Wednesday, January 26, 2022 / by Anne Rose
In 2020, right around 13% of buyers opted to build their next home, compared with 87% of home buyers who found an existing home that met their criteria, according to the National Association of Realtors’ 2020 Home Buyer and Seller Generational Trends Report. If you are debating between new construction or purchasing an existing home, you should discuss the pros and cons with your Realtor.
Top Five Reasons to Purchase New Construction
- New construction homes generally feature contemporary floor plans. This means that they are designed with a great room and large kitchen for open concept living. They also have larger closets, more bathrooms, and an expanded - often over-sized - primary bedroom with ensuite bathroom and walk-in dual closets with dressing areas.
- When you are shopping new build homes, you will most likely have your choice of upgrades which will include custom floors, colors, fixtures, and even doors.
- New construction incorporates the most up-to-date energy efficiencies in insulation, windows and weather-proofing, and HVAC systems.
- Buyers of new construction enjoy the added protection of a Home Builders Warranty.
- Many people who prefer new construction are looking for a home that has never been lived in; everything is pristine, unused, and immaculate.
Top Five Reasons to Purchase an Existing Home
- When looking at resale homes, it's easier to visualize how you will live in the rooms. Often the current owner's furnishings are still in place, or the home is staged.
- An existing home comes often includes existing features: window treatments, closet and pantry shelves, carpet or custom floor coverings, and mature landscaping. Many people appreciate large trees and lush hedges that afford privacy and separation from neighbors.
- Resale homes are usually located in established neighborhoods that provide a sense of community and continuity of ownership.
- Location of existing homes is often closer to metropolitan areas, established retail and commercial opportunities, and other services. Sidewalks, street lighting, traffic signals and other amenities are in place, and home owners don't have to tolerate construction dust and noise of other new construction.
- Existing homes also can be a great jumping off point for remodels or add-ons to customize the property for the home buyer's lifestyle. If the scale of the project doesn't make it impossible, home owners can live in their home while undertaking updates.