New Construction Versus Resale Properties
Benefits of Buying a New Construction Property
There’s something exciting about living in a home that is entirely new and fresh. The very first memories made in that home, will be made by you and your household. On a practical level, new construction properties are more likely to be significantly more energy efficient as developers, particularly in the Seattle area, are focused on employing more sustainable practices when building. Greener features not only lead to a greener future, but also significantly cut down on energy and maintenance costs. If you have a hand in the construction phase before the property is built, this also gives you the power to customize the home to your taste, choosing your ideal finishes, materials, and details. Many homeowners are interested in purchasing a new, modern home that will save them from the time and money spent when renovating an older home, so when, or if, the time comes when you want to list your home, you’ll have potential for a better resale price.
Benefits of Buying a Resale Property
If you’re in the market for a home and you can’t, or don’t want to, wait for the home to be constructed, you may benefit from purchasing a resale property. Just as there are many benefits to purchasing a new home, there are many perks of purchasing a “pre-owned” home. For one, you’ll be owning a home in an established neighborhood and community, which means you’ll also be able to research the neighborhood and get a sense of whether it’s the right place for you to call home. Additionally, you can view the home in its finished state versus making your decision based on renderings and you have more potential for negotiating a better price during the purchase process.
Drawbacks of Buying a New Construction Property
Just as you should consider the pros of a new construction property, you should also consider some of the challenges. For the most part, you’ll have to pay higher upfront costs, and as initial budgets aren’t written in stone, costs may be higher than initially projected at the start of construction. Prepare to be patient—delays are common during construction, but if you plan on it taking longer than stated, you’ll be less caught off guard when the construction phase drags on. You should also consider the lack of mature landscaping and community amenities. And because there will not be a history of utility and maintenance costs, research into similar new construction homes will be an important piece of the preparation process so you know generally what to expect on your bills each month.
Drawbacks of Buying a Resale Property
As with anything that’s not brand new, you should expect to encounter some signs of wear and tear in a resale property. This can range from anything as simple as needing a new coat of paint to more serious issues like a damaged roof or structural issues. Because of this, a thorough inspection is critical and could save you quite a bit of money down the road. Some people are
looking for a home that could serve as a good DIY project, but be sure you have a full grasp of the time and money that will need to go into taking on renovations after purchasing. You may realize that you’d like your home to be more energy efficient like new builds are, so consider that updating the house with the latest technology and green features may also cost you, although, it will likely pay off in the long run.
If you’re still not sure which route you’d like to go, contact me today and we can figure out how to find the perfect home for you.