Many clients have asked what differentiates buying a newly built home from a resale, so I’m diving into that topic today.
First, with a new build, you get that brand-new feeling, the ability to choose the colors and finishes, and a 12-month warranty for everything in the house (sometimes the structural warranty lasts years). The procedure is also a bit different. You will need a real estate agent who knows the new construction process well to help guide you through it. There are different construction walk-throughs including frame or pre-drywall walks and final walks, and you need someone who knows what to look for.
Another great thing about purchasing a new construction home is that there’s less competition for them. Currently here in Colorado, we receive multiple offers on resale homes, and it’s a fight to win it. However, with new construction, you’re locking in a lot, and building it from the ground up. A new construction home will also appreciate during the six to 12 months it’s being worked on, and appreciation rates are as high as 6% to 10% right now.
When you buy a resale home, you hire an inspector to come look at the house and negotiate repairs with the seller, whereas with new construction there’s a warranty, and you don’t have to worry as much about things breaking. Additionally, the newer the home, the more updated its safety will be.
Remember: Hire a professional agent to help you. They can negotiate upgrades and lot premiums, and they’ll help you check out all the different builders in town or the area you want to live in so you know exactly what you’re getting in the end.
If you have any questions or need a Realtor, give us a call or send an email. We look forward to hearing from you.