Home Or Resale?
The answer to that question depends upon the market, your preferences
and needs, and local inventory. Although there's no simple answer,
I'll help you determine which may be best for you at any given time.
The first consideration is: What's available? Are there a sufficient
number of new or used homes in the area where you want to live to
provide you with a reasonable choice?
You may have a pre-determined idea of whether you want new or used,
but if there aren't enough homes of your preference to consider, then
the obvious choice is to consider the alternative.
you may be drooling over thoughts of buying a new home, complete with
the features you've dreamed of, a resale may offer the best value.
Look at your purchase checklist. Are there needs that a used home
can't meet? Probably not. Tour a few of the resales and compare value.
You may be surprised.
Below I've included a comparison between new and used homes to help
you weigh the advantages and disadvantages of both.
|Everything is new, unspoiled
||Experience a break-in period
|Mechanical items are under warranty
||Hassle of the punch lists
|Up to date features
|Usually in planned developments
||The unknown growth factor of the area
|Efficient floor plans
||Few or no established trees
||Less attention to detail
||Smaller lot size
||More expensive to maintain
||Fewer items under warranty
||Less storage space
|More space for the dollar
||Less energy efficient
|More stable value in the market
||Smaller less efficient kitchens/baths
|Quality of construction
Regardless of whether you choose new or resale, there are several
things you should do to help you choose the right home. Use the Homebuying
Checklist and take good notes. Take a tape measure-at least 20'-along
each time you visit a home and use it to note room size and to see
if your furniture will fit.
It's a good idea to have the dimensions of any furniture you plan
to move or to purchase so that you're not surprised once you move
in. I've known builders whose decorating staff intentionally purchased
smaller than standard furniture in order to make rooms look larger.