New Construction Advantages:

• Incorporate the most recent building codes
  • New homes must adhere to the most recent building codes and, therefore, are better equipped to deal with high winds.  Additionally, advances in technology make building materials today safer and more environmentally friendly than in the past.

• Builder Warranties
  • Most builders have at least a 1 year complete warranty and 10 year structural warranty.  This can help prevent unexpected costs.

• Choice of Upgrades and Lot
  
  • Unlike with resale, you can choose the flooring, counters, cabinets, etc. in your new home.  In many cases, you will also have your choice of lot.
    
    
• Incentives
  
  • Particularly in a down market, builders are notorious for offering incredible incentives to purchase their product.  These range from closing costs, to free upgrades, to your first year of mortgage payments, and even to cars!  Most resale owners cannot compete on the same level.
    
    
• Incorporate the most recent building codes
  
  • New homes must adhere to the most recent building codes and, therefore, are better equipped to deal with high winds.  Additionally, advances in technology make building materials today safer and more environmentally friendly than in the past.

Resale Advantages :

• Established Neighborhoods

  • This is beneficial for a number of reasons.  Some that might be overlooked are the ability to check historical sales data and crime statistics, a wider variety of homes so that price competition will be decreased at time of sale, and an established HOA with fully funded reserves.

• Location

  • As a general rule, resale homes will be located closer to city centers, transportation hubs, historic districts, and other premium locales.

• Fewer Absentee Owners

  • Especially true in recent years, new subdivisions generally attract a greater share of absentee owners than do established neighborhoods.  Absentee owners have much higher rates of foreclosure and are often cited by HOA’s for a variety of violations.

• Already Decorated and Landscaped
  • Not everyone wants a blank canvas, especially when they are told that basic items such as appliances, fans, window treatments, and paint (other than stark white walls) will not be included with their new home.  Landscaping is also more mature in resale properties and will have a far greater variety than found in most new subdivisions.
    
  
  
• More Investment Opportunities
  
  • Looking for a fixer-upper or a foreclosure?  The best opportunities lie in resale neighborhoods.