When buying a home, which is most likely the biggest expenditure of your life, you want to know you are getting a high quality residence at a reasonable price. Whether you buy a brand new home or choose to buy a resale home, you should be confident that you can live comfortably in the home for many years to come. So what’s best…brand new or resale?
If you decide to buy a brand new home, you will feel good that the home is protected from damage and component failures for a least one year and up to 10 years in some cases. This warranty should include labor and materials for 12 months, mechanical system failures, the roof and exterior, and the foundation and frame.
When buying brand new, you can choose a home near a neighborhood park, a cul-de-sac location, and a home where you can landscape as desired. Builders may also be offering special incentives when the market is slow. You will also enjoy brand new appliances and even window coverings as an affordable option.
On the other hand, there may still be construction in progress, which means you will have to deal with more dust, dirt, and noise trailing into your home than usual. If you don’t mind dealing with this, then a new home is an option you should explore.
With a resale home already built, buyers are able to close the sale of the property and move in faster. In addition, resale homes give you more options and neighborhoods to choose from. With new construction, you may have to wait several months before moving.
In many cases, you will inherit the appliances and a variety of other items from the former owner of a resale home. These might be of poor quality, so you will have an additional expense when buying a resale residence.
Resale homes are typically located in older communities and will likely come with complete landscaping, fences, and sometimes decks, meaning this will not be an additional expense for the buyer, unless all of these items need to be replaced. Many older communities will not have an HOA, so you might get stuck with a neighbor who paints his house Bronco orange and blue, or one that does not care for his yard or parks a dilapidated vehicle on blocks in the street.
You might elect to buy a resale home because of its size or location. So you may also want to change a few things, such as a fresh coat of paint or even extensive renovation. Resale buyers will need to budget more money, and you should also avoid a home that is a potential Money Pit.
Before you buy a home, you need to ask yourself what your needs and desires are and whether a new or resale home best meets those needs. If you are looking for something covered by a warranty, furnished with quality appliances and with all the features and upgrades that you want, a new home will more likely give that to you within your price range. But if you’re seeking a mature neighborhood with large trees, distinctive architecture such as Bungalow, Victorian, Craftsman, Tudor, Colonial, and Farmhouse, and you want to restore the home to its original glory, then resale might be your best bet.