So you’ve decided to purchase a house, but now you’re wondering if you should build a new home or buy a resale one. With a new home, you get the advantage of helping with the design and modern energy-efficiency amenities. But with a previously owned home, you get the character and the thrill of turning someone else’s vision into your own. Which one is right for you?
Many people searching for their dream home are weighing these exact options. Ultimately the choice will lie on your lifestyle preferences, budget, and priorities on different amenities and features. Will you be OK if you need to remove asbestos halfway through your renovation or you must replace a corroded pipe? Conversely, do you have enough time and desire to go through your new home’s design process, permitting, and construction? In today’s post, we will explore both options, and hopefully, you will know which one is right for you by the end of it.
Choosing Between New Home and a Resale One
Buying a resale house may seem like the easier choice. It’s conveniently already built, there may be very few improvements needed, and you may have watched too much HGTV and want to see if you have what it takes to remodel an existing house. It’s also true that if you want a specific neighborhood already built, it may only be possible to build a new home if you tear down an existing one and build your dream home. Although many people have done this in the past, this is not the norm.
Understandably, the first thing that comes to mind to potential buyers is an existing house in a great neighborhood. But have you exhausted the potential advantages of buying a new one? To make it easier for you, I’ll give you some essential benefits of building new homes.
Space Flexibility and Custom Made for You
The number one advantage for new construction buyers is the chance to build a house where all is new. The pipes, wiring, and foundation are all clean and brand new. It’s a great selling point for someone who does not want to settle for the vision and taste of a previous owner. Let alone the wear and tear that comes with previously owned homes.
With new construction, you are intricate in the home’s interior design and exterior look. Plus, if you care about the latest technology, new homes come with the wiring needed for these high-speed electronics that communicate with each other to make a smart home. It may prove challenging and maybe impossible to have this with an older home.
You may have to spend a substantial amount of money to remove walls and rewire existing electrical to get the smart home and open concept that’s trending these days. A resale house may have room layouts, ceiling heights, and lighting that may have been fashionable in the 70s but not very practical these days.
Green Construction
If green construction is crucial to you, new construction homes are undoubtedly the better option. Homes built nowadays meet or exceed Energy Star and WaterSense standards. These national code standards for energy efficiency are much more stringent today than just a few years ago.
Finding a new construction home without energy certifications plastered throughout the walls, roofs, windows, doors, and even some appliances is rare these days. I would venture to say that no resale home offers the same certifications because standards were so much lower in the past.
You can retrofit an existing house to improve energy efficiency, but it is often costly and time-consuming. More often than not, you will not be able to achieve a level of efficiency comparable with a new home.
No Need for Replacements in a New Home
An obvious benefit of a new home is that everything is new, including those costly items such as the water heater, HVAC system, kitchen appliances, doors, roof, windows, etc. Anyone looking to buy a house requiring minimal maintenance should look at a new home.
Most of these items come with builder warranties that are often up to 10 years or more. A resale house does not offer this benefit. The equipment and structure have been used and may need a costly replacement. Some, if not all, warranties are expired.
In a resale house, you may need immediate HVAC, flooring, roof, paint, or carpet replacement. You may need to remodel the kitchen or the master bath. All this can add up and significantly surpass the cost of building a new home. Furthermore, you won’t get the assurance that it’s all brand new.
Here in Navarre, Florida, costs that many non-Floridians don’t consider are termite damage, water damage, and mold removal. If these sound like expensive repairs to you, that’s because they are. Termite damage, for example, can start at $3000.
I agree with The Zebra, who states. “Of all the expenses involved in homeownership, the cost of the various fixes you’ll face is the hardest to plan for. Some are low-cost, minor preventative updates, while others are major projects that carry a high price tag. And since you never quite know when a water heater will quit or when your AC will decide to go on the fritz on a hot day, you need to do what you can now to be prepared.”
Bottom Line
While it may seem that I am biased toward new construction, it’s important to me that I explain the contrast between the two options. Old homes may be charming and in the perfect neighborhood, but they could prove to be costly in the end. New homes may come with their set of headaches and issues, but at least all the problems created are yours and not someone else’s lack of care for their home. This is why I always recommend a professional home inspection prior to purchase. See my Nov 22 Blog post Why Home Inspections Are An Important Part Of Purchasing A Home for more on that.
At the end of the day, the choice is yours. Whatever you decide, I can help you find the right house. You can drop me a note or call me at 914-447-4847.
Happy Buying!