New vs Old: The Ultimate Home Buying Showdown
As a homebuyer getting ready to enter the market, or a seller looking to sell and upgrade your property, it is important to consider all of your options before making a decision. New construction vs. existing homes, which one will come out on top?
Let's start with new builds. The primary advantage of buying a new home is that you get to own a brand new, never lived in home that is customized to your specifications. You get to choose the floor plan, appliances, and all the finishes. You can also take advantage of energy-efficient builder options, saving you money on your utility bills over time. And more often than not, the builder will offer some great buying incentives.
Now let's talk about existing homes. The biggest advantage of buying an existing home is that you can see exactly what you are getting. You can walk through the rooms, inspect the plumbing and electrical systems, and get a feel of the neighborhood. Existing homes have established yards and landscaping, so you do not have to wait for trees and shrubs to grow. Additionally, existing homes are in established neighborhoods giving a sense of community.
Next, let's look at cost. It is essential to consider the purchase price and ongoing expenses. New construction may have a higher purchase price, but more efficient appliances and reduced maintenance costs, as well as the cost to install new landscaping which can be quite expensive. Existing homes may have a lower purchase price but require more upgrades and repairs, which can add to the cost.
Bottom line, if you are planning to explore either option, it is best to consult an experienced real estate team.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!