New Construction vs. Resale in Oregon + SW WA
Which is right for you?
When it comes to purchasing a home, there are two main options to consider: new construction or resale. Each option has its own set of benefits and drawbacks. The right choice will depend on your individual needs and preferences, OR if you are watching the market closely, you may be swayed by that. Let’s chat a bit about what to look for in each to help you make an informed decision on buying new construction vs. resale.
New Construction
Pros of New Construction:
Customization options: When you purchase a new construction home, you have the opportunity to personalize it to your liking, depending on which stage of construction you make your purchase in. If you custom-build, you make every selection from finishes and fixtures to designing the layout of your home. If you purchase a home currently under construction, you often have the opportunity to decide on finishes and colors. This can be a huge benefit.
Warranty: New construction homes come with a warranty from the builder and all manufacturer’s warranties on the systems and appliances in the house, providing peace of mind for potential issues that may arise.
Energy efficiency: New homes are built with the latest energy-saving technologies, which can result in lower energy bills.
Modern features: New construction homes often come with modern features, such as smart home technology, that older homes may not have. New homes also tend to have floorplans that are specific to the way folks are living in homes at the time.
Builder Incentives: When the market is down and there is a surplus of inventory, builders will often offer great financial incentives for buying. These incentives could be lower prices or interest rate buydowns. Buying
Cons of New Construction
Higher costs in some areas and some markets: New construction homes can be more expensive than resale homes, especially when you factor in the price of customizing.
Lead time: New construction homes take longer to build and may not be ready for move-in immediately.
Location: It can be difficult to find new homes in communities where you want to be.
Whether you are looking for new homes in Portland, Vancouver, Ridgefield, Camas, Salem or anywhere in Oregon or SW Washington, we have you covered.
Resale Home
Pros of Buying Resale
Established neighborhoods: Resale homes are typically located in established neighborhoods, providing a sense of community and a known location.
Mature landscaping: Resale homes often come with mature landscaping, providing a sense of privacy and an established outdoor living space.
Cons of Buying a Resale
Limited customization: Resale homes may not be designed or finished exactly to your taste. There may be renovations that you want to do. This can be costly and timely.
Older features: Resale homes may have older features, such as outdated appliances and plumbing, which may need to be updated.
Lack of warranty: Resale homes do not come with a warranty, and any issues with the house will be the homeowner's responsibility to address.
Considerations of Buying New Construction vs. Resale
Location: The location of the home should be a significant factor in your decision. New construction homes are often in growing communities, while resale homes are typically in established neighborhoods. New construction in established neighborhoods can be harder to find.
Budget: The cost of the home will be a major factor in your decision. The overall price of a brand-new home may be higher than some resale homes but you need to factor in renovations that you may want to add to an older home. Market conditions may make this different. Shop around.
Timing: The timing of your move will also be a factor. New construction can take longer and may not be ready for move-in immediately, while resale homes may be available for immediate move-in.
Maintenance: Consider the maintenance and upkeep of the home, as well as any potential hidden costs. New construction homes may require less maintenance, while older resale homes may require more.
Preference: Some people love new construction and others would never buy new. Old homes have undeniable charm and character. This appeals to many and then not at all to others.
There is no one-size-fits-all answer to the question of new construction vs. resale. The right choice will depend on your individual needs and preferences. You can make an informed decision by considering the pros and cons, as well as your budget, timing, and location.
Currently, there are a lot more new construction options than what we have seen available in our market for some time. We feel this may be a great time to get a better deal on new construction than a year or two ago. Trying to figure out where to start if you are considering a new build or a custom build can be tricky. Of course, we can help you with new construction or the purchase of a resale.
Interested in learning more? We’d love to connect! Interested in beginning your home search, click here.
