Let’s start with the benefits of buying a new home. One of the benefits of buying a newly built house is the warranty. Most of the builders will give you a 1-3 year warranty on your house. Meaning if a pipe bursts open, the builder will go back and do the repairs at no cost. A second benefit is the appliances. A builder will not sell a house with old white appliances from the ’90s. In fact, it will most likely come with new smart touch refrigerators that also have a warranty plan. Some builders give you the option to upgrade appliances to your liking. New construction homes usually offer peace of mind because you expect everything to be new. Potential buyers should be receiving lower rates for insurance. Throughout the construction phase, the city inspector will make sure everything is installed correctly before allowing the contractor to go to the next phase.
Let’s talk about the disadvantages of new construction? For one, the home price may be higher than a house built 40 years ago. When appraisals come back, the prices are supposed to higher. The second disadvantage is the home is usually part of a community or HOA. Meaning, you have to pick a color or plan within their range and scope. Someone else in that neighborhood will usually have the same floor plan and color. While some houses are custom and built away from HOA communities, most are not. The second disadvantage is you don’t know what could go wrong. There are moments where the subcontractor will rush an installation, and you may randomly go through an emergency in the middle of the night. We have seen situations where a newly installed water line bursts in the middle of the night while everyone is sleeping. Another disadvantage is the quality of the materials. We have seen newer homes built by wood materials that don’t last as long as the earlier years. Even the construction phases are being rushed as the builders are trying to build quickly, to sell. Another disadvantage is you don’t always know when the house will be ready. Builders are sometimes delayed due to permitting or the subcontractors. In addition, you may need to sell your house before you buy a new one, and hopefully, you won’t be stuck in the streets waiting for the new build.
Let’s jump into the benefits of buying a renovated older home. For one, the prices will be lower than a house built in 2021, depending on the characteristics. Usually, someone took time and care to make it the way they wanted to on a renovated home. Most renovated homes ( unless it’s an investor flipping ) were lived by people who really appreciated their place and made sure the construction was well done. Renovated homes usually have newer materials and, depending on the homeowner, better quality materials. Some renovated homes also have history. For example, Ybor City or Seminole Heights is full of renovated bungalows. People admire the historic windows and pavers in the streets. Finally, a renovated home is usually ready to move in and does not require waiting for permits or construction completion.
One of the disadvantages of renovated homes is you don’t always know what’s underneath. Homeowners like to do projects independently to save a few dollars and don’t always do it the right way. For example, you may not know that there are cracked tiles under the newly installed porcelain tile. A few yours down the road, you may notice the floors cracking up. Another common problem is homeowners don’t always used licensed contractors or pull permits for the rebuilds. This leads to faulty installations, which could be hazardous to the people living inside. For example, Joe, the homeowner, hired his cousin to install new lights in the kitchen. However, his cousin installed the new lights without any ground wiring.
Every home buyer should consider their situation before making a deciding on buying new or old. There are more questions you should ask yourself before making a big move. If you need assistance or help to look for a home and don’t know which option to do, call our Broker. He will be able to help anyone in Tampa, Florida, find the right home.