Consider These 4 Factors to Help You Decide Whether to Buy New or Not
New and existing houses can offer unique features and distinct advantages. In fact, regardless of whether you’re buying your first or next home, purchasing a house that’s never been lived in can be very different than buying a previously owned house — and your needs can help you figure out which option will be best for you.
New or Existing House? 4 Factors for Home Buyers to Consider
As you think about new homes versus previously owned houses, here are a handful of essential factors to think about, so you can make an informed decision:
- How much you can afford: Newly constructed homes tend to come with higher price tags than existing homes. In fact, according to the latest reports from the National Association of Realtors® (NAR), the median price of a newly constructed house is just under $520k while the average cost of an existing home comes in at roughly $391k. While that $129k gap could be a decision-making difference for you, keep this in mind too — the price of newly constructed homes will be much higher in some areas, and it typically increases with the option to customize certain features of a home.
- Where you want to live: Do you have your heart set on a specific neighborhood? Or do you want to live in a brand-new area? Remember, new home construction is far more likely to occur in developing areas and growing communities, rather than established neighborhoods. And while the areas with new construction can offer modern amenities, the established neighborhoods may offer great schools, shorter commutes, and some of your local favorites. So, think about what type of area you want to live in and how issues like commuting, the quality of local schools, and more could be impacted by the location of your next home.
- How long you can or want to wait for your next house: Are you on a strict timeline for getting your next home and moving into it? Or do you have more flexibility with the timeline? When you buy a newly constructed home, you need to be prepared to wait. In fact, it’s wise to expect at least a few delays because there are lots of moving parts, and factors like supply chain issues could come into play. In contrast, you can generally move into an existing house once the deal is done (and the previous occupants have left). That turn-around time can be critical if you need to get into a new home ASAP.
- How much you want to customize: When you buy a home that’s being built, you may have the option to select different features and infuse a custom touch during the build process. That can mean having the opportunity to choose materials, finishes, and colors to make the house truly feel like your home. Alternatively, if you’re not that into customizing a house or you plan to customize with a remodel, an existing house may be the preferred option.
The Bottom Line on New vs. Existing Homes
When you’re ready to buy a house, the bottom line is that your circumstances, needs, and lifestyle — along with your budget and preferences — can help you zero in on the right choice. And once you determine what that is, getting some help from an experienced Realtor can expedite the home buying process.
Buying a Home in Texas? Work with 5-Star Realtors® & Get CASH BACK at Closing
No matter where or when you’re buying a home in Texas, you can get experienced help and cash back at closing when you work with the 5-star Realtors® at New Home Gurus.
We can guide you through the process, helping you with offers, negotiations, and closing. Plus, we’ll split our commission with you at closing!
Home buyers and sellers who work with New Home Gurus can get back an average of $4,500 to $12,000 at closing.
How Much Cash Can You Get after Closing?
Call (281) 668-8124 or Contact Us to Find Out Now
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