New Homes vs. Existing Models

Looking at new homes and considering a purchase can be exciting indeed. Individuals who are in the market for a real estate property to live in might be torn between purchasing a spec home, having one built especially for them or snapping up a resale dwelling out of an existing neighborhood. There are pros and cons to each option. 

Pros and Cons:

- Spec Homes: A spec home is one that is brand new but has already been constructed by a builder. No doubt, a contractor had a nice buildable lot and decided to construct an attractive abode with many features that prospective buyers might find desirable. The positive side of purchasing this house is that it’s already built and ready to be moved into. No waiting around for the process. If a buyer likes what the contractor chose in flooring, floor plan, and appliances, then it can be a done deal. The downside is that if the person doesn’t like the decorating selections, they’ll have to either live with them or tear out perfectly good decor merely due to taste differences.

- Custom built: Having a place custom built just the way one wants it can be a dream come true. The positives of this method include that every amenity within a person’s budget can be added. The floor plan can be laid out in the most favorable way and all finishing decor can be to a buyer’s taste. The negative side is that a person will have to wait until it’s done and this can take months.

- Existing resale dwelling: Buying a resale dwelling that’s already in existence has its own share of favorable and unfavorable considerations. Some good points include that it’s already there, ready to move into, and the neighborhood’s established so an individual can look around and decide if this is a place he or she wants to live in. A downside is that it may need remodeling to make it one’s own.

What to look for:

- Location: No matter whether it’s a new or older property, location is the number one consideration when purchasing real estate. A homeowner can change anything about their home-sweet-home except its location. 

- Budget: Make a budget plan and stick to it. Nothing’s worse than biting off more mortgage payment than you can chew.

- Crime: Is the house located in a high or low crime area? Check out the stats with the local police department.

- School district: A stellar school district is a huge selling feature for the future as well as a great thing for homeowners’ children. Even if a buyer doesn’t have kids and isn’t planning to, the school district matters for resale value.

- Builder: When purchasing new homes, it’s important to pick a savvy and experienced builder. Check into the contractors’ reputation before signing on the dotted line. Take a look at other properties that he or she has built. Make sure the person constructing your new place has a welcoming and user friendly communication style as this will make the business dealings much more pleasant.

When deciding between new homes or existing, there are lots of considerations. Do your homework before making a decision; then get ready to move.