Are New Homes Really the Best Deal? Unpacking the Myths
Download MP3 Can’t find a resale house? With inventory low, you might be considering new construction as your next option.
Downsides of New Construction:
- Construction Quality: Many new homes today are built with materials and techniques that may result in a shorter lifespan (e.g., 40-50 years) compared to older homes that were built to last longer.
- Layout & Lot Appeal: Once the fresh paint and countertops fade, the floor plan and lot may not be as desirable, especially in the long run.
- Higher Property Taxes: New homes can have higher property taxes, even if their market value is similar to a resale home that benefits from a lower tax rate.
- Limited Negotiation: Unlike resale homes, where sellers might negotiate on price, new homes typically sell at list price with little room for discounting.
- Additional Costs for Basics: New homes often lack basic items like carpets, blinds, and appliances, which might require an additional $5,000-$10,000 in expenses.
Key Considerations:
- If you're choosing between a new or resale home, weigh these factors to make an informed decision. New homes may offer customization options but come with additional costs and considerations.
- Resale homes might offer better value, lower taxes, and fewer hidden costs.
- The choice depends on your needs, preferences, and budget.
Make sure to consider all aspects before making your final decision!
