) 628-1321
Northeast Ohio Cities We Buy, Build & Sell Houses In…
If you are looking for a home in northeast Ohio, there are many options available to you. You can find suburban homes with large yards and easy access to highways, or homes in downtown Cleveland or Akron areas with close proximity to amazing restaurants and nightlife. No matter if you are looking to sell, build new construction, or buy resale, there is a reason to reach out to Realty Done to guide you through to your new destination with less stress and overwhelm.