What are the key differences between buying new construction homes and resale homes? Find out here.
Homebuyers often want to know how buying new construction homes differs from buying retail homes. Today we’ll discuss what you need to know about both.
New construction homes, as the name implies, are brand-new—if you bought one, you’d be its very first owner. Sometimes, the whole neighborhood the home is in is new, as well. This provides you with a lot of benefits. For example, in Virginia, you get a one-year warranty on new construction homes.
Resale homes, or homes that were previously lived in, have their own set of advantages if you buy them. Many times, they’re located in established neighborhoods, so you’ll know what to expect from the area. Resale homes often come with upgrades put in place by the previous owners, and they’re usually move-in ready. Recently, a client of mine closed on a new construction house they purchased; they had to wait four months for the home to be ready before they could move into it.
When it comes to deciding which is the right purchase for you, consider what’s inside each home. Three years ago, my wife and I bought a new construction house without any blinds on the windows. We didn’t even think about it until after we had closed on it; we then realized we had 30 sets of blinds to go out and purchase.
In the Hampton Roads, we have a third option, as well. Since we’re a military town, a lot of people move in and out every year. Sometimes people buy new construction homes but only stay for a few years before they receive orders to move. These sorts of homes would have the benefits of a resale home but the newness of a new construction property.
Figure out which of these types of homes works best for you. If you need some professional advice to help you better understand which type of home fits your situation, reach out and give us a call or send an email. We’re glad to share our advice with you.
