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     Pre-Owned VS New Home?

Should you build new or buy an existing house? Today I’m talking about the pros and cons or both, so let’s get started!


  

Before you decide on your next home, take the time to explore all the reasons “for” and “against” each choice with the help a seasoned Real Estate professional.

An experienced Realtor can not only save you money, but can offer you solid advice and guidance based on Your specific circumstances.

Oh, And as a buyer, You do not pay for this valuable representation. ( Realtors are paid from the sellers proceeds at closing)

So let’s dive in.. Let’s talk about some Pro’s for Building a House:

Pro # 1

Less Competition in Todays Market…

Inventory of existing Homes is still low. And with some sellers temporarily taking their homes off the market, the number of homes that buyers have to choose from is even less…. For now at least.

The buyer demand is still very prevalent and so the existing homes that are appropriately priced are being snatched up very quickly.

When you build a new home, the competition factor is decreased dramatically.

 

Pro # 2

Customization

When building a home, you get to personalize details of your house from the ground up.. Like Cabinets, Flooring, Paint Colors.. for example.

Even tract home builders allow some limited customizations.. Limited choices cut labor costs and your bottom line!

Pro # 3

Built in Technology, Energy Efficiencies and Warranties

Most New Construction homes are built with up-to-date technology like the newer thermostats and security features.

Also with New Construction, it is unlikely you will have to be concerned about any possible home repairs, like a air conditioner or leaky roof repairs.  Most builders also offer a limited warranty should something break.

I bet you’re thinking all this sounds really great so far!

So why wouldn’t choose to build a new home?

Con # 1

Timing of Your Move

For starters, it can take and average of 5 months to build a new house. If you have a home to sell and need the proceeds of that sale to buy your new home, timing can be a little tricky…and stressful for some.

You’ll need to cover the costs of renting until your new house is ready, and also the inconvenience of moving twice.

On the flip side, buyers can move into their ‘pre-loved’ home in just a few weeks after getting in contract.

Con # 2

The Price is The Price!

Here’s another biggie: Everybody wants a good deal! But with new construction, there is no negotiations on the price of the house. The price is the price.

Now, most builders offer other incentives, like paying some or all of your closing costs or offer an upgrade allowance.

This is where having your own Real Estate agent comes in handy!

An experienced Realtor knows the builders in town, and most likely has successfully completed several transactions with the various builders and also knows how most of them work as far as what the builders will bend on and what they won’t. Knowing these things, your Realtor may be able to work in other incentives into your contract price.

Con # 3

Unexpected Expenses

Out of pocket expenses will sneak up on your fast! Upgrades and changes to the plan for example.

The base price of the new construction home is just the tip of the iceberg!

Play it safe, and budget for these things with cash, because you may not be able to roll them into your purchase contract.

A good start to avoid any of these unexpected surprises is to first ask the builder a few questions, like: 

  • How much does your typical buyer actually spend on upgrades?

*Be careful here..Your Realtor can advice you if you would be over-improving for the neighborhood –for resale value.

  • What’s included in the base price?

For example: Does ALL appliances come with the home?..If not, ask your Realtor to negotiate this for you.  Oh, and btw: Builders do not give credit for replacement upgrades.

Say you would prefer to have your own refrigerator opposed to the one the builder would install. The builder is not going to give you a credit for the refrigerator they install. It would be up to you to sell or give away the one installed at your closing if you wish to bring in your own refrigerator after closing.

  • What will be an additional cost at closing?

 

You’ve heard me say this before: Knowledge is Power.

Work with Your Realtor and gather as much information as possible ahead of time so you’re not blindsided with unexpected extra costs.

Now let’s talk about the Pros and Cons of buying an Existing House..Or what I like to call “pre-Loved” homes.

Pro # 1

Finances

The biggest “pro” for buying a pre-loved home is the cost! Everybody wants a great deal, Right?.. Your Realtor has the flexibility of negotiating everything with the current owner or their representative.

That means Not only Price, but terms and all the little things that may be important to you and your individual circumstances.

Not to mention, it is lot less stressful to buy a pre-loved home opposed to building new.

With new construction you have a lot of work to do..like having to make decisions on what paint color,hardware,flooring, lighting, interior trim, exterior trim..the list goes on and on.AND stay in budget. Oh, and don’t underestimate the stamina it takes to make sure it’s done..the right way!

With a preloved home, the decisions are far fewer because the home is already built!

Another perk of buying a pre-loved home is the flexibility to upgrade at Your pace as when you have the time and money to do the things YOU want to do and when you want to do them.

Also, No waiting to move in. You can move in right away after closing on a pre-loved home. From contract to Close is typically 30 days.

Now for some ‘Cons’ when buying an existing house:

Clearly there may be some risks you may face with maintenance issues. You don’t really know how well the current owner cared for the home.

Although, I have to say, sellers have become very in tune with their competition..meaning New construction and are taking the advice of their Realtor by taking care of these potential items before listing the home. I’m seeing more and more existing homes with modern updates than ever!

Even if the seller has gone to the expense of updating and upgrading, It is always, strongly advised that you get a complete, professional home inspection. A fully licensed home inspector will go over every inch of the home to root out any maintenance or repair issues before you close on the home.

In addition, you may have to update a few cosmetic features of the home. However, if you have an experienced Realtor, that ugly carpet or wallpaper could land you a better deal!

With all this being said…Every Neighborhood is different, just like every buyer is different.

The best way to decide which choice is best for you and your family, is to talk it over with your Realtor.

He or She will know where the deals are and know about the long-term, established neighborhoods and also the up-and-coming communities.

They’ll help you make smart decisions that best suits your needs  when you’re unsure if building a home or buying a pre-loved home is ideal for your individual circumstances.

Buying a home is a huge purchase, and you should feel empowered in the decisions you make with your money.

If you’d like to chat with me personally, I offer free 15 minute video consultation calls. No selling, no pressure..Just your questions answered. You’ll find the link below to check my calendar for available days and times.
Check Available Days and Times Here

I’m Lisa Kelly, right here in Lakeland…And until then…I’ll see you on the next one.

 

Contact Me

 

What my clients are saying  

I had such a positive experience working with Lisa. Not only is she a complete professional, but such a compassionate human being. Her knowledge guiding me through the Florida real estate process was so helpful as a first-time Florida homebuyer. She was always prompt and responsive while going above and beyond. She attended all key inspections in person and kept me informed throughout the entire process. If you are looking for a great real estate experience, look no further. Lisa is your gal to get the job done. I will definitely be working with her again in the future.

 

~ DJ Bradley

We can’t say enough good things about Lisa Kelly! From the moment she stepped through our front door, she demonstrated all the characteristics you want in your realtor: integrity, friendliness, optimism, thorough knowledge of her field, state-of-the-art technical savvy, unflagging energy and sensitivity to all our own needs and feelings. Our house sold in four days and we are certain this success was largely due to Lisa’s skill and hard work. We highly recommend Lisa Kelly to anyone looking for a top notch realtor!

 

~ Tom and Kim Manske

Sidney Wyland Lisa Kelly was our realtor that helped us with our move from Utah to Lakeland. She is a very good resource for us in Lakeland and helped us buy our new home. We found Lisa on the internet. She has helped us with all the contacts and scheduling to insure all things here went smoothly. The closing on our home was completed on time which was very important as we had are household goods being delivered from two different states. She also continues to be there for us for any referrals or help we may need here locally. I would highly recommend her to anyone buying a home.

 

~ Rick and Sidney Wyland

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee and Frankie Brown

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill and Patricia Crabb

We had been looking for a new home for about three months. We changed Realtors and began working with Lisa. She showed us a couple of places. We talked about limits on price and location. We looked again on a couple. We did not care for those. She emailed us about a home that was being restored for a flip. We met her at our current home. We liked the location and made an offer which was accepted. She did a great job getting the seller to accept and a wonderful job from there. The closing took about fifteen minutes. We have been very happy from that day on. Patricia and Bill Crabb

 

~ Bill & Patricia Crabb

Just wanted to thank Lisa for a job well done. I worked with Lisa on 2 of our homes this past year. We sold one in June and another late in the year. Everything went smooth and all details were handled in a very professional manor. Thanks again Lisa; nice working with you. Lee Brown

 

~ Lee & Frankie Brown

01/03/2017 - shunter317 Bought a Single Family home in 2016 for approximately $175K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is an exceptional agent as she knows real estate law and the local market. She communicates and is extremely responsive to her clients questions and needs. She walked us through a complicated contract. We consider Lisa a new friend.

 

~ What Others Had to say

Highly likely to recommend 08/09/2016 - HappyBuyerNEOH Bought a Single Family home in 2016 for approximately $225K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I highly recommend Lisa Kelly! She was awesome to work with through the whole process. Her communication and promptness went above and beyond my expectations. Working in the mortgage industry, I see all types of realtors, if you want a genuine, awesome, go getter- she is your girl!

 

~ What Others had to say

Highly likely to recommend 10/27/2014 - jessbparker Bought a Single Family home in 2014 for approximately $75K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: I cannot say enough about Lisa Kelly. She helped my husband and I buy our first home when we had limited funds and difficult circumstances. She is extremely knowledgeable about homes, market, taxes- anything you could want to know. She is also an excellent advocate for her clients during negotiations, which really came in handy when you're a nervous first-time home buyer.Less

 

~ What others had to say

Highly likely to recommend 02/22/2014 - par167 Bought a home in 2014. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa Kelly is the hardest working woman I know! If you are in the market to buy or sell take it from my personal experience she delivers results!In Polk County or anywhere else for that matter you will be hard pressed to ever get better service. Paul Renner.....

 

~ What others had to say

Highly likely to recommend 02/25/2012 - user027478 Bought and sold a Single Family home in 2011 for approximately $275K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa is the most professional realtor I've ever worked with... she's direct, honest, highly-knowledgable, very responsive and a consummate professional. She played fundamentally important roles in helping us to sell our house in a tough market. She's a hard worker and also gave us great advice and we were able to sell after listing for about 30 days. She then helped us find and close on our dream home. Her persistance and negotiating savvy helped us buy a house that was not a very convential listing. If we'd had an average realtor, we'd have been a lot less successful with both our deals. I'd recommend Lisa to anyone who wants to work with a genuine professional. She could write a book on what it takes to be an outstanding service provider.

 

~ What others had to say

02/09/2012 - Alyson7707 Bought a Single Family home in 2009 for approximately $125K in Bartow, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: We absolutely loved our experience with Lisa.. She is incredibly knowledgeable and dedicated to finding the home of your dreams. We couldn't be happier with the home she found us or the time we spent with her--she made the experience exciting and easy. We do not hesitate to recommend her to friends and family and will absolutely work with her in the future. Thanks again Lisa! -Michael & Alyson Elrod

 

~ what others had to say

Highly likely to recommend 02/08/2012 - AimeeWeed Bought a Single Family home in 2010 for approximately $100K in Auburndale, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: Lisa was always quick to respond to my questions. I honestly think that my family and I would not be in this wonderful house without her hard work. She is honest, not afraid to give her opinion in a helpful way, and she is very knowledgeable in all aspects of her job.

 

~ what others had to say

Wonderful wonderful experience. Lisa is what I call a dream maker. I had the dream, and she made it a reality.Lisa's hard work, her quick response, her compassion in knowing I was a single mom purchasing my first house, has earned my loyalty in using her as my realtor for life.

 

~ what others had to say

Highly likely to recommend 03/09/2011 - reedswife11 Bought and sold a Single Family home in 2011 for approximately $75K in Lakeland, FL. Local knowledge: Process expertise: Responsiveness: Negotiation skills: This woman is amazing, we have run into every road block imaginable and she has negotiated our problems quickly and effectivly everytime. Always available and Always puts her clients first

 

~ what others had to say

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