Buying a house is a big investment. For many, it will be the single largest purchase they make in their entire life. Buyers are also faced with a large number of options when considering homes for sale. In fact, last year about five million residences were sold in the United States. One of the first decisions you should make is whether you want existing residence or brand new houses for sale.
First off, there are a lot more existing homes for sale than new ones. In fact, of the roughly five million houses sold last year, around 90 percent were second-hand. So buyers immediately have more options available to them. With this wide availability, older construction will generally be cheaper than new construction. For many first-time buyers, this is one of the biggest selling points of buying an existing home.
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These buildings are also generally built on the most desirable land available. For example, the lots that are close to the ocean, have good views, or are especially large, will be built on before the rest. If a pre-owned house is from the mid 20th century or earlier, buyers will likely see the use of higher quality materials in the construction of the residence. The level of craftsmanship in older homes is, on average, much higher as well.
On the other hand, new homes for sale offer their own distinct advantages for buyers. One of the biggest is the fact that everything in the residence will be brand new, never used, and under warranty. Many buyers use most, if not all, of their savings to purchase a house, and as a result, they can be left struggling to pay for any repairs that might be required. Buying a new structure means that any repairs in the first few years are unlikely. If they do occur, there is a good chance that they will be covered under either the manufacturer's or contractor's warranty.