How to find the right home for YOU
Realtors and real estate consumers are finding their way through the new realities created by the coronavirus crisis. During the past week, more and more open houses and property showings were conducted virtually on HAR.com, and we expect that use of technology to grow in the weeks and months ahead. Whether or not you are in the market for a home, I invite you to visit HAR.com and check out one of these virtual tours. If you catch them live, you can ask the Realtor questions about the property in real time.
For those of you starting your home search, know that there are pros and cons to a new construction versus existing home. No matter which way you go, you’ll probably end up making some trade-offs. In the end, choose what makes the most sense for you, your lifestyle and upcoming plans.
From an investment standpoint, consider the future when buying. After all, you will be the seller one day and you want to get the largest possible return on your investment.
What if, for example, a home is among the first in a new subdivision. As other houses are built, short-term resale of a two-year old house can be difficult. Given similar choices in the same neighborhood, most buyers lean toward the brand new house. Additionally, builder incentives can make the new home more attractive. This typically changes as the neighborhood matures and builders move on, so consider how long you intend to remain in your home.
It’s not all about the investment, though. You must live in this home. Central air, large pantries, walk-in closets, spacious bathrooms and other contemporary amenities are more common in newer homes. New homes are also built with infrastructure tailored to modern life — like being prewired for security or Internet.
Additionally, there are stricter building codes and significant advances in construction materials and techniques. These improvements sometimes result in safer and more energy-efficient homes.
Some builders offer customization options, like color schemes, flooring, kitchen cabinets or appliances, that allow more personalization. Existing homes were built and designed to someone else’s standard and taste, probably different from yours.
On the flip side, many older homes have a charm from the period during which they were built. Some older homes sit on larger parcels of land than the lots common in most new subdivisions. You also may find an existing home that has been remodeled in a way that suits your needs perfectly.
Maintenance
Home maintenance comes with homeownership. In fact, it’s not uncommon to find at least one construction defect in a brand new house. So, if you opt for a new home, make sure you understand the warranty and the process for identifying and fixing problems.
In fact, you should have your new home inspected by a licensed inspector prior to closing to catch possible construction defects — just as you would with an older home. If the home is yet to be built, you should hire a licensed inspector to inspect the project at each stage of construction.
Neighborhood should be a significant part of your decision, including school district, proximity to your workplace and overall convenience. HAR.com lets you search for homes based on those and other criteria.
Many residential builders acquire large tracts of land and to start a subdivision. It is more cost-effective to lay infrastructure and build if there are no obstacles. So, if you prefer large trees that form a canopy over the streets, an older neighborhood may be more your style.
Moving in
If you purchase a home before completion, builder delays or other hold-ups could prevent you from moving in on schedule. This may end up being no big deal. However, if the timing is wrong, you may have to delay closing on the sale of your current home, find a place to rent, stay with friends or family, or place your belongings in storage until the setbacks are resolved.
A Realtor can help you sift through the options of new versus existing home. For more information or to find a Realtor, visit HAR.com. John Nugent, with RE/MAX Space Center, is 2020 chairman of the Houston Association of Realtors/ HAR.com.