We’re so happy to have another great guest blog from our friends at Trulia. This week they cover the differences between building a new home or buying pre-owned. (We’re a big fan of the build new option…)
Previously Owned or Brand New, What Type of House Should You Choose?
By Katie Bassett, Trulia
Are you looking to buy a home in Austin? Austin’s real estate market is extremely promising and offers a variety of options for all types of buyers. While thousands of questions may be buzzing through your mind, the crucial question that should kick off your search should be the following:
Should you build a new, custom home or buy an existing home in Austin?
Because the neighborhood will play a part in this choice, you should follow this up with what area of Austin do you want to reside. For example, the Allandale neighborhood is established, seeing that it pretty close to downtown Austin; therefore Allandale real estate primarily consists of homes that were previously owned. Oppositely, neighborhoods on the outskirts of Austin have more room to grow, meaning there is more land to buy and build on. If you want to live in Amarra, or another neighborhood further outside of Austin, you will have more opportunities to build from the ground-up.
Now that you’ve decided on a neighborhood, there are several factors to consider when deciding to build vs. buy a home in Austin. The decision ultimately lies within your family’s needs and goals.
Purchasing An Existing Home
The idea of purchasing an existing home seems much easier to most in retrospect because it’s often difficult to visualize a new home without a foundation. However, that is a big problem for the buyer. Because prospects fear the potential complexity, it is far more competitive to purchase an existing home. Bid-wars happen far more than you may think, which can delay or even nix the home buying process and cause a major headache.
Purchasing A New Home
Being able to design a home in an Austin neighborhood can be both exciting and extremely rewarding. Nervous about the complexity? You will have a custom home design team in Austin that will take away any pressure that you may feel. Aside adding your personal flare, below are a few benefits of choosing to purchase and construct a new home in Austin:
- Less maintenance: When customizing your own home in Austin, the latest technology amenities and appliances will be installed, which ultimately cuts back on repair and renovation costs that will seem never-ending later down the road.
- Cutting Projects: In most cases, a list of work will need to be done prior to moving in. Whether it’s replacing floors, repainting walls, or tearing out an entire bathroom, projects will delay the move in date and cause additional stress for movers.
- Slashing Competition: Have you heard that Austin is the new LA? Individuals and families are flocking to Austin in masses for several different reasons. Trulia found that Austin’s real estate market is becoming more and more competitive. As mentioned earlier, the thought of building a new home from scratch screams time and commitment, so many will lean towards the ‘easier’ option of purchasing a previously existing home. Therefore, there are far less homeowners looking at this option, which significantly decreases the odds of an all-out bid war during this process.
Whether you decide on constructing a home from the ground up or moving into a previously owned home, the home buying process should be an exciting time for anyone. Make the most of your home buying experience and celebrate this next chapter in your life.
Our focus is designing and building the highest quality custom homes in Austin. It’s always good to read a fair comparison about the choices prospective buyers face in today’s market. Thanks again Trulia.