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Is New Construction or a Pre-Owned Home Right For You?

If you’re thinking about buying a home in the Greater Salt Lake City area, one of the major considerations you’ll need to make is whether you buy an existing house or whether you purchase a brand new home where you’ll be the first tenant. Let’s take a look at a few factors that you’ll to assess before you can decide on new vs. pre-owned.

New Construction vs. Pre-Owned Homes
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Make a ‘Location Short List’ First

One of the most important factors that will determine whether you buy new or pre-owned is where in Salt Lake County you would prefer to live. If you are looking for a home in downtown Salt Lake City, finding new construction that suits your needs may be more challenging than if you were hunting in West Jordan or Cottonwood Heights, for example. Urban areas tend to have a more mature real estate market, which means that more pre-owned homes will be available. If you’re thinking suburban, your new construction options will be more open and you may be able to purchase land to have a home custom-built.

Maintenance Costs Are a Factor

When you’re assessing the price of a new home versus a pre-owned one, don’t forget to factor in maintenance costs that might pop up over the medium- to long-term. A pre-owned home isn’t going to come with a warranty, and there may be some items that need fixing. Get an estimate of costs during the home inspection process to determine whether or not your pre-owned options are better than simply buying new.

Are You a DIY or Renovation Junkie?

If you’re the type that likes to tinker, you should probably lean towards a pre-owned home that has some rough edges you can smooth over. Browse through our property listings and when you find a few homes that look like they might fit the bill, get in touch and we can arrange viewings for you. While you’re touring through the homes, look for areas you can touch up, such as a large yard that is begging for a patio or deck, or a home that is lacking a garage.

Remember: You May Need to Wait

Is your new home an immediate priority? Buying custom or new construction may mean that you have to wait until it is fully completed, a process that can take anywhere from days to months depending on how far long the home is. Buying pre-owned means that you can move in quite a bit sooner, provided the current owner is ready for a quick close. If you’re moving in to the Salt Lake County area and you need a home immediately, you may find that completed new construction is your best bet as you can simply buy and move in.

Whatever your real estate needs, the Exit Realty Success team is here to ensure that they’re met. Contact us today at (801) 352-8000 or by email on our contact form and we’ll consult with you to determine whether you would be best served with a pre-owned Salt Lake County home or something newly-constructed. We look forward to working with you.

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