How to Choose Between New Construction and Pre-Owned Homes

The present real estate market in Wilmington is quite appealing. Numerous homes are for sale in Wilmington, and listing prices are down approximately $14,000. This makes it the perfect time to consider a purchase. Before choosing a new place to live, it is important to weigh the pros and cons of buying new construction or an established home. Since Wilmington has so many options in both categories you will most likely investigate both throughout your home search unless you have more specific preferences.

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Pros of Buying New Construction

Many people prefer new homes, and building brings numerous benefits. The biggest advantage is that most buyers have control over customization, so each room meets individual needs. Upon move-in, no work needs to be done. Most new homes include modern plans that cater to today’s lifestyle demands like large bathrooms, eat-in kitchens, and walk-in closets. Although new homes are typically located in unestablished neighborhoods, Wilmington has numerous developed communities with new construction. New homes bring financial benefits as well. For instance, they are energy efficient, so utility bills are lower. Thanks to new appliances and HVAC systems, maintenance costs are inexpensive.

Cons of Buying New Construction

Although it is tempting to buy a new house, there are some negatives to consider. A brand new home usually costs up to 20% more than a similar existing home depending on location. A new house is usually located in a neighborhood filled with construction that may continue for many years. This type of neighborhood may be far from schools and shopping facilities as well.

Pros of Buying an Established Home

On the other of end of the spectrum, there are benefits that come with purchasing an existing home. Wilmington has an extraordinary historic district filled with striking architecture. There are many older homes that offer one-of-a-kind craftsmanship and design that cannot be imitated. Since prices are often lower, many real estate experts explain it is possible to receive more value from the purchase of an established home. It may take months to complete new construction. However, it is much easier to hammer out a deal and move into an existing house within a short period of time.

Cons of Buying an Established Home

Even though it is possible to score a good deal on an existing home, saved money will likely need to be put toward repairs and maintenance. Since an existing home rarely comes with a warranty, all repair expenses are out-of-pocket. Older homes may require major renovations.No matter what type of house a person decides to buy, winter is a great time to shop. Spring and summer are active real estate seasons, but winter presents a buyer’s market. Despite a smaller selection of homes, it is possible to find the perfect one. This time of year has fewer buyers, which means there is lower competition, and a buyer has more time to make an informed decision. Since Wilmington’s winters are mild, there is little worry that a person will have to move in snow. It is the ideal time to see how the prospective house holds up in cool months as well. It is essential to work with a professional real estate agent or contractor to receive satisfaction and experience a smooth move.

Browse Wilmington’s New Construction and Established Home Listings

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