New Homes offer some benefits that Existing Homes do not have.
Existing Homes on the other hand offer benefits as well.
Here are a few features and benefits that today's Home Buyers are looking for:
They can pick a floor plan/layout that suits their needs the most
They can pick exterior design and colors
They can select interior features such as cabinets, appliances, countertops, appliances, flooring, carpet, lights and other options
Choose where the master bedroom is, 1st floor or 2nd
Size and location of the lot (sometimes)
Amenities (Pool, Tennis etc)
Energy Efficiency (even Green Construction at an additional cost)
Everything is under warranty from day 1: new roof, new HVAC, new appliances, new flooring etc
New Homes require the buyer not to undo anything, home is move-in ready
There will be lot premiums added to the price if it is not a “regular” lot
In addition to these features and benefits many new home builders offer incentives such as pain closing cost is buyer uses their preferred lender and closing attorney. All this is very tempting to today's home buyers. Allowance for the appliances and lights.
But know this, no buyer ever buys a house for the "sticker" base price. Once they get to the Design Center of the builder and they start selecting, the price goes up. Covered In the base price is just that, base selection. Many buyers upgrade:
Flooring in general (Tile, Hardwood)
Lights (Ceiling Fans)
Screen Porch, Sun/Florida Room, Automatic Sprinkler System, Landscaping package to name a few upgrades.
Don't Count Existing Homes out, however. There are benefits as well and included in the asking price:
- Improvements such as a Screen Porch or Sun Room
- Mature Landscaping
- No Construction Noise and dust
Location may be more convenien
Crawl Space Foundation compared to slab (Cheaper)
Larger lot and potentially more privacy
Brick Construction versus Vinyl or other Materials
Price is what the asking price is, nothing added or going up as with a new home
Buyer can get a 1 year Home Warranty and renew after expiration to cover most of the components of a home from HVAC, to Plumbing, Electrical, Roof Leaks and more
Seller can contribute to the buyer’s closing cost.
Today's thought after OPEN Floor Plans do not fit every family and their needs. They are noisy (no walls space for furniture and to buffer noise), no privacy and cooking grease and odor go everywhere if your family cooks. If you have small children a 1st floor master may not be ideal. There are many things to consider when a buyer compares new homes to existing homes. There may not be a 1 formula fits all. Every buyer needs to examine their own needs.
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