Where Will You Go When You Sell?

Being stuck inside all winter can lead some of us to look around and wish for new surroundings. If you’re starting to think about selling, you need to consider where you’ll go next.

Today’s market is full of options for the seller looking for something new, but the first question you have to ask is whether you’d like an existing home or a new one. There are benefits to each, so to find out which is best for you, let’s explore what they both bring to the table.

BENEFITS OF NEWLY-BUILT HOMES

Building your own home can be a powerfully personal experience. A newly constructed home allows you to control certain elements of construction and finish. You’ll be given the opportunity to customize layout, landscaping, appliances, finishes, and more. Bankrate puts it like this:

“Building means customizing… instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs. You also won’t be limited to a specific location or neighbourhood.”

For those who don’t have a specific vision for their dream home, you can take advantage of builder concessions. Builders may have built unsold units, in which case they’ll want to sell existing inventory before they add more. This could mean that builders are more willing to negotiate with and offer concessions to buyers, if buyers can be flexible with layouts and other decisions that were made for them.

Moving into a new home means minimizing initial home repairs, so you can move in faster and with more confidence. Many builders offer warranties on new homes, which gives buyers piece of mind that they’ll be taken care of, and won’t have to jump into an immediate home improvement project. As realtor.com says:

“…if something goes wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties…”

Another often overlooked element of buying a new home is its energy efficiency. Building your new home with energy efficient options and appliances can help keep your utility costs down, which will lead to long-term savings.

BENEFITS OF EXISTING HOMES

While newly built homes give you the benefit of customization, the sheer history and variety of existing homes can offer a similarly wide range of options to suit your every need. Built over many decades, different floor plans and home designs became popular and adapted to changing times, and still capture the magic of that time in the details and finishes.

That magic can be hard to make from new, but many older homes have character, the blend of craftsmanship, era-specific design elements, and patina that make a home feel warm and inviting, and give it a uniqueness that can’t be matched in a new home.

The value of an existing home extends beyond its walls to the existing neighbourhood in which it resides. Well-established neighbourhoods tend to have a deeper connection to its community, shops, schools, through a long period of shared history. Even landscaping and nature have had more time to develop and grow with the neighbourhood.

An existing home’s greatest asset is that it’s usually already available and ready to move in. Newly built homes often have timelines of months or years, and while careful planning can reward patience, your timeline may see you in a home in the next few months, in which case an existing home is absolutely the one for you. U.S. News explains:

“When you’re choosing a home, existing or new, you should also consider how long it might take to move into that home. Just because you have a contract doesn’t mean that your new home will be completed (or even started) at the time you agree to the purchase. It can be a struggle waiting for the walls to go up as you wonder what your home will become.”

BOTTOM LINE

As you start your search to find your next home, remember your options. Consider what is most important to you, and what you value most in your home. By working with a trusted real estate agent, you can be confident you’re making the most educated, informed decision. If you have questions about the options in our area, let’s discuss what’s available and what’s right for you, so you’re ready to make your next move with confidence.