If you’re thinking about selling your Raleigh home and relocating, you might have noticed that options have been limited lately. But here’s some good news: the number of homes on the market has increased in many areas this year—including Raleigh—and that includes both existing homes and newly built ones.
So how do you make the decision? Should you purchase an existing home in the Triangle Area or opt for a brand-new one? The choice is yours—you just need to determine what matters most to you.
Perks of a Newly Built Home
Here are some advantages of purchasing a newly built home at this time:
- Enjoy all-new appliances and materials that have never been used
- Incorporate energy-efficient features to save money and reduce your environmental impact
- Reduce the need for repairs and benefit from warranties from the builder
- Benefit from builder concessions that can make your purchase more affordable
Currently, many builders are concentrating on selling their existing inventory before starting new projects. Some are offering concessions and are more open to negotiations to close a deal.
This situation, along with builders focusing on constructing smaller, more budget-friendly homes, brings another possible advantage. Right now, the median price of a newly built home is actually less than that of an existing home—which is unusual. A senior economist notes:
Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”
If you’re curious about what local builders have available in Raleigh, rely on your real estate agent. Their expertise regarding Triangle Area builders, new developments, and builder contracts will be invaluable during this process.
Perks of an Existing Home
Let’s look at the advantages of purchasing an existing home:
- Become part of an established community that you can experience before moving
- Select from a broader range of floor plans and architectural styles
- Enjoy the unique charm that only an older home can offer
- Benefit from the privacy and attractiveness of mature landscaping and trees
Beyond these lifestyle perks, buying an existing home in Raleigh has strategic advantages. Keep in mind, that you can always update an existing home later to include some of the latest features. This way, you get the charm and the neighborhood, and over time, you can add those trendy elements found in new homes. Doing so may also boost the home’s value. An article from LendingTree explains:
. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”
Interested in seeing what’s on the market? Your real estate agent can show you the homes for sale in your area, helping you find one that fits your needs.
Bottom Line
Deciding between an existing home and a newly built one after selling involves many considerations, but it’s important to recognize the opportunities each offers in today’s market. Contact Linda Craft Team Realtors so you can have expert guidance as you explore the options in the Raleigh area.