As we wrap up National Home Ownership Month, we pose the question of whether home buyers are looking to purchase a new home or an existing one. What would you prefer? Below are several reasons why we think buyers may prefer an existing home over a new construction home:
1. Sometimes buyers want new, but can’t afford new. With “new” may come expense. New homes offer modern features’, including, never before touched kitchen appliances and never before walked on hardwood floors. In many cases these new furnishings simply costs more, and that expense turns off buyers.
2. Some buyers are drawn to traditional features within a home. When someone refers to traditional, they are typically referring to the different architectural elements, floor plans, or to the functionality of a house. Traditional elements that may cater to certain lifestyle needs: having a dining room, having built in cabinets, covered entry ways and more.
3. Buyers want an established neighborhood. Living in an established neighborhood is a plus for many home buyers. They offer many home buyers a convenient location. In many cases the city has grown around the neighborhood itself, where the neighborhood has become extremely embedded in the community.
4. A “DYI”er, always in need of a project. This is a great opportunity to add value to your home. Some buyers are looking for a home in which they can either expand or renovate and add value.
5. Exiting homes have a story to tell. From the buyer before you, and before them, an existing home offers history that a new home doesn’t always have. While each family creates their very own new chapter, buyers before have created memories in your very same walls. You always wonder what the “bones” of a house could tell you.
6. Existing homes are solid. Existing homes offer buyers the comfort of knowing the home can withstand the test of time.
Maryland offers home buyers several options for existing home neighborhoods. Community’s in and around Montgomery County, MD cater to those looking for an established neighborhood, with solid bones!