Should You Buy an Existing Home or New Construction?

Potential buyers face one of the greatest challenges in finding the right home. There are so few homes available for sale and the construction of new homes is increasing, it’s easy to wonder if you should include new construction when you search. This is a great question and one that you should consider from the pros and cons when deciding whether to purchase a new or existing home. These are some things you should consider before making the right decision for your family.

New Construction

You can choose to buy a more energy-efficient home when you purchase a new one. You can save money by buying new appliances, windows and a roof. All of these can help reduce your energy costs. This can lead to substantial savings over the long-term. Programs like Energy STAR can help you save money and protect the environment.

Another great advantage of a newer house is the lower maintenance. A new home will likely mean that you won’t need to do as many small repairs, such as shutters to paint or leaky faucets. New construction may offer warranty options that could cover a portion of your initial investment.

Customization is another benefit of new construction. You may want a mudroom or granite countertops, hardwood floors or an office. These items can be tailored to meet your needs during the design phase. You’re purchasing an existing home. If you wish to make any changes to the home, you will need to hire a contractor.

Existing House

You can negotiate the price with an existing homeowner when buying a home. This is something that you don’t have with a builder. Builders are familiar with their construction costs and have a set price for the model they’re selling. If you are looking to negotiate, an existing home might be the best option.

Some buyers might not like the idea of construction zones surrounding their homes. You may also want to get information about the neighborhood and levels of activity within the community. You won’t be able to see all the details of a new home until you sell the lot around it. However, there are many new constructions still available in established communities. This can allow you to get a feel for the area while still getting the benefits of a home.

Timing is the final factor. You can move into an existing house if you agree with the sellers on the time frame. You will need to wait until the house is built if you are buying new construction. The time frame can vary depending on when you buy and where you live. This is a crucial point to remember, especially if your move needs to be made sooner than expected. Some areas of new construction have been delayed due to COVID-19 and the social distancing rules.

Bottom Line

Both are great options, regardless of whether you’re looking to purchase a new home or an existing one. Each has its pros and cons and each home buyer will have their own circumstances. Let’s talk if you have any questions or want to learn more about the options available in your area. Together, we can make a decision about where you will be living.

This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for Seven Isles Homes for sale, we are the real estate team for you!

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