New Construction verses Resale
Comparing new and existing home purchases is akin to choosing between new and used cars. The new car offers chosen features, upgrades, colors, and the distinct “new car” aroma. In contrast, the used car showcases prior owners’ preferences and might have wear and minor damage. efficiency, warranty, and aesthetics. With funds, which option appeals?
Exploring Homeownership Options: New Home Construction vs. Used Homes
When it comes to buying a home, numerous choices abound. Let’s delve into the advantages of new construction compared to the purchase of a previously owned home.
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Home Age – Every aspect, spanning from the foundation to the rooftop, exudes freshness, cleanliness, and optimal functionality. You alone will have the privilege of being the first inhabitant of the residence.
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Building Code – The home will meet strict federal, state, and local building codes for top-notch construction quality.
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Customization: New Construction – The finishing touches are a reflection of your personal taste, elevating the overall satisfaction of your daily life. The chosen floor plan customization aligns seamlessly with your lifestyle and requirements.
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Maintenance & Repairs: New Construction – IIn the first years of ownership, new elements mean potential avoidance of maintenance and repair expenses.
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Energy Efficiency – Cutting-edge innovations in energy efficiency underscore the manufacturing of heating and cooling systems, water heaters, and other energy-consuming components.
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Wiring – Meticulously designed wiring meets your specifications for phones, outlets, media, and computers, ensuring ample capacity for modern appliances.
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Warranty: New Construction – New homes often include a builder’s structural warranty, along with manufacturers’ warranties for appliances and systems.
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Community: New Construction – Newly constructed roads, sidewalks, schools, shopping centers, and other amenities collectively enhance the appeal of the community.
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Cost: New Construction – In January 2023, a 2,000 sq. ft. home averaged $400,000. Negotiating with builders is an option. They seek higher prices for better appraisals. Additionally, federal, state, and local regulations contribute 27% to Georgia’s new home costs, exceeding the national average. For more on Government Regulations’ impact on housing costs, visit: https://www.georgiapolicy.org/news/government-regulation-drives-up-housing-cost-says-new-georgia-policy-report/
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Building Timeframe: New Construction – Unless a Spec Home is chosen, patience is required for construction completion. The building timeframe for Ground-up builds take around 9 months. Post-framing contracts entail a wait of about 6 months.
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Construction – Early construction investment yields return with rising prices. Yet, expect ongoing construction activities when purchasing in early community stages.
