New Home or Resale?
You are most likely overwhelmed with indescribable feelings after getting that one page document, symbolizing the keys to your new home. Getting a pre-approval to purchase a new home is a great feeling.
Once you have your mortgage approval, what do you do next? Should you purchase new home construction or should you consider your next home to be resale?
Buying New Construction Homes
The normal assumption when purchasing a new construction home is that it will be free of any defects. The truth is that no homes are free of defects; this includes new construction. When buying a new home, it is important that you perform your new construction inspections during the appropriate intervals of your real estate transaction to ensure that your home is built with quality and that you won't have any major issues early into yourm home ownership.
The benefits of a new home is that many of the defects discovered during home inspections will normally be repaired by the builder before closing. As long as you bring the issues to their attention and make sure each issue is addressed, you can have the peace of mind that you are getting a home in the best possible condition from day one.
New home construction, especially in Silicon Valley, is more expensive and comes with energy efficient features not found in the resale market. New construction homes will have a smaller floor plan, be priced higher per square foot, and will not have as much yard space in the lower priced market.
Buying a Resale Home
Resale homes have had a previous owner, and this home has been subject to the care and maintenance of many people for quite some time. You will find that there are many homes that have a wonderful maintenance record, while there are other homes that seem as if no living soul has lived there for years. In a sense, it's a toss up; be sure to carefully scrutinize the pictures of a home prior to stepping foot through the front door.
You will find that resale homes have larger yards, spacious floor plans, and are usually wonderfully spaced from neighbor to neighbor. You will most likely be advised by your real estate professional to perform an inspection on your prospective resale home. Unlike new home construction, defects and requested repairs may not always be acceptable to the seller and you will have to either come to terms with what repairs will be completed, or move on to your next property.
At the end of the day, taking a focused and intentional approach to buying your next home is the best way to ensure a great buying experience. You want to be sure that you will get the home you want, and more importantly, want the home you end up getting. With buying residential real estate, using the services of a real estate agent is free (the sellers will pay your agent's commission), so be sure to consider hiring someone that will look out for your best interest.
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