New or Existing Homes: Which is Best for You?
If you’re looking to buy a home in San Jose, California, you may not know whether to buy a new home or an existing one. You can find anything from modern and new to historic and charming in neighborhoods like the architecturally stunning Rose Garden. So how do you choose between new and existing builds? Here are a few questions to ask yourself to decide what’s best for you.
What’s your style?
If you prefer homes that look modern, sleek, and clean, you may be interested in new construction homes. If you also want features like smart windows and appliances, solar panels, or thermostats you can control with your phone, you can find these in new construction. You can get a turnkey home that you won’t have to renovate or repair if you buy new. Real estate agents in Los Gatos can also find you new construction homes that don’t look brand new if you don’t like modern design.
If you prefer historic architecture or want to renovate to put your signature stamp on things, you might want to buy an existing home. Real estate agents in Los Gatos typically sell homes in areas like Rose Garden that may have existed since the early 1800s or 1900s. You can find unique houses that may even have been updated to include modern features. Alternatively, you may want an existing home so that you can do your own renovations while maintaining a more historic structure.
What kind of neighborhood do you want to live in?
If you are young or have children, you may like the vibrancy a new neighborhood can offer. Many newer homes are built with today’s families in mind. You will often find first time homebuyers in these areas. Keep in mind that in newly developed neighborhoods, you may also need to be content with construction being performed in the area.
If you are looking for an established or quiet neighborhood, your best bet might be an existing home. Real estate agents in San Gato can more easily find you homes near great schools and parks or that have mature landscape near existing homes.
What’s your budget?
New construction homes can cost 20% more than existing ones. However, 48% of buyers want a new home because it’s more energy efficient. That’s because new construction will have all new windows, energy efficient appliances, or even smart car chargers in the garage. In other words, you can save money in the long run, but the upfront costs could be more when you buy a new build.
Real estate agents in Los Gatos will tell you that the price of existing homes can vary greatly. Of course, the location will affect the price, as will the home’s size, age, and condition. If the home has been updated, it may have the same energy efficiency as a new build and could cost just as much or even more upfront. If the home has older windows or needs a new furnace, the utility bills could be costly. If the home needs renovations, the initial purchase price could be less. However, you may need to spend money down the road to update it. Break down your budget and your priorities to determine how much you can spend and what you’re willing to spend money on.
Are you in a hurry to move?
If you want to get into a home quickly, new construction could be the way to go. There could be less competition for a new home because there might be an entire subdivision of them available. Financing could be easier because a developer may be more willing to negotiate. And since no one is living in a new build, you don’t have to wait for them to move out.
If you have a little more time, you might be able to wait for an existing home. With an existing home, real estate agents in Los Gatos find that someone will probably still be living there and have contingencies to follow before they can move out. You also may have to do more negotiating to get the price you want, get things fixed, or wait on inspections, all of which can take more time.
Trying to choose between a new or existing home can be a challenge. While you should take some of these questions into consideration, you will ultimately need to choose the home that you can see yourself loving for years to come.