Should You Buy New Construction in St. Louis or Newer Existing Home?

What’s Better?  Buy New Construction in St Louis or a Newer Existing Home?

Should you buy new construction or a home that has been lived in?  Trulia conducted a survey where 2,048 Americans were asked in late March and early April 2014 about their preferences for new versus existing homes. Trulia then analyzed recent home-purchase and building-permit data from the Census. Here’s what they found.

New or Existing Home PreferencesTwice as Many People Preferred New Homes Over Existing Homes

41% of Americans say they would prefer to buy a newly built home over a previously lived in home; modern features and the ability to customize the home are the top reasons.  Slam dunk, right?  Not exactly and here’s the rub …

paying more for new constructionOnly 46% of the people who strongly prefer a new home are willing to pay the 20% premium that new homes typically cost.

Almost half the folks liked the idea of new … but did not want to pay for it!

Most of us would prefer whatever is shiny or new in theory, but let’s look into the advantages and disadvantages of new construction or buying an existing newer home.

family at new construction siteThe Pros

  • With new construction you can customize the home to your specific taste.
  • New homes are often equipped with the newest home technology goodies built-in.
  • Lower maintenance costs as the appliances, plumbing, heating and cooling are all new.
  • Just built homes are usually more energy-efficient; translating into lower utility bills.
  • You’re moving into a house that should be just what you want with that “new home smell.”

The Cons

  • Brand new homes typically cost up to 20% more than an existing home.
  • The cost of amenities in the display homes can really add up. Upgrades are marked up heavily for the builder’s profit.
  • If you love tree-lined streets in the neighborhood you might be waiting around for it for 10 years.
  • Many new construction developments are built far from typical destinations like schools, grocery stores, etc.
  • If you are one of the first to move in, you will be living in a new construction zone for a couple of years. OLYMPUS DIGITAL CAMERA

Alternative Option:Location of Newer St Louis Homes for Sale

It may seem like new construction is the right choice for you (if so, please see our article Considering New Construction? Five Words You Do Not Want to End Up Saying)  If you want to see what’s currently on the market for newer existing homes follow the links below:

St Louis Homes for Sale 1-5 Years Old

St Louis Homes for Sale 5-10 Years Old

St Louis Homes for Sale 10-15 Years Old

St Charles Homes for Sale 1-5 Years Old

St Charles Homes for Sale 5-10 Years Old

St Charles Homes for Sale 10-15 Years Old

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