Buying an Existing Home or Preconstruction on The Main Line? When will there be more homes on the market? I have submitted dozens of offers and have been outbid, I want to give up. Have you been asking the same questions and feeling hopeless in your 2021 home search? While we cannot predict when inventory will bounce back and the market will slow, we can help you with your strategy for Main Line home buying and property investments. I want to outline your real estate strategy for Existing preowned homes versus new construction.
If you’re thinking of buying, you’ve probably already asked yourself this question. So let’s consider the pros and cons of each. First, let’s start with the pre-existing home. One of the great features is that things like window coverings, fencing, and sometimes even a pool, are already done, and they’re included in the price. It’s also quite possible that your property lot will be larger than those that are offered in the new construction communities. And, the neighborhood will have nice, lush, mature landscaping. The downside is that the home is older, so you will have to consider the age, as well as a possible replacement of some of the major components of the house, such as plumbing, the A/C, water heater, and the roof. With a new construction home, you won’t have to consider the age of these components, of course. Everything will be new and built according to the latest safety building codes. One feature that home buyers tend to like with new construction is the ability to be able to select their own finishes and upgrades, but be careful; this comes at a price. One new construction con, and it’s a big one, with regards to budget, is that you pay a premium to have the luxury of customizing your options, and it is very easy to overspend on upgrades. I could go on and on about the pros and cons of each, but the best thing to do is to get out there and start comparing. If you’re interested in a personalized tour of existing and new construction properties to help you decide which is the best choice based on your unique situation, give me a call. I’m happy to help. If you found Buying an Existing Home or Preconstruction on The Main Line helpful, please reach out and let’s take this next step together.