Should I Buy a New Construction Home Over an Existing Home?

Wednesday, January 04, 2017   /   by Becca Scott

Should I Buy a New Construction Home Over an Existing Home?

In our last blog, we discussed the top benefits of owning a home task planning tool. Now comes the question of, should I buy a brand new home, or an existing home? Do you want something with history, or a blank canvas?


Stats have shown that when buyers are given the choice of buying new or used, the majority will choose new. There’s just something about buying a home that’s not only been untouched, but can be made just the way you like it. And in today’s market, new homes are more affordable than you might think.


So to help you with this decision, we’ve listed some pros and cons of buying a new construction home.


Pros


Customization


Even if your not going for a custom home, you may be able to upgrade finishes from builder grade material and add your own personal touches before construction is complete.


Floor Plans


New homes offer modern floorplans. Today’s buyers want an open floorplan layout which means larger living spaces, whereas older homes tend to be compartmentalized by room.


Efficiency


When you buy new, you are also getting appliances new. New appliances and homes systems are more energy efficient. Newer homes are built with efficiency in mind, therefore creating homes that are less expensive to heat or cool (a.k.a lower utility bills).


Maintenance


A newly built home requires less maintenance since appliance and home systems are all brand new. Additionally, builders offer a 1-year warranty and some offer up to a 10-year warranty.


Community


Buying a new construction home often means buying a lifestyle. Many new construction homes are built in master or planned communities, meaning you will have the best amenities available to you and your family. Pools, playgrounds, community spaces. etc.


New Construction Home: Cons


Negotiation


Typically when buying an existing home, different factors can lead to a negotiation of the price. When it comes to new construction, there is little to no room for negotiations regarding price.


Landscaping


Many new homes lack mature landscaping due to trees needing to be salvaged at new building sites, but the landscaping will eventually grow into itself.


Price


New construction typically costs more than an existing home, but will actually save you money in the long end with energy efficient features and low maintenance costs.




Did this help? If you are thinking about buying a new construction home, or possibly custom building your own, come talk to us. Not only do we work with 5 premier custom builders in the Richmond area, we also have vast experience in buying in some of the top new home neighborhoods such as HallsleyMagnolia Green, and Rountrey. We are your New Home experts! Call us today at 804.NEW.HOME and lets discuss some options.


  real estate, new construction, owning, benefits, homeownership, resale

The Yeatman Group Long & Foster
804.New.Home (804.639.4663)
1 Park West Circle #203
Midlothian, VA 23114

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