Thinking of Buying a New Home, but Still Considering a Resale?
New homes can have higher sales prices than comparable existing homes, and buyers are usually willing to spend more on a new home because of lower maintenance costs. Most recently many of the new home builders in developments are offering some larger incentives that will, in many cases, offset the cost difference. Builders' warranties on new homes, when combined with a new roof, appliances, and major systems, usually make major repairs unnecessary and help to counter a slower initial rate of appreciation.
Census Bureau Housing Surveys suggests that operating costs are lowest for brand new homes and slightly higher for relatively new existing homes. Operating costs per square foot of living space are consistently higher for progressively older existing homes. Utility costs represent the largest factor in operating costs. Energy consumption per square foot depends on the size of the home, the insulation and quality of the windows, air leakage and the efficiency of the furnace. New homes require less expenditure for routine maintenance because of the difference in construction materials.
The downside of the newer developments is that they have higher density because of public or private sewer and water being available and homeowners association fees can be higher. Not always, but in most cases the developers want to sell as many lots/homesites as possible. Therefore, the homesites are smaller and the homes are closer together. There are buyers that do not like that, but not everybody wants a large yard either. It will depend on your indivdual motivations.
In most cases, historically many of the subdivisions locally, the older the home, the larger the homesite, because sewer was not available when it was subdivided, and there had to be enough land to accommodate an on-site septic system and possibly a well for the water supply.
If you would like to have a home with a nice-sized yard you may have to make some compromises, such as the sale price of the property being higher, the age of the home being older than you originally considered, or less amenities in the neighborhood such as a pool and clubhouse.
If you have any questions about this real estate tip - or any other tips you may have heard elsewhere - please do not hesitate ask! There is no obligation and you'll hear back quickly!
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37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971
Office: 302-227-2541, Ext 27117