Today’s real estate market is constantly fluctuating. As interest rates stabilize and the economy improves, more people are once again looking to get into home ownership. One question that comes up very frequently, however, is whether to purchase a brand new home or a resale home? Certainly, the latter is the more common option, but the former also carries notable benefits. Here’s a look at buying a home resale vs. buying a new home, and how to know which may be the best bet for you.
An Improving Market
There are many signs that the real estate market is improving in a true and sustainable way. The most important sign, of course, is that home sales are on the rise. This is true of both resale homes and newly-built homes. This also means that interest rates will likely be rising soon, making now an ideal time to make your decision and become a new homeowner.
Benefits of New Construction
When you buy a new home you will not have the legacy of use (and potential abuse) that resale homes have. There’s no need to make repairs or upgrades since everything is fresh and constructed just for you. If you get in early enough, you may even have some input on finishing touches. Your utilities will be brand new—there’s much less of a chance of a plumbing break, gas line problems or electrical issues.
Benefits of Buying a Home Resale
When you purchase a resale home, you’re buying in an established neighborhood. You have a clearer understanding of property values. The home will have already settled, meaning you shouldn’t have to deal with issues like settlement cracks or foundation issues. The landscaping will be matured and settled, and the prior homeowner may have spent a lot of time and effort remodeling for up-to-date quality.
In addition, older homes can sometimes be built sturdier and more to last than newer homes. Finally, you’ll have more power to negotiate the price in a resale home, which means in many cases you’ll get it at less of a hit to your wallet.
Which to Choose?
The decision whether to purchase a resale or brand new home is a tricky one, and in the end it comes down to your tastes and needs and what you can afford. A new home will be constructed to the specifications you need and tailored to you but may cost more, and you won’t have as much room to negotiate price.
A resale house could have leftover problems, but you won’t have to worry about it settling into the ground, you’ll have a clear understanding of value and you can negotiate the price. There’s also a degree of charm to a “lived in” building with a history.
If you are ready to get into your dream home, First Federal Realty DeSimone can help. Read a bit more about buying a home in the Las Vegas area, and contact us today for more information.