New Homes or Existing Homes?
With technology companies relocating to Atlanta, the demand for housing continues to increase and the development of new construction homes are on the rise. Home buyers are looking for their dream home. However, is it a better option to buy a new construction home or an existing home? There are lots of factors to weigh to determine the best fit for each buyer. Therefore, the McAlister Home Group has put together additional information to help buyers better understand if new construction homes or existing homes would better fit their needs.
Things to Consider
- Newer homes within major cities and high demand areas are smaller in size. The cost of land is currently higher, but the size of many homes are smaller. Additionally, homes are being built closer together to maximize land space. There is less privacy in certain neighborhoods and communities due to the close proximity of homes. Yards are also smaller which means less to maintain.
- Existing homes in many inner city neighborhoods have larger lot sizes. There is more room for expansions and additions.
- New construction homes are much higher in price due to the higher cost of land. Many new homes are being constructed with brick and stones for a pristine finish which also contributes to price. Another reason price can be higher is if the homes are in areas considered, "Walkable Living," which means the homes are within walking distance to shopping, dining and other retail.
- Many existing homes are often larger in size. Meaning, there are more bedrooms, bathrooms and overall square footage for living space. Garages may be larger and accommodate more vehicles. Price can be just as high as new construction homes, but the buyer is getting, "More House." There are always exceptions however. For buyers considering vintage style homes, Victorian homes or classic styles in mature, established neighborhoods, home prices may be significantly higher. It really comes down to the buyer's preference.
- New construction homes are being built rapidly using engineered wood, pine framing and red wood. Some builders use drywall instead of plaster and the walls are just not as well insulated as they can be. Depending on the builder, windows and doors installed may be builder grade which can compromise energy efficiency over time. Newer homes also have more of a modern and contemporary look. When considering new construction homes, it is important to research the builder, warranties provided and workmanship. Consider those builders who have an impeccable reputation and produce quality homes and who have been around for decades, when exploring new construction neighborhoods and communities.
- Existing homes have been around for some time, even centuries and decades. The construction in a test of time and many homes have unique looks and architectural styles that are not found in new homes. For instance, historical homes have beautiful stained glass and other decorative features not available in newer homes.
- New construction homes often come with a builder's warranty. The length of the warranty and coverage varies based on the builder. Further, being a new construction home, the home is built to new codes and inspected accordingly. High expenditures such as roof replacement, HVAC system, water heater and major kitchen appliances will not need replacing for some time.
- In existing homes, there may be more maintenance overall. Buyers need to evaluate when major electrical systems and appliances were last replaced. Plumbing and electrical, as it needs replacing, may be more costly to bring up to code. There could also be foundational and structural issues depending on age. Homes with larger yards need to be properly maintained.
There are advantages and disadvantages to both new construction and existing homes. It is the job of the McAlister Home Group to help our buyers understand these differences. We work hard to find the "best fit" for our buyers and use exceptional home inspectors and contractors. Experience matters so contact us today!
Choose the McAlister Home Group – The Right Team for You!
The needs of our clients and exceeding expectations are paramount to our team’s success and longevity. We enjoy the privilege of working with home sellers, home buyers, relocation companies, investors and commercial clients. With over 40 years combined experience, the utmost level of professionalism, expert market knowledge and a network of extensive contacts, we take the stress off our clients when working with them to buy and sell their home. Our commitment is to put you in a position to win! Whether you are looking for a change, moving up or downsizing, let us help you through the buying and selling process. Don't wait, contact the McAlister Home Group today!
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