You’re ready to start looking for a house to buy. Now you have decisions to make. Among the most pressing questions for many first time buyer is: should you buy a pre-existing resale home, or a new construction model? Here are some things to consider.
Let’s Make a Deal
One of the more interesting aspects of real estate is that it’s a flexible market. The tides change. Some buyers like the psychological aspect of being able to negotiate for a steal of a deal. They like bragging rights. Living in a house you got for a great buy is a way to flex your financial muscle, to show off your savvy.
And yet, that shiny and new house still has a magnetic charm drawing your attention. You won’t be able to score a great savings. Builders rarely make exceptions on their housing prices, so what you see is what you get. But that’s not all.
Make it Personal
Think about appliances in both cases – and floors, carpets. In a new construction model, those items haven’t even been installed yet, so you have the opportunity to pick and choose according to your design aesthetic. However, buyer beware: every upgrade you add creates a higher home price, so not only might you be forfeiting a chance to get a good deal, but you may also find yourself spending more than you’d bargained for.
In pre-existing homes, you may be content with the way the floors and walls look. You may also be considering replacing or upgrading. Add those expenses into your costs because that also influences your bottom dollar, just in a more direct way and not via your home mortgage loan.
Yard and Personal Space
Older homes in established neighborhoods may have larger lots, fuller lawns, taller trees, and thicker shrubs. Not only have they had time to mature, but the homes built in various eras were designed to suit various lifestyles. Some older homes have small houses but large properties because they were designed for outdoor living and working. Some newer homes have large structures with open floorpans and tiny yards because they were constructed during a time when indoor space held more value to buyers.. You may also notice a difference in the elbow room between houses. How close would you like ti be with your neighbor?
Regardless of how big or small the yard is, or how expansive or minimal the structure, the landscaping in new construction leaves much to be desired. Yards resemble scabs until the land has healed from the construction and the plants have taken root. So if your dream of home ownership involves a canopy of shade trees and a blanket of soft emerald grass carpet, you may need to shop re-sale vs. new construction.
Amenities and HOAs
Older homes don’t usually come with homeowners associations. Homeowners associations sprang into being with the concept and implementation of master-planned communities. Master-planned communities took home-buying to a new level because people were no longer shopping by number of bedrooms or bathrooms, but by whether or not there’s a community pool or a fitness facility, area parks, walking trails, and membership perks.
The upside to master-planned communities and HOAs is that even without the amenities, the organizations exist to protect and preserve the integrity of the community and the values of property within the community. There’s not much chance the guy next door will be allowed to let his rotting roof damage your home’s value. However, on the down side, the HOA can have its nose up in your business and make you feel like someone’s governing your home-owning experience. They are.
There are a lot of exciting plus points to buying brand new construction. At the risk of inflating your budget, you have the ability to hand-pick a lot of your finishes and appliances – but at the cost of a well-developed yard. On the contrary, older homes present a unique charm not readily found in modern mass housing developments. The community spirit in older neighborhoods has had a chance to develop, marinade, grow, and mature whereas in new communities, it’s going to take awhile to break the ice or watch it melt.
Your real estate agent is the best source of information about the local community and real estate topics. Give Antares International a call today at 561-249-3460 to learn more about local areas, discuss selling a house, or tour available homes for sale.