Q & A: New Homes & Vacation Homes

Click a question to jump right to the answer:

  1. Do builders provide financing?
  2. Should I buy a new home or a previously owned home?
  3. Should I hire a home inspector for a new home?
  4. What are some precautions to take when purchasing a new construction home?
  5. What is the return on new versus previously owned homes?

Do builders provide financing?

Yes. Many homebuilders will offer financing incentives to home buyers. As with any lender, research the lender and loan details prior to commitment.

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Should I buy a new home or a previously owned home?

The choice between purchasing a new or used home truly depends on what you are looking for in a home. New homes tend to be higher in price, but usually require less maintenance. Old homes are often in more established neighborhoods and lower in cost, but do require more upkeep. When looking, it is often advantageous to compare what type of new home you are able to get in your price range to the older homes within your price range.

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Should I hire a home inspector for a new home?

Yes, a professional home inspector is recommended for both new and old home purchases. An inspection is one of the most important steps to ensure you are purchasing your home at the right price and in the right condition, and therefore should never be forgone simply because of the home’s age or appearance.

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What are some precautions to take when purchasing a new construction home?

New construction homes are often in new neighborhood developments. Because of this, the buyer will want to research how many homes have already been sold, how many homes are left to be sold, and if there are any future development plans. Also, buyers should consider what development may occur in the surrounding areas, such as shopping centers, schools, roads, and other neighborhoods.

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What is the return on new versus previously owned homes?

There are pros and cons to both new and previously owned homes. New homes tend to be higher in price, and usually require less maintenance. Old homes are often in more desirable, established neighborhoods, but do require more upkeep. When looking to purchase a home, it is often advantageous to compare what type of new home you are able to get in your price range to the older homes within your price range.

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