Floridians, Where Will You Go After You Sell ?

If you’re thinking about selling your home and moving, you’re probably aware of the recent shortage of available properties. However, there’s some good news: the inventory of homes for sale has increased in many markets this year, including both existing homes and newly built ones. 

But with more options comes a key decision: should you buy an existing home or a brand-new one? The answer depends on what’s most important to you. Let’s explore the benefits of both options to help you make an informed choice.

Why Consider a Newly Built Home?

Newly built homes offer several distinct advantages, especially in today’s market:

1. Brand New Everything: When you buy a new home, you get appliances, fixtures, and materials that have never been used. Everything is fresh, modern, and up-to-date.
2. Energy Efficiency: New homes are often designed with energy efficiency in mind. This means lower utility bills and a smaller environmental footprint.
3. Fewer Repairs and Warranties : With new construction, you’ll have minimal maintenance and the peace of mind that comes with builder warranties.
4. Builder Concessions: Many builders are eager to sell their current inventory and may offer incentives or be willing to negotiate to close the deal. This can make buying a new home more affordable.

Interestingly, the median price for a newly built home is currently lower than that of an existing home in many markets, which is not usually the case. Ralph McLaughlin, Senior Economist at Realtor.com, notes, “Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”

If you’re interested in exploring new homes in your area, working with a knowledgeable real estate agent can be invaluable. They can guide you through the process, connect you with local builders, and help you understand builder contracts.

The Appeal of an Existing Home

On the other hand, existing homes come with their own set of benefits:

1. – Established Neighborhoods: With an existing home, you can choose a neighborhood that’s already developed and has a sense of community. You can get a feel for the area before making a commitment.  
2. – Variety of Styles and Floorplans: Older homes offer a wide range of architectural styles and layouts, giving you more options to find something that fits your taste.
3. –Lived-In Charm: There’s a unique charm to older homes that new constructions can’t always replicate. From original hardwood floors to vintage details, these homes often have character that’s hard to find in newer builds.
4. – Mature Landscaping: Enjoy the privacy and beauty of mature trees and well-established landscaping that comes with many older homes.

Strategically, existing homes offer the opportunity to add your own upgrades over time. This way, you get the best of both worlds: the charm and neighborhood you desire, along with the ability to modernize your home and potentially increase its value. As LendingTree explains, “. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”

Making Your Decision

Deciding whether to buy a newly built home or an existing one involves weighing a variety of factors. Both options have their unique advantages, and the right choice depends on your personal preferences, lifestyle, and financial situation.

If you’re ready to explore your options, let’s connect. With expert guidance, you can find the perfect home that meets your needs and fits your future plans.

Sources: www.simplifyingthemarket.com