There are benefits to both new homes and resale homes, but knowing the difference is key in making a decision. Buying a home is a huge investment, and it needs to be thought of as such. A few of the key concepts that matter most are economic, environmental impact, and personal preference.
Take the new homes in Beavercreek, Ohio, for example. Most residents there own their current homes, and the market can be tough to buy into. Considering new homes helps put you in a better position as a buyer, and gives you so many more options. Plus, who doesn’t enjoy a shiny new home?
1. Economical Considerations
First and foremost, pricing matters. When dealing with a huge investment, no one wants to overpay or buy more home than they can afford. With that being said, let’s go over some of the pricing differences between new homes and resale homes.
New homes generally come in at a slightly higher price point, generally around 15% compared to resale, but the future costs of a new home are nominal. With brand new HVAC, roof, plumbing, and the newest insulation, your day-to-day costs of living in the home are much lower than in an older home.
Resale homes generally need new flooring, repainting, taking out walls, or changing the inside of the home to your liking, and that all adds up. It costs thousands of dollars just to do one or two of those things, all money that you could save with the slightly larger initial payment for a new home.
You won’t have to worry about replacing a leaking roof, taking out that seventies shag carpet, or repainting the previous owner’s childhood mural. The house is there for you, with no previous memories, open and ready to become truly your home.
On top of that, new homes come with a Builder’s Warranty, usually lasting around 1 to 2 years, that covers all major potential problems at no cost to you. A roof typically lasts 25 years, a long time to be worry-free.
Having some influence over the layout is another huge financial plus. Not only does the owner of a new home have the luxury of moving right in without issue, but they also have some influence over how the house is laid out. No taking down walls to open up the inside, or having to deal with “load bearing” walls that are difficult or impossible to remove, taking months to finish and paying for every little change. A new home is there for you, right away, and comes in the best condition that a house will ever be.
2. Environmental Impact
Alongside the financial benefits comes the environment. They generally go hand in hand, with better insulation being easier on your wallet while using less energy to keep you at the perfect temperature.
New homes are built to the most recent, strictest codes of safety and environmental friendliness. This means that your utilities are not only cheaper but the major systems of the house are simply built better. No lingering worries of lead in your paints, old plumbing that can taint your water, or paying to control the temperature of your whole neighborhood. Using less of your electricity is a win-win, for you and the greater good.
The way we build now is different than fifty years ago. We use better materials, mindfully and under more defined codes. Builders today understand the impact that housing has on the environment, and everyone does what they can to combat that in their professions. Buy a new house with peace of mind that your purchase is helping out the environment.
3. Personal Preference
Let’s face it, buying a house is an amazing feeling. Succeeding in creating a home for yourself and your family is the most important part of the real estate business. The entire process is for you, to not just have a building or a place to put your things, but to truly make a home, connect with your family, and decorate lovingly.
Don’t you want some say in what your home looks like? With a resale home, that house was already created. It was made to someone else’s preferences, built around their family and needs, and not your own. Of course, you can make anywhere home, but having a little say in the structure and layout is a wonderful benefit to buying a new home.
Many new home communities allow some influence from the intended owners, and in general are just built with modern needs in mind. Larger rooms, preferred layouts such as open living rooms, and larger windows that allow natural light, all of these things are in mind when builders create new homes.
Houses from previous decades were built with different needs in mind than those of today’s modern family. Usually made at a much smaller square footage, with smaller windows and many rooms for specific needs; we as a society have simply outgrown those outdated home styles. Houses being built today are built with today’s needs in mind.
Pros and Cons of Both
Overall, there are pros and cons to both new construction and older resale homes. New construction comes at a higher price, with the goal of lower living costs, and older homes are generally cheaper, with the potential to have more issues down the road.
New homes are made under stricter codes, and are generally better insulated than previously made homes, which benefits your pocket as well as the ecosystem, a win-win! Your personal preference over your own living space matters as well. What you want control over, how you want things to look, what types of floorings and finishes you want, or the neighborhood you’re helping create.
While choosing a new home is certainly a decision worth thinking over, it’s imperative that the local home buyer understand the multitude of pros of new construction. In the current market, a home buyer needs to keep an open mind to all options and have a solid understanding of the differences between the two. Be sure to speak to a local realtor available to you about your options, and learn more about the new construction in your area to see if it’s a good fit.