Is It Better To Buy a New or Existing Home? Your Real Estate Agent Can Help You Decide
Navigating home buying can be tough, a real estate agent with your best interests at heart can help. One of the dilemmas that many buyers face when they are considering buying a new house is whether they should buy a new home or an existing home. Zillow says 48% of first-time buyers are searching for new (never been lived in) homes.
Buying a home is one of the most important decisions you will ever make. It is likely to be one of the largest investments you ever make and of course, it will affect your lifestyle for years to come. Do you buy new? Do you buy existing?
Let’s Talk Budget
Most homebuyers have to consider their budget when they are shopping for their new home. There is a gap between the cost of a new home and a resale home. Your real estate agent can go over the differences, and more importantly any value difference.
There are some value differences between a new construction home and a resale home, and some are surprising, for example:
- You may find some upgrades in existing homes that were done by the owner.
- Landscaping may be mature in an existing home purchase.
- You may have a lot more wiggle room in pricing with a motivated seller of an existing home.
Of course, with new construction homes you do not have to worry about any “system issues” like roof repair for the next 20 years or so, but buying an existing home can deliver plenty of its own value.
If budget is your primary focus you are likely going to find what you are searching for in an existing home. They are less expensive and often come with perks like upgrades and mature landscaping.
The Motivated Seller
One of the best reasons to consider purchasing a pre-existing home is that there is usually plenty of room to negotiate that purchase price. This is where it is important to find a real estate agent that can work the deal for you.
A committed real estate agent in Los Gatos can help you save thousands of dollars on a home purchase. They will negotiate the best price on your behalf with the seller of an existing home.
Buying a new, never lived in house, is a little more difficult for price negotiation. Typically, the builder/developer has a firm lowest price acceptable and it can be very hard to get them to budge even a little from that bottom line.
Get Help to Decide
Having a real estate agent working for you can really pay off. They will be able to provide the information that you need to make an informed decision about which is the right move for your family.