Buying a Home: Resale versus New Builds

Buying a home, an exciting but potentially daunting process, presents a potential buyer with several options to consider. At the top of the list is whether to buy an established home or a brand-new house in a builder community. The choice often depends on the buyer's lifestyle.

Advantages of Buying a Resale House

While purchasing a new home has many obvious benefits, resale homes offer several advantages as well. Perhaps the biggest advantage is moving into an established neighborhood. Older neighborhoods have a recognized market value, whereas newly built homes, usually in nascent, outlying neighborhoods, do not have protected property value. This is particularly helpful to buyers if they do not plan on staying in the house for a long period of time.

Another advantage to buying resale is being away from the hassle of construction. One drawback buyers potentially face with a new build is being surrounded by continuous building activities in the neighborhood. Finally, buying resale, especially a fixer-upper, allows for creative redesign. Resale homes also tend to be slightly lower in price, with sellers much more willing to negotiate than home builders.

Advantages of Buying a New Home

Purchasing a newly built home presents the potential buyer with several significant benefits. The biggest advantage is the newness itself. Major systems such as the air conditioning units, appliances, roof and water heater are brand new and covered by the builder's warranty. In a resale home, these components often have wear and tear, creating a potential financial expense for the buyer sooner rather than later.

Another perk is that the appliances, insulation and windows within a newly built home are often much more energy efficient than those found in resale homes, potentially bringing significant savings on monthly energy costs. Buying a recently built home also gives the buyer a better return on resale, at least statistically, because of the decreased age of the home. Finally, purchasing a new home often comes with some control over flooring, finishes and fixtures, which adds a customized feel to the house.

The Yorba Linda Real Estate Market

Buying a new home in Yorba Linda offers some advantages of its own. This region of California is a particularly strong market for home buyers. According to early 2015 data, the market is healthy and the foreclosure rate is lower than the national average. Homes in Yorba Linda are also projected to increase in value in both the near future and in the long term. Currently, almost 400 homes are for sale, providing buyers many options to consider.

Whether you're planning on buying a new or resale home, it is essential to find the right real estate company to help secure your purchase. Many buyers enter into an agreement to purchase a new home without their own representation. This poses several risks, as builder contracts are complex and often one-sided in favor of the builder. If you are considering buying a new home in Yorba Linda, contact the Edie Israel Team for quality assistance every step of the way. Their experienced real estate professionals can provide all the information you need to determine if buying a new home is right for you.