New vs Existing Homes

If you're looking to buy a new home, you may be wondering whether new construction homes are more expensive than existing homes. In the past, the answer would have been clearer that purchasing a new construction home costs more than purchasing an existing home. According to CBS News*, a little over ten years ago, an average new construction home cost about $60,000 more than an existing home. However, this gap is shrinking, and new construction homes and existing homes are comparably priced in today's market.

In addition to the comparable purchase price of a new construction home and an existing home, it is also helpful to consider the perks of purchasing a brand-new home. New construction homes are generally more energy efficient, less likely to need immediate renovations or repairs, come with a new roof, and may offer lower home insurance rates. All of these factors can lead to long-term savings for the buyer. Further, many new construction builders offer excellent deals, including money towards closing costs, in-house financing with low interest rates, and payment of your agent's commission. 

So, if you're looking to buy a home, do not cast-off new construction homes as more expensive. Contact us, and we can go over your options, put you in contact with the new construction builders, and assist you through the process. 

*Bangalore, Sanvi, Old Homes in the U.S. now cost just as much as new properties. Here’s why. CBS News, July 28, 2023. https://www.cbsnews.com/news/real-estate-old-homes-now-cost-same-as-new-homes/