Getting ready to buy a home comes with many decisions. For many, the question of buying new construction vs existing homes is a difficult one. Both choices can suit different buyers in different ways.
Which one is right for you? This post will cover the pros and cons of both options.
Northern Virginia Real Estate Watch
As of July 2023, the median sale price of a home in Fairfax County, VA, was $710,000. However, real estate data changes daily. If you need to buy or sell a home in Northern VA, please click here to contact us.
The Pros and Cons of Buying New Construction vs Existing Homes
Pros of New Construction
1. Lower Maintenance Costs
Everything in a new home is new. Buyers don’t need to worry about wear and tear from previous owners. That means new homes have lower maintenance costs early on.
2. Custom Features
New homes will be open to more customization options. Some new homes are fully customizable, but others might have various options for you to choose from.
3. The Builder Warranty
A warranty can give you peace of mind. Builder warranties can cover electrical wiring, plumbing, roofing, and more. Having the warranty is added protection for you and your new home.
Cons of New Construction
1. Building a Home Takes Time
Building a new house can take 6-9 months. You’ll need a place to live while waiting for the new home’s completion.
2. Less Room for Negotiation
Builders usually have a bottom line for new construction homes. You might be able to negotiate a little, but they have costs like labor and materials to cover.
Pros of Existing Homes
1. Move In Right Away
An existing home will be ready to move in as soon as you have ownership. The only exception is if you buy an older home that needs extensive repairs or renovations.
2. More Location Options
Buyers have more location options when buying existing homes. You’ll find a lot of neighborhoods with existing homes in most cities or towns. However, most places have limited options for where new homes are going up.
Cons of Existing Homes
1. Higher Maintenance Costs
Old homes might have outdated floor plans, plumbing, and electrical systems. Along with that, everything is older and may have wear or damage.
Existing homes tend to be less efficient than newer ones. Newer homes usually have appliances and other systems that are more efficient in design. Many components and systems tend to get less efficient over time as well.
Do you need help buying or selling a home sale in Northern VA? Reach out to Only Pay For What You Need Real Estate. We can help you negotiate the best price, and we’ll do it for less!
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