Across the Triangle people are settling down in either their very first home or are browsing for a new transition home. This process can be an exciting and nerve-wracking time for buyers in the market, leaving them with many questions and wondering which direction to take.
For example, buyers have options between buying existing properties or starting from scratch and building new. There are pros and cons to each choice, and our real estate experts at Raleigh Cary Realty have broken down the benefits to each to help put things in perspective.
Building a New House in Raleigh:
- One of the main benefits of building a new home is that everything in the house will be new! There are fewer chances of needed upgrades or hidden problems that will be money pits in the long run. Buyers who build also have a fair amount of design control in their floor plans, fixtures, and other amenities that are available with the property.
- Although perfect in theory, nothing is ever 100% perfect in execution. Time is a huge constraint, it can take up to several months to build a house depending on resources and contractors. In the meantime, buyers will need temporary housing, which can be hard to secure. There are also multiple permits and loans to consider, even if the builder handles these concerns the buyer needs to stay informed and aware of what’s happening. Also, there is always a risk of mortgage rates increasing during the building process.
Buying an Existing House in Raleigh:
- Buyers who choose to buy existing properties have the benefit of moving in right away. There will be no delays due to construction or builder issues. In addition, buyers can add upgrades and make changes to the home within their budget and on their time. Most existing homes also come in established neighborhoods with community amenities, so buyers have access to those features.
- The biggest con to buying a home is buyer’s remorse. Perhaps an inspection didn’t indicate an issue yet sometimes arises after moving in. Or the upgrade costs could be more expensive than originally intended, so buyers will have a harder time making the home sellable in the future. Also, home insurance might be costly with an older home, since it may be more susceptible to wear and tear.
Ultimately, the buyer will have to decide which route to go when it comes to buying or building a new home. There are pros and cons to each, and an agent with Raleigh Cary Realty will help guide buyers through the process and make the right decision! Contact us today to see the available properties and lots in the Triangle area today!