Published August 14, 2024

3 Considerations of New Vs. New to You Homebuying

The Impacts of Availability, Reliability and Affordability on Your Decision to Buy a New Construction or Resale Home

The pull to purchase a home and start a new chapter in life can be compelling. But when it comes to buying a home in today’s competitive housing market, many eager Homebuyers will often make costly mistakes they may regret later. Those errors frequently extend far beyond overlooking how a new construction home offers one less bedroom than desired or a resale home features an outdated design style from a bygone era. To aid in the new vs. new to you homebuying debate, we’ve whittled it down to three primary considerations: availability, reliability and affordability. Once you’ve weighed these options, the destination at the end of your homebuying journey may become clearer.

The First Step: Make a List

Make a list of items you’d love to have in your next home. This can include everything from the number of bedrooms and bathrooms to unique features like a covered patio. You’ll also want to consider area allures like excellent schools, access to major commuting corridors, and convenience to shopping, dining and recreational destinations. Having a clear image of what you’re looking for in a home will make it that much easier to find that home. You may be flexible regarding a new construction vs. resale home, which is why it’s so important to look at each home you’re contemplating through the lens of the following three considerations.

Tackling Consideration Number One: Availability

In Q1 2024, Forbes reported that nearly 90% of existing Homeowners benefit from mortgage rates below 6%. They are less likely to sell their current home for fear of making the leap into a new, more expensive interest rate. As a result, the housing market witnessed a drop in the resale supply, compelling more and more Homebuyers to consider new construction. While it may be challenging to find a resale home that checks all your boxes given a diminished inventory, the availability of new construction homes continues to rise.

In step with the increasing availability of new homes, David Weekley Homes is building in numerous communities across our 19 markets throughout the U.S. With so many new homes available, you’re more likely to find a home that aligns with your vision – offering the opportunity to incorporate your own design style and upgrade options to make it your own.

Tackling Consideration Number Two: Reliability

While buying a home may be one of the most significant investments you make in your life, it may also be the single largest asset the individual seller has ever sold. This puts you at the whim of the seller, challenging the concept of transaction reliability. You may have found the ideal resale home, and while the seller may accept your initial offer, they can walk away from the sale if they change their mind and opt to stay put. With an uptick in bidding wars, the seller may also walk away if another buyer outbids you. Then it’s back to the drawing board. Other challenges to transaction reliability may include the seller dragging their feet when moving out of the home, the state of the home following move-out and failure to complete critical paperwork in a timely manner. You’ll want to enlist the aid of a third-party home inspector to help safeguard against obstacles and issues you cannot see.

You are far less likely to face those issues when buying a home from a respected home builder. David Weekley Homes has more than 45 years of experience in building and selling new homes. We have systems in place to ensure a smooth homebuying journey as you transition from Customer to Homeowner. Those systems are all founded in communication, such as keeping you in the loop regarding construction delays due to inclement weather and conducting a walk-through of your home with you prior to closing. When working with a builder like David Weekley Homes, you’ll have an entire Team of professionals by your side. We are committed to making your home building journey an enjoyable one that ends with you and your loved ones beginning a new chapter in your dream home.

Tackling Consideration Number Three: Affordability

Lastly, it’s crucial to consider affordability. When it comes to buying a home, the contract price may not be the only factor in its affordability. While you may be able to score a better purchase price with a resale home, it’s likely to cost you more in the long run between renovations, repairs and maintenance.

An older home may present more challenges when considering structural and system integrity, including the state of its roof, foundation, plumbing, electrical systems and HVAC units. Even if the seller extends a warranty or you have a third-party home inspector who can alert you to potential issues, these measures do not prevent unforeseen and potentially costly surprises after you sign on the dotted line and leave the closing table.

On the other hand, a new home offers new “everything,” much of which is covered by warranty. David Weekley Homes is proud to provide an industry-leading, multi-level warranty to our Homeowners. We also connect you to our knowledgeable and caring Warranty Service Representatives to help provide peace of mind and solutions to any issues that may pop up.

According to Today’s Homeowner, with all 50 states combined, the median age of a home in the U.S. is roughly 42 years. A lot can go wrong in 42 years – not to mention that homes built more than four decades ago will likely have elements that are out-of-code today. However, a newly constructed home from a reputable builder will be up-to-code, boasting many energy-efficient features that can help reduce your home’s energy usage. Your builder’s warranty will also aid with any faulty structural or system issues within a set timeframe.

Find Your Next Home

For more insights on making an informed decision between a resale home and a new construction home, you can read about the pros and cons of both options. You can also explore how our LifeDesign℠ concept makes a home live larger than most older homes with similar square footage.

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