When you’re buying a home, you need to make a lot of decisions. It’s not always easy to make, especially when you have a ton of options and factors to consider.
One of the most important decisions you need to make is whether you should purchase a brand-new home or a resale property. Each option has distinct advantages and disadvantages over the other, and whichever you choose sets the tone for the rest of the home buying process.
So, before you make the choice, let’s explore your options carefully. Here are a couple of things you should consider.
- The price
Money is one of the biggest determinants in choosing between a resale property and a new home. Their prices, however, depend on several factors.
For instance, consider the location. Older homes in established communities can be more expensive than their new counterparts, which are most likely built on good, but less desirable, neighborhoods. It could also be vice versa− large homes in communities that have fallen out of grace may now be cheaper than new homes in up-and-rising markets.
Location is just one thing. So, if you’re unsure, it’s best to consult a local real estate expert.
- Home design
Given that you will spend a good part of every day in your home, it’s important to purchase a home with a design and floor plan that works for you.
If you love attention to detail, charm, and historic tradition, then look at older homes. If your tastes, however, run to the more modern end of the spectrum, a new home would most likely be best suited to your interests.
There’s a lot of gray area, though. Some older properties have been upgraded, offering both old-world charms and modern conveniences. These homes, however, tend to be pricier than average. Others are stuck in the past and require a lot of renovation work. New homes are often move-in ready and adhere to the latest building codes.
- Square footage
The size of a house can have a significant impact on your lifestyle and long-term goals. For instance, if you’re planning to grow your family, you should buy a home that can accommodate more family members.
Many times, we find that older homes are larger than new ones, with spacious yards for outdoor living and play. They benefit from the time when land was cheaper. Now, it’s at a premium, and new construction are often smaller, especially in the downtown areas. And those who want even more space in a new home will definitely pay more.
- Maintenance and care
Older homes, no matter how extensive their renovations were, usually require more maintenance than new houses. You’ll need to periodically have the house examined to make sure everything’s in perfect working order. And of course, this adds to the maintenance cost.
New construction, on the other hand, needs less attention. Since they are built in accordance to the latest codes, it’s safe to say they are built to last. Although North Carolina doesn’t require builders to provide home warranties, a lot of trusted builders nowadays offer it anyway as a testament to the quality of their work.