Should I Buy New Construction or Resale? 

If you’re in the market to buy a house, you’ve likely heard that the housing market is in an interesting spot. While demand continues to be high, the inventory is low in the Tampa Bay market and many other hot markets around the country. The good news for buyers is that in fast-growing areas like Tampa Bay, developers are building a LOT of new homes to bridge the gap. If you’re searching for your dream home, you’re probably wondering: Should I buy new construction or a resale home? 

Today, I’m breaking down the difference between buying a new construction home vs. a resale. You’ll learn the pros and cons of each so you can make the best decision for you and your family. 

Deciding on a New Construction Home or a Resale in Tampa Bay? What’s the Difference? 

New Construction: Pros and Cons

There’s something nice about moving into a new construction home and knowing that no one has lived there before. You don’t need to worry about how well the seller sterilized their bathroom or how often they performed routine maintenance. But what else should you consider? 

Pro: A New Home May be Customizable

When you purchase a new construction home, you can often work with the builders to customize your house. If your home is in a planned community, the builders may give you several preapproved options that you can customize. 

These customizations may include the following: 

• Layout
• Exterior paint color
• Interior and exterior design options, such as flooring materials and cabinetry. 

If you’re building a home on land you’re purchasing, you’ll have even more choices. When you buy a new construction home, you can ensure it has all the customized features that give you everything your family needs for the foreseeable future. 

Con: You May Need to Be Patient

Unfortunately, if you have to wait for a company to design and construct your home, you may be looking at a longer timeline. Depending on your unique situation, it may take 6 to 14 months to build a new home. This number has increased in recent years due to the high demand for new homes and supply-chain issues ongoing since the pandemic. If you’re considering a new construction home, ask about the expected timeline and whether the builder’s other homes have been on track to finish on time. 

Pro: Up-to-Date Amenities

One of the most significant benefits of buying a new construction home is that everything is up-to-date. From kitchen appliances to innovative home technology, you can sit back and relax, knowing that you won’t need to worry about doing any upgrades for a long while. These features make daily life more comfortable and enjoyable, and they often follow the latest trends. Unlike in older homes, you won’t have to contend with shag carpeting or popcorn ceilings. 

Previously Owned Homes: Pros and Cons

In the showdown between new construction and resale houses, older homes have more going for them than you may think. But there are also some definite disadvantages, too. 

Pro: Great Neighborhoods

Unlike new construction homes in new developments, older homes often reside in excellent established neighborhoods. These neighborhoods have better schools and other amenities because the community infrastructure has had time to develop. They have also developed a solid sense of community with relationships between residents, businesses, and local government. 

On the other hand, developers tend to build new construction homes in neighborhoods still developing their infrastructure and identity. If a strong sense of community is essential to you, buying resale in a long-standing neighborhood may be a great fit. 

Pro: More Negotiating Power

Whether it’s concessions for closing costs, the home needs repair work, or comps in the area are selling lower than a home’s listed price, you may have more negotiating power buying a resale home than a new construction home. This is where having an experienced, full-time real estate professional is crucial to ensuring you get the most for your money by negotiating the best deal on your behalf. 

Con: Home May Be Dated

I mentioned before that updated amenities are a huge benefit of new homes. But it’s worth noting that dated features in a resale house can pose an enormous hurdle. While you may be able to live with certain inconvenient design choices (Who decided to put carpet in the bathroom?), other features may need to be updated sooner rather than later. This list of urgent updates may include features such as old plumbing, an inefficient air conditioning system, or questionable electrical outlet placement. 

Depending on the type of work needed, the outdated feature may disqualify you from specific loan programs, such as HSA and VA loans, unless the seller is willing to fix the problem before closing. Even if the home has no safety defects, outdated features can cost the buyer thousands of dollars over time. 

Get Expert Help in Buying a Resale Home or New Construction

If you’re searching for a home and unsure whether you’d prefer a new construction home or a resale, contact us today. At Elena VIP Homes, we’ll give you the true VIP experience as we learn your priorities and goals so you can start the home-buying process feeling prepared and confident that you’re choosing the perfect home for your family.