Stapleton Real Estate- PROS and CONS of new versus resale homes.
As a Realtor living in Stapleton, one of the biggest questions I am asked is "Should I buy new or resale?" There are obviously a lot of factors in making this decision. In this buyer's market, value can be found in both situations.
Lets do a pros and cons approach with each.
Builder/new- For this comparison lets assume that builders don't have any spec homes.
Create your own home- upgrades, finishes, lot choice- This is a big reason to go new, especially if you have specific wants or needs that limit the amount of resales to choose from. Like 3 car garage or certain amount of bedrooms etc.
Lending incentives- Typically builders will have a preferred lender that sometimes will have some better than market terms or closing cost assistance.
Warranty- Even though all homes in Stapleton have been built within the last 8 years or so. There is still a nice advantage in buying a home that has a one year warranty.
The warm fuzzy of making your home your own- Between the design center to watching it being built, there is something to be said about building your home especially if it's your first.
Blank slate-When you move into a new home you don't have the previous owners issues to deal with(this can actually be a CON as well)
Incentives and value- Here is where builders are winning a lot of the competition against resales in Stapleton real estate. Builders are able to concede to the market a bit more with their flexibility. They can finish a basement, give closing costs or design center concessions that individual homeowners typically can't do.
The economic and bureaucratic conditions that can be very frustrating- Many builders have construction lenders that make it hard to start a home with certain conditions that are out of the buyers control. City permitting, construction and weather delays create timing timing that can be very undetermined. In most cases it is necessary for a buyer to be very flexible, which can be hard.
Move in expenses- Buying new you will more than likely be heading to Home Depot to open up a credit card. Window coverings, washer/dryer, refrigerator, drawer pulls even shower curtains are all things you may need to get just to be able to move in. Let alone any other personal choices like paint.
Losing the immediate- Interest rates are ridiculously low right now, waiting 6-9 months can change that dramatically and maybe even put you in a position where you won't qualify for the home once it is time for closing. You also lose some emotional value as well stretching over that time frame. Stapleton real estate situations change quickly so sometimes 6 months later things may look very different.
Living in a construction zone- After you close typically the area you are in will continue to have construction activity around you and maybe not have other neighborhood amenities in yet like pocket parks.
Beige and white.
The above mentioned frustrations lead to time frames that can be the hardest part of buying new. If you have a lease or job or uncomfortable living condition currently that doesn't allow you have the flexibility to move your closing date around then it can really take the fun out of it and add a lot of stress to the process.
Move right in- Outside of the random foreclosure or investor unit that isn't really lived in, resale homes are usually ready to go. Hopefully in the home you chose, you chose it because it has a "homey" feel. Whether it's a great painted bedroom, an upgraded light fixture or a playground set in the backyard. You can usually move right in and enjoy some of the benefits of the previous owners influence. This usually saves money as well because window coverings and other small things are already in.
Established neighborhood- With Stapleton real estate one of the major strengths you are looking for are the block or area amenities. If you buy for example across from a pocket park or near the town center then you know what you've got right away and can begin using it as soon as you move in. You also have a group of neighbors that can help you learn the ropes.With a new build you have to buy into the dream a bit more.
Timing- As part of the negotiating of the deal both seller and buyer can have input on a desired closing and move-in date.
Warm fuzzies- To me a big part of a Stapleton real estate is the story of seller and buyer. It is always nice to have a seller, lets say that has a job transfer or is even up sizing within Stapleton and how excited that person is when they get an excited buyer that they can relay the keys and the stories of the home to.
Limits on your parameters- If you need a 4 bedroom house for instance. Even though there is pretty good inventory in Stapleton limiting with your needs may give you less to see.
Not liking the personalization- Above as a PRO for a resale is the personal touches already in the home. But if you don't like their shag carpet choice you have to go in and do some work to make it your own.
No warranty- Moving into a used home it will usually have run it's course with the warranty from the builder so you are on your own for any work needing to get done.
No incentives- Again part of the negotiating process can furnish a set up of closing costs paid by seller. But typically sellers if they don't have a lot of equity are limited on what they can do. There are also loan guidelines that don't allow the seller to pay for certain items. A builder has an advantage there because they can give incentives in different ways.
Bottom line is that your personal buying situation is what will guide you. This is why it is important to pick a great agent that will help you figure out your needs and who knows Stapleton real estate to give you the best answers. Time frame, personal finishes, and area you want to be in might determine what is most important but please contact a neighborhood specialist and we can help you determine and create a custom scenario for you to get into the great Stapleton home of your dreams.
Damon Knop 303-332-8754 Katie Knop 720-323-5667