Recently, the Washington Post wrote an article entitled House hunters caught between new and existing homes.
We were thrilled to be featured front and center in the article with a photograph of our newest single family homes, the Downtown Collection of One Loudoun in Ashburn, Virginia.
Photo Source: Washington Post
The article discusses the advantages and disadvantages of buying a new home versus an existing home.
One of the reasons our homes were featured is they meet a distinct advantage to buying new. The Miller & Smith homebuyers interviewed for the article were downsizing but needed enough space to accommodate their college-age son.
They found exactly what they were looking for in our Tribeca Model, which offers a separate private studio space over the 2-car garage‚ the perfect getaway for in-laws or older children returning from college.
Finding a home that meets very specific needs is one of the major advantages to buying new.
The following are several other advantages to buying new, as discussed in the article:
- Brand new warranty on all appliances and structural issues
- Buyers get to choose all of the selections and finishes they want, including flooring, counter tops, lighting, hardware, etc.
- The scale of new homes tends to be larger with taller windows, bigger closets and garages, and more storage
- New homes appeal to today’s more casual lifestyle with fewer formal rooms and more open gathering places
- New homes are considerably more energy efficient thanks to modern building techniques and appliances
The article also discussed some of the advantages to buying an existing home, including the following:
- Buyers don’t have to wait as long to settle with an existing home, which means they can lock in today’s low interest rates sooner
- Currently, there is a low inventory of immediately available new homes on the market so there can be more competition over new homes
- Buying an existing home is potentially less overwhelming since all of the decisions are made in terms of flooring choices, finishes, paint, etc.
- Existing homes in established communities tend to have more or all of their amenities and infrastructure in place
- In some markets, existing homes are less expensive than new homes
In the end, there’s no clear winner between buying a new home versus an existing home because there are advantages and disadvantages to both. The good news is, no matter what you decide, now is a great time to be a buyer thanks to remarkably low interest rates.
And if you decide to go new, we know the perfect place to start your search.