Buying New vs. Resale Home
One question that I get a
lot is, "Should we buy a new home or an existing home?" A
new home is one that has never been lived in while an
existing home has been lived in by a previous owner. There
are Pros and Cons either way that you should consider. Here
are my
home buying tips for
purchasing a new versus resale home.
PROs for Purchasing
a New Home May Include:
-
Lower maintenance costs
during the first years of owning the home.
-
Lower energy costs because
new homes are built with better energy saving materials
and equipment than older homes.
-
More functional home
designs and floorplans as well as up-to-date home
fixtures.
-
Latest technology features
such as pre-wired for a home computer network.
-
Possibly the ability to
choose paint colors, floor types and colors, exterior
colors, and other optional home features.
NOTE: There is
typically a substantial markup on these items.
PROs for Purchasing
an Existing (Resale) Home May Include:
-
Lower price per square
foot than newly built homes.
-
Better locations and
shorter commute times.
-
Mature landscaping in both
the yard and throughout the neighborhood.
-
Proven track record of
home values in the neighborhood.
-
Lower tax rates since more
neighborhood features have already been paid for by home
owners.
-
Sales contracts that are
fair to both parties...not one-sided in favor of the
builder.
-
Lower move-in costs
(possibly) since home already has window coverings,
landscaping, garage door openers, and other items that
you will have to buy for a brand new home.
-
Easier for home inspector
to find home defects because more time has passed since
the home was constructed. NOTE: New homes may have
hidden defects that are impossible for a home inspector
to find.
-
More established school
zone boundaries than for new neighborhoods.
-
Established community
activities and events.
-
Quicker move-in date
compared with building a home from scratch in a new
neighborhood.
If you decide to buy a new
home, make sure that you check out the builder first: http://www.jdpower.com/homes
and
http://houston.bbb.org/consumers/.
Also make sure that you hire an inspector (read
http://www.best2inspect.com/buyersguide.html
for more information).
And don't forget to bring your Realtor along when you view new home
models! Remember: A Realtor's job is not "just" helping you find a
house to buy...there are over 100 tasks that Realtors may perform for
you during the home purchase process! Your Realtor should be on your side because
she is your agent. The
salesperson at the builder's model home office is not on
your side...as an employee of the builder, he or she is
looking out for the builder's best interest.
Before you decide to buy a
new home, make sure you get up-to-speed on new home
builder's warranties at http://www.fairarbitrationnow.org/content/home-court-advantage-how-building-industry-uses-forced-arbitration-evade-accountability (scroll
to the bottom and then click "Read the Full Report."
You may also find the
article at
http://activerain.com/blogsview/2838/new-home-builders-buyer-beware interesting.
I don't want to discourage
you from buying a new home...Houston has some really great
new home builders. But it's my job to make sure that you
have all the information that you need to make a wise buying
decision.
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Before
you start your search for a
home in Sugar Land (or anywhere in the Houston area),
you may want to take a look at the
MLS Houston
Neighborhood Map to learn which MLS
area in Sugar Land you want to search.
Helpful
Articles & Links
Why You Need a Sugar Land Realtor
(Sheila Cox!) On Your Side
**Required
to Know in Texas: Information About Brokerage Services &
Dual Agency
**Required
to Know in Texas: Who Pays the Real Estate Commission?
**Required
to Know in Texas: How To Get Dedicated Representation As a
Home Buyer?
List of
Sugar Land Area Vendors
Current Real Estate Market Statistics for Sugar Land, Texas
Buying or Selling a Home in a Down Market
Why
rent when you can buy?
Buying New vs. Resale Home
Home
Buyers: Learn What NOT To Do
Be Ready
to Buy
Learn about Energy Efficient homes and how to make yours
more efficient
Rankings of New Home Builders in Houston
Will Prior Foundation Repairs Effect a Home's Resale Value?
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