Monday, June 28, 2021 / by Sandy Gabrielli
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That said, buying a resale home means you’ll be paying over market value and competing with other offers. With new construction homes, the price is the price. Once the lot is released and you’re locked in, that’s the price you pay for it—not including upgrades. The same money you’d spend on an appraisal gap for a resale home is the money you’ll spend for upgrades and/or landscaping.
The average build time for new construction is between six and 12 months, and they don’t accept contingent offers. During that time, you either need to financially qualify to own two homes at once or have a place to stay temporarily. After construction is complete, though, you get a brand-new home, including a new roof and furnace, and the builder gives you a one- to two-year warranty. They also offer an extended warranty for the construction of the home. On top of that, you get to personalize what’s being built and pick out your upgrades. Additionally, for every lot release, the price goes up, which means by the time your home is built, you’ll have automatic equity.
If you’d like more help deciding which home-buying option is best for you or have any other real estate questions, don't hesitate to reach out to me. I’d love to hear from you.