Should I Buy Resale or New Construction?

So, you’ve worked hard to get your finances in order and you’re ready to buy a home.  Now what? An exciting part of the home buying process, besides getting the keys and moving in, is going out and looking at your home options. The choices in the market can be overwhelming. First and foremost, you will most likely narrow your search to what you can afford. Then, focus on the top few features you can’t live without, such as number of bedrooms, a garage, yard space, etc.

Choosing between resale or new construction, however, mainly boils down to personal preference. Great values can be found with resale homes, particularly short sales or foreclosures. People may be surprised to find, however, that many new construction homes also fall within their price range.

On the other hand, new construction also has its advantages. Today’s homes are built to meet stricter energy-efficient codes, resulting in lower utility bills. Fewer repairs and lower maintenance costs also attract buyers to a new home, not to mention more modern designs that include master baths and more closet space.

Either way, good deals and great value can be found in both resale and new construction. Having patience and perseverance bodes well for a home buyer when looking for new digs. Also, establishing top features you want in a home can make the home search more fun and efficient.

About the Author:
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Homewise helps create successful homeowners and strengthen neighborhoods in New Mexico. We do this through our comprehensive real estate and lending services designed to support working families and individuals. We are a nonprofit lender, also known as a Community Development Finance Institution (CDFI).

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