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Old vs New
October 10th, 2012 7:03 AM

With the real estate market making a slight come back and builders now constructing new communities, one of the first decisions a potential buyer must consider is their preference for finding an existing home or building a new one.  Making a clear decision means focusing on the needs, budget and lifestyle of the individual buyer. 

 Most consumers are conditioned to "never pass up a deal" but this can hinder objective reasoning in this very important decision-making process.  While many buyers would be good candidates for a brand new home, builder incentives are mostly enticements for the buyer and shouldn't be a major factor in weighing housing options.  There can be more costs and stresses tied to a new home versus an exisitng one.

 Most existing homes tend to be closer to towns with better accesss to jobs, shopping, or schools.  New construction subdivisions are usually in the outlying areas with few of these amenities nearby.  Decorating a new home can be overwhelming, expensive and stresssful. This can include the purchase of blinds and window treatments, painting the walls, adding extra fixtures, etc.  An existing home most times includes the blinds and window treatments, is usually painted in neutral colors, and sellers have often made the minor repairs or spruced up the home to make it ready to sell.  Any changes can be made gradually instead of all at once.

Existing homes usually cost less per square foot due to escalating land costs in new subdivisions.  Newer homes are often subject to assessment fees for amenities the family may or may not even use in the development.  And owners in a new construction subdivision must be prepared for the noise, the porta-potties, the trucks, the dust, the dumpsters, and the inconvenience that will last until that particular street or section is completed and sold. 

Make a list of pros and cons before making a decision to purchase existing or build new.  Prices or incentives should definitely enter into the decision, but should never be the only reason one chooses to build or not.   

 

 


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Posted by Barbara Doeringer on October 10th, 2012 7:03 AMPost a Comment

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