New Home vs Resale Home
As with most home buying processes, buying a new or resale home comes down to personal preference, price and location. With the rise in home prices for Nevada properties, many home buyers have been priced out of the new home market. For those buyers that have not been priced out of the new home market, you may want to consider a new home.
New home construction allows you to add upgrades that you want in the home and that fit your budget. You have the opportunity to walk through the home before the closing date and point out issues that the builder will take care of before you take possession of the home. The new home will come with a home warranty. All of these things make the new home very attractive to some buyers.
With a resale home, it is very hard to find a home that has every want and need in it that you prefer. Other people have lived in the home, and you’re relying solely on a home inspector to tell you what is wrong with the home. You still have the opportunity to do a final walk through, but the seller may or may not be willing to fix the issues the home inspector found on his inspection. Either the seller or the buyer can purchase a one year limited home warranty for the home. The home warranty has a deductible that is paid by the buyer any time something needs repaired.
A new home will normally take three to four months to be built. Most builders do have standing inventory homes that allow you to pick flooring & countertops. Usually the cabinets have already been picked by the builder in standing inventory homes. You may be able to cut the build time on these type of homes to one month or 45 days. Buyers of new homes add approximately $15,000 dollars in upgrades to the advertied cost of the home. Builders may have incentives they offer the buyer to entice them to buy their homes. If incentives are offered, they consist of money the buyer can use towards closing costs or upgrades. Some builders may offer both but not very often.
Many resale homes will need repainted and new flooring. The cost factor can be expensive depending on the buyer’s choice of materials. One nice thing about a resale home is it gives the buyer the opportunity to save for upgrades and do them over the course of time. Normal time to be in a resale home is 30 to 45 days. Unless it is a short sale or bank owned property then the timeframe is longer.
As you can see, there are some benefits to purchasing a new home. Not everyone can afford to buy a new home and the resale choice is good for them. Like I said in the beginning it all comes down to personal preference. I’ll be happy to help you with either choice. If your choice is new, you should not go to the new home development without your Realtor. My next blog will tell you why.
Blog Archive2016-07-31 12:49:01
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