A study by Trulia finds that all things remaining equal, only 20% of homebuyers prefer to look at used homes, as opposed to new ones. Forty percent, or twice that number, prefer newly constructed homes.
Fans of older homes love the themes and designs seen in earlier times and the ornate details usually found. Those who prefer new constructions, a younger generation, usually, have a number of compelling reasons for their preference too, however.
There’s less waste
When you buy a used home, often, you need to pay for everything included, but then tear down what you’ve paid for but don’t like. You need to then pay for the customizations that you need. With new homes, you get to order what you need, right from the start. From walk-in closets to eat-in kitchens, large master baths and outdoor kitchens, you get to specify just what you need. There is less time and money wasted, and less hassle.
There’s less money wasted on maintenance, too
Unlike with an existing home, you don’t need to pay for other people’s mistakes with a new home. Everything is brand-new, and there is less likelihood of anything needing major repairs or maintenance for a while. This can save big money, and offer peace of mind.
There is newer technology out of the box
New homes and condos come with the latest features — wiring for Internet, home theater systems and alarm systems, energy-efficient windows and roofs, modern-day insulation standards and so on. There’s far less to spend on the basic standards needed.
New homes do come with a couple of downsides
New homes tend to be built far from city centers. They also tend to be in new neighborhoods, places with little of the classical appeal of established neighborhoods. For all the savings achievable, new homes also tend to cost between 10% and 20% more than similarly specified older homes. While the price premium is usually evened out by the savings achieved in other areas, it can be hard to get around the location factor.
According to David Frosch of Kootenia Homes of Woodbury, MN, investing in a new home construction, can make a lot of logical and economic sense. When it comes to kind of neighborhood one wants to live in, however, it’s important to follow one’s heart.