Finding a home is one of the biggest struggles for potential buyers in the Raleigh area today. As existing inventory continues to dwindle and construction of new homes keeps ramping up, you may be tempted to build your own place from the ground up. While new construction does come with quite a few benefits, you’ll want to take a look at the pros and cons before ultimately making a decision.
Here’s How to Decide Whether You Should Buy a New Construction or Existing Home
It’s no secret that the Triangle is growing—and all this growth has caused our real estate market to boom. That means many homes sell within hours after they’re listed, which often puts buyers in a tough position. This is part of why many home-seekers are turning to new construction…but the process isn’t without its drawbacks.
Trying to decide between an existing or new construction home? We’re sharing a few details you need to know as you weigh your options.
The pros and cons of new construction
There’s nothing quite like stepping into a home where everything is new and custom-tailored to your needs. And when you buy new construction, that’s exactly what you’ll get! When you work directly with a builder, you’ll have the opportunity to select just about everything, from floorplan to fixtures to paint colors.
New homes also tend to be more energy efficient and require little upfront maintenance. If you do uncover a problem, it’ll probably be covered by the builder’s warranty.
While it may seem like the perfect option, buying new construction does still have some drawbacks. If you’re looking to move on a tight timeline, you may not be able to build a fully custom home with all the details you want. And unfortunately, brand-new houses do tend to cost around 15% to 20% more than existing properties.
The pros and cons of an existing home
When you’re buying an existing home, you can negotiate with the seller on price, which is something you generally don’t get to do with a builder. Because builders know exactly how much materials and construction cost, they may not be willing to make concessions like a homeowner would.
Existing homes are usually located in more established communities, so it’s easy to scope out the neighbors, what’s around, and the general atmosphere. Timing also comes into play—with an existing home, you can move in based on the closing date you agree to with the sellers. You may not get that luxury when working with a builder!
Of course, the biggest con of buying an existing home is the lack of customization. Unless you find a property that checks all the boxes, you may need to make some renovations. Additionally, older houses tend to have a higher cost of ownership, which means you should be prepared to complete a few repairs.
Bottom Line: Talk with an Agent Before Making a Decision
If you’re on the fence about what type of home to buy, you’ll want to speak with a top-rated agent before making any decisions. They’ll be able to guide you through every step of the process and answer any questions you may have along the way!
Let’s Get You Moving
If you’re thinking about buying a new construction home in the Triangle, Linda Craft & Team is here to help! As one of the Triangle’s top real estate firms, we’ll happily put our 350+ years of combined experience to work for you.