New Construction or Resale?
In today’s housing market new construction has become increasingly popular, and for good reason. New construction homes offer a lot of things that home buyers are looking for, and a lot of things they need. Additionally, resale inventory has been at historically low levels in many housing markets across the country for some time now. This has driven a new construction and development boom. So, is a new construction home or a resale right for you?
New construction homes and resale homes have a lot in common. Often, a resale home may be the exact same as a new construction home, it was just built a few years prior to the never occupied home down the street that was just finished being built. So what are some of the reason’s you might want to buy that new house?
- Builder Warranty – With newly constructed homes, there are many conditions and systems in the home that are warrantable by the builder. (Some conditions like driveway cracking generally are unwarrantable. Concrete driveways always crack with time as you drive and park heavy vehicles on them.) But other areas of the home like the roof, appliances, utility systems, HVAC, and workmanship are all generally covered either by a manufacturer’s warranty or the builder.
- It’s New – Everything. It’s all new. From foundation to roof, wall to wall it is all new. This means the time clock on most maintenance and repairs has just started, and nobody else has had time to break anything.
- You Know More – You know who built it, and not every resale can say that. In fact, I would venture to say that most resale sellers have no idea who the builder was if they aren’t the ones who had the house built. You also know more about the systems and aspects of the home, as the builder can provide you with the Specifications “Specs” of the home.
So what about resales? What are some reasons to choose a resale?
- Character – We have all heard it, a lot of new construction homes don’t have any “character”. Resales often come with mature landscaping, more mature neighborhoods, and a story. There is just something about walking into a house that has already been made a home. Someone has made memories here, laughed here, thrown a get together here… With a resale, you are getting that feeling with the house.
- Construction Noise or Lack Thereof – With a resale, odds are it is in a more mature neighborhood. Construction is either done, or nearing completion so that means less concern about construction noise and debris in the neighborhood.
- Room to Negotiate – With a resale, there is often a bit more room to negotiate price, terms, and conditions.
There are are a lot of good reasons to buy new or resale. There are a lot of good reasons to buy instead of rent period! Whether you decide to buy a new construction or resale home, my firm and I are equipped to help you through the process of making that decision, and buying the house of your dreams!
My name is Ford Duncan, and I am a Real Estate Advisor and the Operations Manager with Duncan Group Properties in Conway, South Carolina. I have extensive experience in both the resale and new construction markets, as well as working with real estate investors. Thanks for checking out my blog post!