Ever wondered what it would be like to own a brand new home? Many builders in Tampa such as Lennar, Standard Pacific, DR Horton, and Pulte (to name a few) are turning these thoughts into reality in 2012, and are doing so at a great price for many buyers. New construction is looking like real estate will be “hot off the foundation”. Yes, there remain some consumers out there who have mixed thoughts about buying a new home as opposed to buying a resale home. Many home buyers may have the impression that buying new is far more expensive than it actually is. Builders are loaded with incentives, upgrades, warranties and more. A resale can sometimes become a bit more of a hassle while also taking loads of time. Confusion and complications may also accompany a resale purchase.
An important factor that affects resales is the appraisal process. Real estate values are often diminished by neighboring homes going through the short sale process or being sold by a bank. Value can be influenced by the condition the home may be in and required repairs the home may need. It is likely that you may be paying more for a resale than what it is necessary.
Some advantages of buying new include a builders warranty (usually for 10 years), tax benefits, newest and latest appliances and fixtures, higher standard of energy efficiency, better “green” building practices, and more structurally sound homes that are made to withstand the elements. There is always the “fall in love factor” with new homes!
In order to really differentiate the benefits of buying new you have to look at it from the consumers’ point of view. For example, cash buyers who are looking for an investment rather than a home to occupy, short sales and REO’s may be a better option for them and that is exactly where they focus. Benefits: they don’t have to worry about closing dates and moving plans corresponding with each other. Owner Occupied Buyers Benefits: For the buyers who are looking for a place to call home, choosing a new home will provide a streamlined home purchase process. Other attractive components that buying new are financing options , usually offered by a builder in-house mortgage lender, new home buyers can avoid the long, drawn out, confusing financing plans that large banks offer.
Ultimately, the decision is in your hands, the consumer. In any case, whether you are buying a new home, or purchasing resale real estate, do your research and know the facts. Being informed is the best preparation anyone can make before making such an important decision.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”
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