New Construction or Used Homes
Homebuyers have been on a roller coaster ride for the past year. With shortages in the resale or used home market, and long waits for new construction caused by supply chain and labor disruptions, buying a home has been a challenge. The summer of 2022 has seen some relief in both areas. Inventory of resale homes is increasing, calming some of the craziness of 24-hour sales and over-the-asking price offers. The new construction market has been given a slight reprieve in the ability to get needed supplies, though land prices remain high and permitting times are still lagging. When it comes to finding the right home for your family, consider your priorities.
New Construction Benefits
New construction homes offer many benefits for homebuyers. The most obvious benefit is the newness of home - it's never been lived in.
-Pristine and clean.
-Include the most energy efficient heating and cooling systems, new plumbing and electric.
-All appliances are Energy-star rated.
-Windows and doors are made of the best materials and most importantly, are properly sealed.
-New homes are compliant with the most stringent building codes
-New homes cost less to insure
-Less expensive utility costs
-New home require no renovation or updating
-Come with a new home warranty
-Take time to build
-May cost more up front
Purchasing a resale home is a familiar way to buy real estate for many people.
- Great for families seeking a particular established neighborhood.
- Perfect for homebuyers who enjoy rehabbing historic homes.
- Appropriate for homebuyers willing to compromise age, condition or layout for price
- May be less expensive up front
- More expensive to insure than a comparable new construction home
- Less energy efficient than new construction
- Require more home maintenance than new construction
- May require rehabbing