5 Questions To Help You Decide on a New or Used Home
Are you in the market to purchase a new home in Simpsonville, Greer, Mauldin, Five Forks, or Greenville?
This post is written for young professionals who open to both new and used homes to help them decide which may be a better starting point. Plenty of my clients want a low-maintenance, move-in ready home that is NOT a fixer-upper. Others want to be close to work and don't mind making choices to make the home fit their exact needs.
I've found both new and used homes that fit either kind of client.
The system we use has helped 300 clients y.t.d. (in the past 7 months), we can find you one too.
There is no clear "winner" between new and used homes. However, many of my clients have found they lean one way or the other. If you are on the fence, use these 5 questions to see if you should buy new or used.
1. When do you plan to move?
Timing is important. You can get a new home as soon as a few weeks (with a spec home and a cash purchase) or on a much longer timeline.
If you want to move in 4-7 months after contract date, you can build a new home with a local builder. They only require a small retainer payment to do this.
*Have a home to sell very quickly or a lease to get out of? Guess what! We offer an exclusive Builder Trade In program where we help you get in a new home quickly without having to worry about what you leave behind. It's great, and 20 of our clients used it in July! Contact me if you are interested and I can connect you with our Builder Trade In Specialist.
2. what's your price?
Let me make this easy for you - you can get a brand new home for around $150,000. You can also get a spectacular new home for $200,000, $300,000, or $400,000.
In our market, I've also seen a comparable brand new home sell for less 30-year old 1800 SF homes that was falling apart.
I've also seen those less-expensive new homes have updated appliances, granite countertops, tankless water heaters, and a solid warranty–none of which was included in the used home.
Still, some used homes that are a better value. It all depends on hyper-local market situation.
North main, Augusta Road, Kingsbridge, are going to be very different from less expensive neighborhoods and it all depends on the comparison you are making.
Something else to consider is that some builders offer incentives to teachers, firefighters/policemen, and soldiers in the $1,000's as a thank you for service.
3. What kind of neighborhood?
STOP and read this. Not every new neighborhood community is created equal!
I bet you didn't know you can buy a brand new home in Simpsonville under $250,000...with close to 3 acres...near a vineyard...with tons of standard features...near some great schools? It's real.
You can also buy a "cookie cutter" home, one with a .25 acre lot on a winding road, a starter home, a retirement home, a cottage, an energy-efficient craftsman home, a neighborhood with few trees and tons of backyard pools, a gated community, a neighborhood with a common space, or almost anything you want!
You just have to act fast, because most communities are selling out quickly! Check out this post where I surveyed 100+ Upstate residents to see why others chose new!
4. move in ready or upgrade?
This one should be simple. New homes are move in ready 100% of the time.
Unless it's a spec home, you will have options to choose what model, floor plan, and features you want.
No mysterious hairs in your carpet.
Fresh, inside and out.
Even some homes I've sold that were brand new 1-2 years ago still had the new home smell to them!
5. What's your flavor?
New homes are the Tesla / BMW 6 series / Fighter Jet of homes. They are fresh, new, and offer lots of bling.
New homes are sexy because they come with warranties and are much more energy efficient - meaning they cost less in the long run.
(This means more money for you to spend on...Teslas/BMW6 Series cars/Fighter Jets.)
1. When do you plan to move?
Used homes are the bulk of what is selling in the Upstate/Greenville area. This makes it harder for you to find one that is a great fit.
You can purchase and close on a used home within 2 weeks (if it's cash with no contingencies).
Most homes take 30-45 days to close* (and can be less if you use a great loan officer like Dennis Brody with Movement Mortgage)
Make sure you are pre-approved and have signed with an agent if you want to be able to compete with other buyers in the market!
*45 days is standard for VA, USDA, and FHA Loans.
2. What's your price?
Used homes have some hidden costs, and many buyers are unaware that they cannot get 1.5 acres and a 3 bed 2 bath home for $140,000. I showed a 3 bedroom 2 bathroom house today that was 45 years old, on a main road, and it was listed over $300,000!
Be ready to pay prices at or above new home prices. Also, keep in mind that foreclosures are almost nonexistent in the Upstate.
3. What kind of neighborhood?
Wow! With a used home, there are tons of options. This is, based on my survey of 100+ Upstate residents, the #1 reason to buy used- it's the neighborhood. While you can't get a 'steal' in this market, you can buy in to a great neighborhood! Want to be near family?
There's a neighborhood for that.
Want to be near schools? Old trees? Great neighbors?
That we can do.
You had better come ready to play ball, because the resale market is extremely competitive! Want to know more about how to win your dream home? Schedule a consult with me or or someone on my team and we will give you a free 45-minute market overview in our office.
4. Move in Ready or upgrade?
Used Homes offer a wonderful opportunity to play Chip and Joanna Gaines on your own property if you want to upgrade and some are move-in ready!
It goes without saying that, depending on what is important to you, you can find a house with tons of character to fix up, update, or wow your neighbors and guests with. Go for it!
5. WHAT'S YOUR FLAVOR?
Used Homes are the Dodge Charger from Fast and Furious 6 of homes.
Used homes are classy because they are like the first bike you learned to ride on – they come with a great story.
Which would you prefer, new or used and why?
David is a REALTOR®, New Homes Buyer Specialist, author of the only new homes website in the Upstate of South Carolina.
Are you buying a new Upstate SC home in the next 3-6 months?
Call or text: 864.416.4505 | firstname.lastname@example.org