Your realtor came through like a champ and got the best offer on your current home. The sale is closed, and you’re simply waiting for the money to clear escrow. But where’s your next stop? Planning your next move after selling your home should be a priority, especially in this market.

With the interest rates at an all-time low, real estate is a buyer’s market. Traditionally, that may have posed a colossal headache. But no anymore. With remote work becoming commonplace, you can buy a property anywhere in the 50 states.

Typically, you have two options when buying a house—move into a newly built home or an existing one. How do you choose between the two? Dig in to find out.

Advantages of Buying a Newly-Built House

Looking to downsize into a charming retirement cottage? Upsize from a cramped apartment to a family home? You can relish the joy of moving into a newly built house. Luckily, you can achieve this feat without taking on additional debt.

Recognizing that people crave affordable homes, contractors prioritize building smaller homes to ensure affordability. Unlike previous years, the current new home inventory is super affordable. In some cases, buying a newly built home may be cheaper than an existing one.

Besides the new-home smell, moving into a new home comes with distinct advantages, including:

• Low maintenance costs: New constructions come with brand-new everything—from plumbing systems to electrical systems to home appliances. Since most newly-built homes are under warranty, the contractor may be on the hook for any system that breaks down in the first few years.
• Energy efficiency: New homes are built with efficiency in mind—they feature the best-in-class appliances, windows, heating, and cooling systems. Efficiency-rated appliances and windows lower your carbon footprint and ensure energy bills don’t raid your wallet.
• Builder’s concessions: Contractors often offer prospects steep discounts to secure their buy-in. You can take advantage of such offers and buy your new home for less than the going market price. Working with a reliable realtor can help you identify new communities in your preferred region.
• Value appreciation: A home is an investment, in addition to providing a roof over your head. Properties in newly built communities tend to retain value and steadily grow over the coming years.

Advantages of Moving into an Existing Home

Buying a newly built home amounts to starting with a blank canvas. Conversely, purchasing a previously owned house amounts to starting with a masterpiece. You can opt for a fixer-upper if you enjoy the renovation process or one that’s move-in ready.

• Join a thriving neighborhood: Buying an existing home lets you move into an existing neighborhood. Long before moving, you can gain valuable insights into the quality of life and determine if it fits your lifestyle.
• Privacy and curb appeal: Unlike newly built houses, previously owned houses can feature manicured lawns, mature trees, and live fences. That increases the property’s curb appeal while guaranteeing your privacy.
• More buying options: With pre-owned homes, your options aren’t limited to the builder’s style and designs. You can opt for a colonial house, brownstone, or ranch-style home that perfectly suits your needs.
• Build equity: Remodeling or renovating a pre-owned property can cause its value to skyrocket. You can quickly build equity in the home, which can help you secure better terms when refinancing.

Make an Informed Choice When Selling Your House 

Working with a credible realtor can ensure a smooth homebuying and selling experience. They can help you understand how the low prevailing interest rates shape the real estate market to help you make an informed choice. They can ensure you get the best deal for your current home and streamline your search for your next property.

Need help financing your next home? Speak to our experts today!