Buying New Homes: What First-Time Buyers Should Consider
A Key Question for First-Time Buyers
One of the most exciting times for anyone is buying a first home; however, it can also be an anxious time. While first-time buyers may be full of hope for the future, they are often also full of anxiety about making such a financially significant and long-term commitment. They may worry because they don’t know how to approach the task, and they may be concerned about the consequences of making a mistake. During the home-choosing process, one of the biggest questions many new buyers ask is, “Which is the better option, buying new homes or buying pre-owned homes?”
What Buyers Should Know about Weighing the Options
Deciding if buying new homes is your best option means looking at the advantages and the disadvantages so you can weigh these against each other and against your wants and needs for your new home. Here are a few issues to consider.
Design Elements:For many, buying new homes means being able to choose many of their own design elements: wall colors, cabinet styles, light fixtures and so on. For some potential buyers, this process is interesting and inspiring. They want to make the home a completely personal expression of who they are and what they want in life. They enjoy the process of making these choices and of fitting the design pieces together like a life-sized puzzle. For others, the process is time-consuming and trying. They are not concerned about the small details, or they feel they have no design skills to make the most attractive choices. You need to decide which type of person you are.
Landscaping:Landscaping is also an issue to ponder when considering the options of buying new homes and buying homes from previous owners. Often new homes are built in new developments, and the standard landscapes are often fairly small, immature and limited in scope. Older homes in older neighborhoods, on the other side of the fence, often feature personalized landscapes that are more mature and broader in scope, perhaps with added elements such as decks, patios and fences. For nature lovers, the older home may be the best fit; for those who are indifferent or those who want the challenges and the rewards of creating their own landscaped haven, a new home may be more suitable. You need to ask yourself which choice resonates more with you.
Timelines:Buying new homes often means waiting for an extended time for your house or condo to be ready since new homes can take several months or even a year to build. Some first-time buyers may see this as positive since it allows them time to prepare for the move and to get their finances in order. Other first-time buyers might see this long time frame as negative since they are ready to move into their home now rather than wait. You need to understand your own ideal timeline and purchase accordingly.
State of Repair:Finally, the perception is common that buying new homes is a safer option because everything is new and therefore has no need for repairs. At first glance, that might be true. But then again, it may not. Newer homes may have problems in them just as often as older homes. You may have a warranty with the builder, but it may have limits on what is covered and for how long. Older homes are also not necessarily riddled with problems. If the current owners have taken care of the property, it is just as likely to be a repair-free home as a new one. The key here is to make sure that whichever you choose, you know ahead of time what you are in for. On this issue, the questions to ask are not so much for you as they are for the home builder or the home owner you are thinking of purchasing from. Be sure to get a home inspection on any new or previously owned property.
The Seattle Market for Buying New Homes
If you are thinking about buying new homes in the Seattle area,the market has many to choose from. As of September 1, 2012, more than 80 new homes are available. The list prices start at around $185,000 for a one-bedroom, one-bathroom, multi-family unit in the central business district and go to over $7 million for a three-bedroom, three-and-a-half-bathroom condo in Pike Place Market. This range simply shows that new homes are available in Seattle for every budget and in every neighborhood.
Meeting You and Your Needs
If you are a first-time home buyer who is confused about which is the better option for your big purchase—buying new homes or buying pre-owned homes—call a realtor. Realtors will discuss with you how well each property type meets your needs. If you’ve already decided which option is optimal, a great realtor can help you find your home sweet home.
Landcast will help you find your home sweet home whether this is your first time buying new homes or if you are buying investment properties.