Should You Buy New Construction or a Pre-existing Home?

Sometimes the answer to this question will depend upon budget or upon where you want to live. Whatever it is that you’re looking at for your scenario, new construction might truly be an option – but maybe not! 🙂 Keep reading. 

 

New Construction Homes

Everybody loves new –  the new car smell, the new home smell. Depending upon where the new construction is in the process, you may be able to pick out various things – from paint colors to flooring, to cabinet colors to countertops. Some builders allow customization to some extent and some do not. All things I am here to help you navigate.

Not all new construction is made the same. One of the reasons that you really want to have a Realtor help you with new construction is because not all builders are the same. Some are better than others. 

The price point is important right now with the way the Nashville and Middle Tennessee real estate market is going. The big thing about that is that prices are all over the place. Lumber prices shot up dramatically, there’s been kind of a shortage of lumber, there’s been a shortage of anything that has resin in it, there’s been a shortage of windows and appliances and now PVC plumbing, 

With new construction, things have really changed, particularly this year. A lot of new construction has always been priced at a certain price point. There may be upgrade features that add to that price, and it ends up being a little bit higher. There are just a lot of differences. There’s a lot to navigate.

 

Pre-existing Homes

When looking at a pre-existing home, you have a much better idea of a move-in date and a much better idea of if the seller needs any extra time. Otherwise, you’re looking at hopefully closing within about a 30-day period of time. 

You should go look at homes. What’s going on in the market at any given time will dictate how quickly you might be able to get into a preexisting home. At least the home is there, you can actually see it, you can actually walk in it, you can actually have it inspected, and you can actually determine whether or not it’s going to be a home that works for you. You can live in it potentially as is if it’s in great condition.

A lot of times in this market, in particular getting into a home that’s pre-existing may be a lot faster and a lot easier to be able to go ahead and make a house your home and not have to wait several months for it to be built.

If you want to learn more about new construction vs pre-existing homes, subscribe to my newsletter or check out my YouTube channel to view more real estate-related videos and things you should know whether you are buying or selling a home

Give me a call at (615) 930-0313, schedule a call with me, or send me a message! I love helping people and using my financial and legal background to guide you in finding your dream home!

 

Watch the full video here: