If you’re planning to sell your house and move, you’ve likely noticed a shortage of homes on the market. However, there’s some good news: the supply of homes for sale has increased in many areas this year. This applies not only to existing homes but also to newly built ones.

So, how do you decide between buying an existing home or a brand-new one? The choice ultimately comes down to what matters most to you.

Perks of a Newly Built Home
Here are some advantages of buying a newly constructed home right now:

Brand New Everything: One of the most significant perks of a newly built home is that everything is brand new. From appliances to materials, you won’t have to worry about wear and tear or immediate replacements.

Energy Efficiency: New homes are often built with energy efficiency in mind. This means you can save money on utility bills and reduce your environmental footprint.

Fewer Repairs: Since everything is new, you’ll likely face fewer repairs and maintenance issues in the early years. Additionally, most new homes come with builder warranties, offering further peace of mind.

Builder Concessions: In today’s market, many builders are eager to sell their current inventory before starting new projects. As a result, they may offer concessions or be more open to negotiations, which can make a new home more affordable.

Moreover, the median price for a newly built home in today’s market is actually lower than the median price of an existing home. This is unusual but favorable for buyers. As Ralph McLaughlin, Senior Economist at Realtor.com, notes, “Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”

If you’re interested in exploring newly built homes, your real estate agent can be a valuable resource. Their knowledge of local builders, new communities, and builder contracts will help you navigate the process smoothly.

Perks of an Existing Home
Now, let’s consider the benefits of buying an existing home:

Established Neighborhoods: Existing homes are often located in well-established neighborhoods, allowing you to get a feel for the community before moving in. You’ll know what to expect in terms of neighbors, amenities, and overall vibe.

Variety of Floorplans and Styles: With an existing home, you’ll have a broader range of architectural styles and floorplans to choose from, offering more diversity than new construction typically does.

Lived-In Charm: Older homes often come with unique features and a charm that new homes may lack. This character can make the home feel more inviting and personalized.

Mature Landscaping: Existing homes usually come with mature trees and landscaping, providing privacy and curb appeal that takes years to develop.

Additionally, buying an existing home offers strategic value. You can always make upgrades over time, blending the charm of an older home with modern features. This approach allows you to increase the home’s value while enjoying the best of both worlds. As LendingTree explains, “. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . .”

Bottom Line
Deciding between a newly built home and an existing one involves considering various factors, including lifestyle preferences, financial considerations, and long-term goals. Both options have their unique advantages, and it’s crucial to understand the opportunities available in today’s market.

Working with a local real estate agent can provide the expert guidance you need to explore your options and make the best decision for your situation. Whether you’re leaning towards the new or the familiar, your agent can help you find a home that fits your needs perfectly.