Are you in the market for a home in Raleigh, Durham, Cary or another of our local communities? If so, you may have been struggling with a major decision: should you buy brand-new construction or should you go with an existing home that has already been lived in? In this post we’ll take a look at the key differences between new and pre-owned homes and a few factors to consider before making your final decision.
Where in Raleigh Do You Want to Live?
The neighborhood or community that you want to live in will impact the type and age of properties that are on the market. Unless you’re planning on a condo purchase, newer homes tend to be built outside of the downtown core which may mean a lengthy commute to work. A major plus when buying pre-owned is the ability to live virtually wherever you want in Raleigh – as long as there is a residential community, there’s a good chance that there are properties for sale.
Balancing Purchasing Price with Total Cost of Ownership
Price is a major consideration in any real estate transaction, but when you’re comparing a new home and a pre-owned home you’ll need to see the entire picture. All things equal, a new home will generally sell for more than a pre-owned home for a variety of reasons, including the fact that the home is brand new. However, give some thought to the ‘total cost of ownership’ as this is where older homes tend to cost more.
For example, if you plan on living in the home for at least the next ten years – what renovations will need to be made? A newer home may not require much more than basic maintenance in that time, while an older home may need a roof replacement or some other major repairs. It’s impossible to predict what will happen to your home – new or pre-owned – but be sure to factor in more for maintenance with a pre-owned home than you would when buying new.
Is Customization Important to You?
If the thought of being able to customize every last detail of your home sounds thrilling, then you may want to opt for new construction over an existing home. While you can certainly change the décor of a pre-owned home to suit your tastes, you will be unable to make design changes like extra-large bathrooms, a hard-wired media room or huge closets without undertaking significant renovation projects.
Technology and Energy Efficiency
If you want your home to have the ‘latest and greatest’ in regards to technology, or if being energy-efficient is one of your core values, new construction may be a better fit. Brand new homes tend to come with high-speed internet wiring in the walls, and typically use less energy due to better insulation, newer appliances and the like. Having said that, buying pre-owned doesn’t mean that you can’t renovate things yourself and still reach the same goal.
When you’re ready to discuss your next home in Raleigh – new or pre-owned – the Raleigh Cary Realty team is here to help. Contact us today at (919) 439-0965 or by email through our contact form and we’ll be happy to introduce you to homes that suit your needs and budget. Thanks for visiting and we look forward to meeting you!