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Existing home or new construction? How 2020 has changed the discussion.

Tuesday, September 15, 2020   /   by Vanessa Saunders

Existing home or new construction? How 2020 has changed the discussion.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.

With so few homes on the market these days, having a new house built seems to be an obvious solution to finding the perfect home if you have the money. While moving into a space where everything is brand spankin’ new and built to your specific needs sounds great, it does have some downsides that didn’t exist before 2020. Here are a few things to consider when weighing both as you make the best decision for your family.

Existing Home:
One of the most compelling reasons to buy an existing home is that it is less expensive than a similar-sized home. Apart from the fact that older homes are typically lower priced, it used to be true that buying from a selling home owner also allows you to negotiate everything from price to possession date. But in today’s buyer’s market, new listings get multiple offers (some over asking price) the day they go on the market. Some home hunters are making offers sight unseen to be first in line. Buyers are falling over each other to snatch up a prime property to take advantage of today’s low interest. Buyers are in no position to negotiate.
On the plus side, choosing an existing home allows buyers to find a place that is already a neighborhood. Some buyers like to know the neighbors, if it’s family-friendly, and traffic patterns before making a commitment. Also, large developments of new homes may not be as convenient for commuting to a city-center job as older homes that are not so far out in the ‘burbs..
Timing can also be more flexible when buying an existing home, as buyers and sellers can agree on firm moving-in dates. Builders can and do experience unexpected delays which may push back moving dates. Recently, COVID-19 and social distancing regulations have held up new construction projects.
On the down side, older homes may not have up to date electronics, smart home devices, or offer spaces for home schooling or working remotely. They can have outdated plumbing or electrical systems, and may need work if regular maintenance has been lax.

New Construction
New homes enjoy the luxury of having the latest, most energy efficient smart home innovations. They also can be designed with spaces for emerging trends such as working from home. Do you want a mudroom, stainless steel appliances, granite counter tops, hardwood floors, an office, or a multipurpose room to home-school your children? New appliances, windows, new roof etc. can give a buyer options to lower energy costs, which can add up to significant savings over time.
And obviously, a new home with all new fixtures and appliances will lower maintenance costs for things like leaky faucets, shutters to paint, and other odd jobs around the house. Many items will be covered by warranties.
Whether you choose a brand new home or an existing one, both are good options depending on your situation and needs.


  hudson valley real estate, buying a home, 'urb to 'burb, selling your home, first time home buyer, making an offer on a house, pandemic, the future of real estate, older home or new construction

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
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