One out of every six home buyers will purchase a newly constructed home this year. The question is, should you? The following are some guidelines that can help you make this very important decision.
New homes generally cost more than existing homes. This can be explained by the fact that it may be larger than a similar existing home with the same number of rooms. New homes also have more appliances and upgrades. In addition, part of the cost of a new home goes to impact fees, these are fees charged to the developer by the community to cover the cost of development of sewers, roads, and even new schools. They then distribute these fees amongst buyers. If money is an issue you are better to buy an existing home and add the amenities of a new home at a later date. New neighborhoods may not be established. You may need to travel to get to the nearest market. This is something to take into consideration if you have small children. Always make sure the developer is well funded so they don’t go bankrupt before the project is finished, leaving you with nothing to fall back on. On the upside, new homes may appreciate faster than an existing home. Existing homes have their benefits as well. They are usually in more well established neighborhoods. You won’t have the added burden of the impact fees increasing the price of the home. Many existing homes already have upgraded appliances. Of course if you enjoy renovating then an existing home is just the ticket.
Before you buy any home, existing or new, be sure you know what you want. Check out the neighborhood, the schools, the markets, and the general overall feel of the area to make sure this is where you want to live.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo. Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020 or visit www.scottsdalerealestateteam.com for more information.
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