With the market picking back up, there is a resurgence in new home communities across the country. If you're in the market for a home, you may be asking yourself the question, new home, or old home?
Each home variety-pre-existing and new construction-has its own set of pros and cons. Below, Michael Litzner
of Century 21 American Homes
takes us through a variety of things to consider when selecting a home that best fits your needs.
"One of the biggest reasons people buy older homes is because they have a lot of character," explains Litzner
. They are unique, and have quirks (crown molding, built-in shelves, well preserved hardwood) that are easy to fall in love with. There is also an abundance of different types of old homes to choose from, and each will be unlike the other, as opposed to newly constructed homes, which can stick to a "cookie cutter" format.
Additionally, an already established home comes in an established neighborhood. You can scope out the neighbors, and get a pretty good feel of what you're moving in to.
"When buying an existing property, prices tend to be more negotiable,"
. "If you're buying a new home in a lot of new homes, it's unlikely you're going to be able to talk the price down when the Smiths next door are paying more for pretty much the same property."
Additionally, existing homes are usually less expensive per square foot, and have their history to back them up; they have stood for decades, weathered many storms, and proved their superior craftsmanship. They also often come with larger yards and more land.
"The downside to an older home is that they are just that-older," states Litzner
. "They may have dated designs, appliances that need updating, and generally aren't as energy efficient as the new breed of eco homes that are on the rise."
"If you're looking for a place that will have relatively few problems from the get-go, a new home may be right for you-just be sure to thoroughly inspect the craftsmanship," suggests Litzner
. New homes will have fewer large-scale problems, like a busted boiler or worn roof.
"While you may not be able to talk the price down, you may convince the builder to throw in some additional amenities, like a shiny new appliance package," says Litzner
. And, depending on where the home is in the building process, you may be able to fine tune the details by picking countertops, floors, light fixtures, etc.
"This type of tailoring can help rid the home of that 'cookie cutter' element that can be found in large complexes featuring dozens, or even hundreds, of homes that look the same," notes Litzner
While pre-existing homes come with pre-existing neighborhoods, newer home complexes often appeal to similar demographics. That could mean more playmates for your kids, or potential new friends.
"More and more, we are seeing new homes built with energy efficient materials that will be less expensive for you in the long run," says Litzner
New home complexes often have a homeowners association, which can help protect your resale value, but may also put limits on how you use your property, from the color of your home right down to your landscaping choices.
When choosing your home, start by deciding if you think a new home or a pre-existing property is right for you, which will narrow your search and save you precious time and energy.
For more information on buying a home, please contact Century 21 American Homes at 1-800-270-6318.
Century 21 American Homes is one of the fastest growing real estate brokerages serving Long Island, Queens and Brooklyn. To find out more about an exciting career in real estate contact us at email@example.com.