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New vs Existing Homes

Posted by Jeff Sallan on Tuesday, August 4th, 2015 at 10:34am.

If you are in the market for a new home, you might be deciding between a brand new house and an existing (pre-loved) house. If the price was the same, 41% of people polled in a recent Trulia poll, said they would prefer a new home. 21% said they’d prefer an existing home and 38% didn’t care either way.

Living RoomPreferring a new home and affording a new home are different things however. According to the National Association of Realtors, new homes cost more on average ($290,000 nationwide) than existing homes ($198,5000 nationwide). But as Trulia points out, that isnt a fair comparison because new homes tend to be larger homes in neighborhoods with lower price-per-square-foot home values.

Regardless of which side of the home age fence you’re on, there are significant benefits. New home buyers are more likely to get modern features such acharacters open floor plans, larger kitchens, walk-in closets, and larger garages. New homes should also require fewer maintenance and repair costs in the near future. If you purchase early enough, you may be able to choose finishes and design your yard. Many new homes also come with a warranty from the builder.

05Existing homes come with their own set of perks. Existing home buyers tend to like the grown trees and landscaping in an existing neighborhood and homes with “character” such as original hard wood floors, wood burning fireplaces or stained glass windows. Existing neighborhoods have already found their personality while brand new neighborhoods might still be figuring that out.

In the Reno-Sparks area we are lucky to have a good combination of both new and older homes that fit a range of budgets. We love the diversity of homes here and will be happy to help you find the perfect home. Give us a call at 775-453-4568 to set up a personalized home search or with any questions you might have about the Reno-Sparks real estate market.

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