Many people have asked me if it’s better to purchase a new construction home or a resale home. The fact is, it’s your preference. Some people only want new homes that have brand new carpet, fresh paint, appliances with warranties, etc. But with a new home, there are costs. For example, on a new home you may have to add your own landscape, sod, window treatments, and more. On the other hand, with a resale, there may be some things that need to be replaced or fixed after the purchase. However, the purchase may include a refrigerator, the yard may have established landscape, etc. So you see, it’s really whatever you prefer and what works best for your budget and your family. Below are some costs that can be associated with any home purchase.
1. Appliances in a resale may need to be upgraded. Hidden appliances, like hot water heaters, may need replacing in the near future.
2. As you purchase a larger home, you may need to purchase more home furnishings. Sometimes refinishing antiques can be a lot cheaper than purchasing new furniture.
3. Remodeling can be a huge undertaking, but some resale homes need it.
4. All homeowners need homeowner’s insurance and you may be required to purchase flood insurance.
5. Many communities have homeowner association fees that are due annually.
6. Exterior maintenance can be very costly. When you are purchasing a resale home, be sure to check the age of the roof and have it inspected. Also, check the siding and windows. Does the house have gutters? Is there a septic system or well that could be in need of repair?
7. There are many systems in a home – HVAC, plumming, electrical, etc. Make sure you have all of them checked out during your home inspections. You may need a professional to make repairs. Having a home warranty could possibly save you some costs in repairs on interior maintenance.
8. When purchasing a resale home, you can request the annual utility bills from the homeowner and that may help you budget your monthly bills.
9. As a homeowner, you now have a yard to maintain. Who is going to cut the grass and trim the shrubs and will there be a cost associated with that?
10. Many homes need pest control services. Many are on quarterly billing and maintenance programs. Before purchasing a home, it’s a good idea to have a termite inspection.
11. Do you now have a commute from your new home to your work place? You may have some transportation costs associated with a new home.
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