When buying a home the largest decision that you will have to make is the choice of whether to buy a new home or a resale home. There are specific concerns that relate to both options so a smart buyer should take the time to consider the pros and cons of each.
New Construction Homes – Well, new construction homes definitely have the “shiny & new” factor in their favor. That being said, you should not assume that everything in the home is perfect. Many people buy new construction homes without an inspection and that is a big mistake. Just like resale homes there can be issues relating to the home’s systems or structure; although they are generally issues that are results of the home’s construction, not wear & tear. In a real estate market where new homes are springing up overnight, a major concern is the quality of construction. Unfortunately there are less than reputable home builders in operation that use sub-standard labor and materials in order to cut building costs and increase their profit margin. Before buying a new home try to find out about the home’s builder. Do they have a good reputation and track record? Have there been any issues with other homes they have built? Try finding people who are living in homes built by the builder and inquire as to whether they have had any issues with the home.
Resale Homes – When purchasing a resale home the home inspection is essential. A home inspection will let you know of any issues that have developed in the home over its lifetime. Common problems are things like: a leaky roof, cracks in the foundations, mold, easements or liens and old or out of date appliances. That being said, resale homes are usually located in a well developed area with good access to schools and community services like shopping, recreation and entertainment. Any issues that come up during an inspection can easily be used as bargaining chips during the offer process. typically you should be able to make the passing of a home inspection one of the major subjects in the purchase. If something does not pass the inspection it is either the owner’s responsibility to fix or the owner can decrease their price enough so that the buyer can fix it.
Buying a home is a huge responsibility. It is likely the largest purchase the average person will ever make so it makes good sense to take your time and explore all your options before jumping into anything. The more you educate yourself on your options, the better the chance is that you will find that perfect home that suits you in every way.