As you drive around Metro Atlanta during the weekend, you can’t help but notice new neighborhood signs at every corner. So what’s ultimately the better buy…a brand new home or a resale? The Wistrick Team hears this question quite often, so we are here to help!
-It’s brand new…what’s not to love about knowing you’re the first to ever use the shower?
-As morbid as it may sound, many buyers like to know the history of the home they are buying. The last thing they want is for a neighbor to tell them about something tragic that happened in the home (laws don’t require sellers to disclose deaths in a home). So by knowing the home is brand new, they know the history.
-You get to pick nearly everything in your home: tile color, cabinets, outlets, lot, etc., and watch your future home be built from the ground up.
-Full warranty on the home, generally 2 years on the house and 10 years on the structure. Pretty maintenance free for the first few years.
-Option overload!! Think about how overwhelming it is to do a basic kitchen remodel…now think about designing your entire home (inside and out) in one ore two design studio appointments! Yikes!
-Builders often try to corner buyers into using a specific lender so they have more control over the transaction.
-Can be up to 7 months build time, so timing the sale of your current home can be tricky
-Unclear communication from builders: some builders are very detailed about their standard options, but be aware, most builders are not. You often wonder if yours is the first of this elevation that they have built when speaking with them. The onsite sales agent is always representing the builder, but keep in mind, they aren’t the decision makers (the builder and/or management team is). When we represent our new construction clients, we have to be crystal clear with the onsite agents so that our client requests are relayed correctly to the builder and the project manager.
-Lengthy builder contracts: Yes, builders use their own contracts, and trust me when I say, they are 99% in favor of the builder. They like big, non-refundable deposits and add in items such as “change order” fees to keep buyers from constantly changing their minds or bailing out of the contract.
Well, these generally speak for themselves. What you see is what you get! This can be a welcomed site for those who like to know exactly what the final product is going to look like, as well as those who are not quick to make decisions about design selections.
1. Comparable sales are easy to find to help determine value
2. You actually have toilet paper holders on Day 1! In all seriousness, items such as blinds, towel racks, ceiling fans and an established yard can be worth their weight in gold!
3. More flexibility on the lender you prefer as well as seller paid closing costs.
4. You have the chance to snoop the neighborhood and get an idea of how well the neighbors maintain their yards and homes. This is a big deal when it comes to resale value!
5. Probably the most popular reason of all would be timing. Some just don’t have the option of waiting 1/2 a year to get settled in. For families with kids, schools, pets, etc., this option tends to keep the divorce rates down!
Aside from not having the choice to pick all your colors from the beginning, the major con our clients have is the overall condition of a resale. While some are really well maintained, items such as old HVAC’s or roofs don’t tend to pop out initially. No seller likes to advertise that their listing may have siding that was involved in a lawsuit or foundation issues, for example. So in the world of resales, we have to investigate much further prior to officially letting our clients move forward.
As always, The Wistrick Team is your guide to help with any questions you may have if you are considering making a move!