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Buying a new home will have advantages in terms of being more energy efficient and you may even find a builder who is offering special incentives. Older homes may be located in areas with larger yards. They may be closer to the central part of town. There are pros and cons to both to consider.
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Ne w Ho me s are b uilt with mo re e ne rg y e ffic ie nt fe ature sthan o ld e r ho me s. This can save mo ne y o n he ating and
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Is it Best to Buy a New Home or an Older Home?thelasvegasluxuryhomepro.com /best-buy-new-home-older-home/
Is it best to buy a new home or an older home is a question most buyers consider. Do you pref er thecontemporary style of today’s new homes? Or the more tradit ional style of homes built more thanten years ago? The majority of buyers in Las Vegas pref er newer construction if they can f ind it atthe right price. Which option is best f or you will depend on your pref erences, budget and time f rame.
Here are a few considerations in the New Home vs Older Home debate:
Energy eff iciency – Hands down, this is one of the best reasons f or purchasing a newer home. New homes have more energy ef f icient heating/cooling systems.
They may f eature energy star windows andupgraded insulation. Builders who use theEnergy Star trade mark may even provide anestimate of monthly utility bills.
The Leed Certif ication is less common in LasVegas. Pulte’s Villa Trieste in Summerlin is thef irst Platinum LEED Certif ied community in town. It has sold out with only resale homesavailable. With f ew exceptions, you will spendless to heat and cool a new home than an olderhome.
The Neighborhood – If you want a shady, tree- lined street, you may want to buy in an olderneighborhood. Most new home communities haven’t had time f or trees & shrubs to mature. If youdon’t mind having less shade until the trees have a chance to grow, newer communities may be justf ine.
Building your dream home – most of us dream of designing the perf ect home that’s exactly whatwe want. If you can af f ord to build a true custom home, this is possible. If you’re purchasing a“production” home, you’ll have to choose f rom the f loor plans the builder of f ers. You will then beable to pick paint colors, f looring, cabinets, and other f inishes the builder has available. It ’s still niceto know that you picked that paint color and that carpet, not some previous owner.
Location – There isn’t a lot of undeveloped land in the central part of town. Most new constructionis f urther out where builders f ind tracts of vacant land. If you want a new home that’s within a coupleof minutes of the Strip or Airport, you’ll have more resale homes to choose f rom. If a 10-20 minutedrive to the Strip or Airport is acceptable, there are new home options.
Timeframe – Some of the best deals on a new
Build ing a ne w ho me is e xciting b ut re q uire s p atie nce !
Timeframe – Some of the best deals on a newhome can be “standing inventory”. This is whena builder has had a home f all out of contract orthey built it on spec. These homes can usuallyclose within 30-60 days. Building a new homerequires at least 3-4 months. Higher end, semi-custom homes will take six months to a year. For a true custom home, allow 1-2 years. Ifyou’re set on building a new home f rom theground up, you will need to allow enough timeto build.
Appraisal Issues – Over recent years,appraisals have not kept up with appreciatinghome values. If you’re buying with an FHA or VA mortgage in a lower price range, you may f ind you’recompeting against investors. Many sellers will not accept an appraisal contingency. This f avors cashbuyers. Buyers in the most competit ive prices ranges, have f ound it easier to buy a new constructionhome f rom builders who accept VA and FHA f inancing.
More for the Money – Sellers have added ceiling f ans, water sof teners and other options to aresale home. The window treatments are already in place. It already has a pool. If you buy a newhome, you have to pay f or those upgrades. The cost of land, cost of labor and materials add to thecost of a new home. This can mean that an older home will have a lower price per square f oot than anew home. A home inspection can let you know if expensive repairs are imminent.
Is it best to buy a new home or an older home?
You’re the only one who can answer that question. Hiring an experienced Realtor who is f amiliar withthe resale market and what new home builders are of f ering. The Realtor can help you compare thecost and others benef its of both options. Remember, the “on-site” sales agents work solely f or thebuilder. They may have a quota to f ill or an incentive to convince you to buy. Your Realtor, will helpyou compare one builder to the next and all your options.
Debbie Drummond has been a f ull t ime Realtor in Las Vegas f or over ten years. She and her partner,Michael Petit, work with buyers and sellers throughout the valley. If you’re looking to buy or sell, call(702)354-6900 or email [email protected].
