Finding the right home can be challenging for many reasons. Location, price range, size, schools, etc., all come into consideration. What are some key differences one should think about when deciding between a new build or an existing home?
There are advantages to both resales and new builds. Today, we’re covering some advantages (and disadvantages) of new builds.
New builds are usually energy efficient which helps save you money on your utility bills. Texas is hot and it’s great to have an energy efficient home when you’ll be running you air conditioner like mad for about 8-9 months out of the year. A well-built new home will help retain the cooler temperature of your home.
If you find yourself being really picky about the existing homes you are seeing, then maybe a new build would be a better option. You can pick out your floor plan, flooring, cabinets, backsplash, etc., and custom design a home to suit your wants and needs. Plus, it’s nice to be the first occupant of a home. You don’t have to deal with someone else’s dirt.
You’ll know that in a new home EVERYTHING is new – from the roof, appliances (unless you bring your own fridge and washer and dryer), water heater, HVAC, etc. With a resale, the ages of these things can vary and therefore so can the condition. You may save money buying a resale, but you need to take into consideration that the roof may need to be replaced, or the HVAC unit, or any number of items. With a new build, that shouldn’t be a problem and if it is, the warranty should cover getting it fixed.
Many new build communities have lots of amenities too. From community pools/splash pads, to golf courses and hiking trails, new master-planned communities can offer plenty of fun things to do. Older communities might not have these amenities.
Now, if you are wanting to build a home from scratch, then you’ll need to allocate a good chunk of time for it to be built, around 6-10 months, depending on the builder and other factors. If that isn’t an option for you, but you still want a new home, then you can buy an inventory or spec home. Builders often have homes that are move-in ready or just about to be completed so you may only have to wait 30-60 days to move into a brand new home.
One key difference between a new build and a resale is the price isn’t negotiable for a home being built from scratch. You can sometimes negotiate the price on an inventory home if it’s been on the market for a few months, but if you build it, the prices are set. You start with the base price for the floor plan and it goes up from there with upgrades. Different builders offer different incentives, so you’ll want to shop around and see who is offering what.
That’s where it’s also a good idea to have a Realtor represent you. An agent will know what questions to ask and may know about deals the builders are offering so it’s good to have an agent so you don’t overlook something important or miss out on a good incentive. When you are ready to start shopping for a home, find an agent first. When and if you visit sales offices, be sure to put your agent’s name on the registration card. If you don’t, the builder may not allow you to have an agent represent you during the transaction.
A new build may just be the right choice for you, so always look into both options. You never know what you may end up liking the most!