Buying a Resale vs. Buying a New Home
It’s an age-old debate — the pros and cons of buying a resale vs. a new home. If you’ve already started your home search, you’ve undoubtedly become familiar with what you want in a home and neighborhood (and what you don’t). I have worked with clients who are unsure of whether or not to purchase a resale home The Colony Golf & Bay Club. So, I decided to dedicate a blog that highlights the merits of both.
The Pros of Resale
What You See is What You Get. When purchasing a resale home or high-rise you see immediately what you’re getting from upgrades to features to views. This means there’s less risk involved than if you purchased a new home or waited for a custom home or high-rise to be built. There are no construction delays, labor disputes, or additional costs for options and upgrades.
Little to No Waiting Period. Things go wrong all the time with brand new homes – the builder goes out of business, the land is repossessed by the bank, there are construction delays – but with a resale home, you don’t have these issues. Moving into a resale home usually involves a set 30 to 90 day wait, while a new build can drag on for up to 2 years. This is something to consider depending on how quickly you want to move. For those seeking a second home or who are planning to retire, a resale may make more sense since it’s more convenient.
Evolved Neighborhoods. An established neighborhood, single-family home or high-rise tower are exactly that – established. The community you’re buying into has a distinct personality and reputation. With new construction, the chance always exists that the builder will not complete the project or that the quality of construction won’t be up to par with that of a resale.
Ability to Negotiate. With a resale, you go in expecting to negotiate the price, but there is little wiggle room with most new homes or high-rises. And new homes come in approximately 20-50% more than a resale. Always keep in mind that the starting price on a new home or high-rise is just that – a starting price. It doesn’t take into account the costs for options and upgrades.
The Pros of Buying a New Home or High-Rise
It’s All New. A newly constructed home or high-rise is less likely to experience the electrical shorts, leaks, and back-ups common in older homes. Plus, most quality homebuilders offer their customers guarantees on materials, mechanical systems, and coverage against structural defects.
You Can Customize. The great thing about a new build is you can customize everything – the countertops, the cabinets, the flooring, the light fixtures and more. When you take possession your home will be in move-in condition.
Green Construction. Many newer homes are built up to green standards, which are energy-efficient. Features like airtight doors and windows, advanced insulation technologies, modern appliances, will help new homeowners save money – and the planet.
It’s Current. New homes offer inviting new options like open kitchens, “great room” concepts absent of the rarely used formal dining spaces, spacious closets and higher ceilings.
Please feel to contact me with any questions you may have about purchasing a home, whether it is a new home or a resale at The Colony Golf & Bay Club. Together we can investigate what kind of home or high-rise residence is best for you.