New Construction vs. Previously Owned Homes

So earlier this week I posted a tour of a beautiful new construction home by Stanley Martin in the Mixson Subdivision. But often times when I’m working with a buy client, especially on their first home they want to know the benefits of buying a brand new builder home vs a previously owned home. Both have their advantages and it just boils down to what you’re looking for as a buyer.

New construction offers the benefit of being bright and shiny and no one has ever lived here before you. Obviously. However, if you plan on being in your home for a while or even making it your forever home, new construction has the appeal of often letting you choose the specific lot you’ll build on, the house plan that will be constructed and all the fixtures and finishes in the final product. It really can be a wonderful way of making your home your own. Newer developments and communities also have the appeal of having great community spaces that host pools, tennis courts, farmer’s markets and more. Brand new homes can also offer a Builder Warranty, which will usually cover any major repairs during at least your first year.

The downside of new construction is that for every upgrade there is a price increase. Being able to do New Construction also depends on your personal schedule. When building a house from the ground up, you obviously must wait for the home to be built and any number of environmental factors can affect your move in date. Many new developments also have smaller lot sizes than you’ll find in established neighborhoods. The price difference between new construction and comparable previously owned homes can be as much as $50,000.

Existing homes are not to be overlooked by any means. Previously owned homes often host more architectural variety than newer homes. It also gives the buyer more room for customization if you’re looking to take on a project. A visible aspect of choosing an existing home is that the neighborhood is already established. The streets are tree lined. You can see how well maintained your future neighbors keep their lawns. You also can expect the traffic patterns to remain relatively constant. Amenities will have been previously built around the neighborhood. You’ll be close to schools, restaurants, commercial districts. This can vary with newer developments. Financially there is more room for negotiation when working with a homeowner vs. working with a builder. In a new development, the builder determines the price. In an existing home, the market determines the price.

Cons of existing homes are primarily the maintenance involved. When moving in to a home that has been around for 30 or 50 years, you’ll have to consider the age of the roof, electrical system, HVAC, windows, foundation, etc. Depending on how well the home was maintained these may not factor into your purchase at all, but they have to be considered. There are also additional inspections required to protect the buyer from the previously listed potential issues. Another thing to keep in mind with existing homes is that you won’t find the most up to date home trends. Currently a lot of homes have been retrofitted for open floor layouts, but this isn’t the norm and can’t be expected.

Overall there are several ways to make your home dreams come true. It all depends on your specific dream. And regardless of whether you’re looking for New Construction or Existing, I’m here to assist you in your search. Feel free to contact me for more information about the Charleston, SC market.