Undoubtedly, newly constructed homes have some advantages over previously owned ones, but what about their price? It should be no surprise that a brand-new house will cost more than one built decades ago based on current labor and material prices. Zillow reports that in the fall of 2021, the median sales price of an existing home in the United States increased to around $354,000, while the median price of a newly constructed home surpassed $400,000.
So you’ll pay more for a new build home, at least on the surface. When viewing existing homes, ask yourself, “Will I be content to move in and not change or update anything?” to compare apples to apples. Consider the expense of updating the aspects you don’t like before reaching the total cost of a new home if you notice old appliances, bathroom fixtures, or that terrible beige carpet in the living area. Take advantage of your new home’s energy-saving features, which will reduce your monthly spending by lowering your utility bills.
What about a home that has just been built’s future value? This question has a challenging solution. A freshly constructed home’s resale value will primarily depend on your choices during construction and when you decide to sell. If you purchase one of the first or last homes in the subdivision, if the neighborhood as a whole is expanding, if you choose to sell in a seller’s market, and if you stay in the home for at least a few years, all of these factors will increase the likelihood that your new construction home will appreciate or at least hold its value.
New construction neighborhoods have something to offer everyone, whether you’re a growing family seeking additional room or looking to buy your first home.
Are you trying to find a new house to buy? INB Homes would be happy to assist with your new home build.