Buying New vs. Resold. Which is better for you?

Helping you weigh the pros & cons:

When it comes to buying a home, one of the biggest decisions many buyers face is whether to purchase a new construction home or a resale property. Both options have their own unique set of advantages and drawbacks, so it’s essential to weigh the pros and cons before making a decision. Below, we’ll explore the key differences between new builds and resale homes, helping you decide which option best suits your needs.

Buying a new build

The pros:

1. Customizability
   One of the biggest advantages of purchasing a new build is the opportunity to customize. Many builders allow you to choose from a variety of design features, including flooring, countertops, cabinetry, and paint colors. This gives you the chance to create a home that matches your personal tastes and style.

2. Modern features and energy efficiency
   New homes are built with the latest technologies, design trends, and materials, making them more energy-efficient and environmentally friendly. You can expect better insulation, energy-efficient windows, appliances, and HVAC systems, all of which contribute to lower utility bills and a more comfortable living environment.

3. Less maintenance
   Since everything is brand new, you won’t need to worry about immediate repairs or upgrades. New builds come with warranties that often cover various structural elements, plumbing, electrical systems, and appliances for the first few years, which gives you peace of mind and saves money on potential repairs.

4. Customization of floor plans
   With new builds, especially in neighborhoods with multiple builders, you may have the option to choose from various floor plans or even modify the design to meet your needs. Whether you want an open-concept layout, additional rooms, or a different configuration, many builders are flexible in accommodating your preferences.

5. New communities and amenities
   New build homes are often located in emerging communities that feature state-of-the-art amenities such as walking trails, community centers, and parks. You’ll also be among the first residents, which can be a unique and exciting experience.

The cons:

1. Higher price tags
   One of the major drawbacks of buying a new build is the price. New construction homes typically cost more than resale homes of similar size and location, due to the cost of land, building materials, and labor. While the initial cost may be higher, the savings from lower maintenance and energy bills can offset the difference over time.

2. Longer wait time
   If you buy a new build, you may need to wait several months before you can move in. While some homes are ready for occupancy right away, many require construction that can take months to complete. If you’re on a tight timeline or need to relocate quickly, a new build may not be ideal.

3. Lack of mature landscaping and character
   New homes typically don’t have the mature trees, shrubbery, or landscaping that many older homes offer. You’ll likely be starting from scratch with a bare yard, which can take several years to develop into the lush, well-established outdoor space that older homes provide. Additionally, new homes can sometimes lack the charm and unique character that older homes offer.

4. Potential for development disruptions
   New construction homes are often located in areas that are still being developed. As a result, you may experience noise, dust, and ongoing construction projects in your neighborhood for some time. Additionally, future developments may block your views or alter the overall feel of the neighborhood.

Buying a home for resale:

The pros:

1. Established neighborhoods
   One of the biggest advantages of buying a resale home is the opportunity to settle in an established neighborhood. Older neighborhoods often feature mature trees, established landscaping, and a sense of community that newer developments may lack. You also have a better idea of the neighborhood’s long-term potential, including nearby schools, parks, and amenities.

2. Potential for immediate move-In
   With a resale home, you may be able to move in right away, making it ideal if you need to relocate quickly or are on a tight schedule. There’s no waiting for construction to be completed, and you can often negotiate a closing date that works for you.

3. Character and charm
   Resale homes often come with unique features and architectural charm that new homes may lack. From vintage fireplaces and original woodwork to distinctive details and character, older homes often have a style that is hard to replicate in a new build.

4. More negotiation power
   In many cases, sellers of resale homes may be more willing to negotiate on price, especially if the property has been on the market for a while. You may also have the option to request repairs or credit toward home improvements, something that isn’t possible when purchasing a new build.

The cons:

1. Higher maintenance costs
   Unlike new builds, resale homes may require more maintenance, both short-term and long-term. The roof, plumbing, electrical systems, and appliances may be older and in need of repairs or replacement, which can add up in costs. However, a home inspection can help identify potential issues before you buy.

2. Older design and layout
   Depending on the age of the home, resale properties may have outdated designs and layouts that don’t fit with modern living standards. You may need to invest in renovations and updates, such as new kitchens or bathrooms, to bring the home up to your preferred style and functionality.

3. Less energy efficiency
   Many older homes are less energy-efficient than newer constructions. Older windows, insulation, and HVAC systems may not be as effective at keeping your home comfortable and reducing utility bills. However, with proper upgrades, this issue can often be addressed.

4. Higher competition
   In popular areas, resale homes can experience high demand, leading to bidding wars and higher prices. If you’re competing for a property in a desirable neighborhood, you may end up paying more than you anticipated.

Which option is right for you?

Whichever option you choose, make sure to work with a trusted real estate agent who can guide you through the process, negotiate on your behalf, and help you find the home that best fits your goals.

Jill Beckett-Hill

Office: 614-457-4000 ext. 116
Mobile: 614-563-9819
Email: jill@beckettrg.com