Capital Real Estate Washington

If you're thinking about buying a home, you have a lot of decisions ahead of you. One of the first things you should think about is whether you're going to consider new homes, resale homes or both. It may seem like that's a decision that can wait until later down the road, but you should consider it early because it will make a difference in how you look at houses. Working with a Realtor is the best way to sort through the multitude of resale homes on the market, negotiate with the seller and handle all the details during the escrow period. However, these services are unnecessary if you buy a new home from the builder. You'll have more negotiating room if the builder doesn't have to pay a commission to your Realtor. Some builders won't work with Realtors, in which case your Realtor won't even show you those homes. Of course you can do both at the same time. Have the Realtor show you resales while you look at model homes on your own.

The home, the property and the neighborhood will be different between a new home and a resale. Even the buying process if vastly different in the two scenarios. Which is right for you? Let's look at some of the key differences.

The condition of the home is important both in terms of what the buyer wants and is willing to invest time in, and in financing. All of the features that are built into a new home, including upgrades, can be financed into the mortgage. When buying a resale, if there are items the seller wishes to have upgraded, they cannot be financed because they're not part of the home at the time of the appraisal. The choices made by the previous homeowner could be a plus or a minus. They may have spent a lot of money on decorating or customizing features. If their taste is similar to yours, that's great. If you feel like you would have to redecorate to make it your home, then it's a detractor. New homes are neutral. The walls are white and the floor coverings, kitchen cabinets and counter tops are selected by you. Most new homes come with no landscaping or window coverings. While this leaves you to choose what you like, it also leaves you to pay for the cost after closing.

The neighborhoods will be different too. If you purchase an existing home, you can find out what the neighborhood is like. Does everyone maintain their property well? What are the schools like? Are there a lot of children on the street? Do they have block parties? Are they quiet or noisy? If you buy a new home, all of the new homeowners are moving it at roughly the same time. They're typically young people buying their first home or a move-up home.

The choice of buying a new home or a resale is only one of the many, sometimes overwhelming decisions facing you as you search for a new home. Think about the pros and cons of each and make the best decision for you and your family.