If concerns about home maintenance costs are making you think twice when buying a home, we prepared three valuable information on the considerations of new home construction versus existing homes:
1
Newly built homes require less upfront maintenance due to their brand-new systems, appliances, roof, and foundation, reducing the likelihood of major or minor repairs in the first few years of homeownership. Additionally, many builders offer warranties that cover new home systems like plumbing, electrical, and HVAC for one to two years, providing further protection against unexpected expenses. This information is particularly beneficial for first-time homebuyers transitioning from renting to homeownership.
2
Existing homes also offer the option of warranties, providing benefits for both buyers and sellers during a real estate transaction. Buyers can negotiate with the seller to include a home warranty as a concession on the contract, or they can purchase one themselves. This warranty not only benefits the buyer by providing peace of mind for potential system or appliance breakdowns but also helps the seller close the deal. The likelihood of a seller including a home warranty depends on the conditions in the local real estate market, and buyers can rely on their agent to negotiate on their behalf.
3
When deciding between new construction and existing homes, it’s essential to consider the unique advantages of each. Existing homes offer character, charm, developed landscaping, and a sense of community that may be lacking in new construction. The quirks of an older home can create a homier feel and provide a more inviting atmosphere. On the other hand, new construction boasts the benefit of less upfront maintenance and the opportunity to personalize a blank slate. Ultimately, the decision depends on what aspects are most important to the individual buyer.
The bottom line here is, regardless of whether you opt for a newly built or an existing home, a home warranty can help alleviate concerns about maintenance costs. It’s crucial to consult with real estate professionals to carefully weigh your options and determine your top priorities when making this important decision.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
