Surprisingly, when weighing the price, it's a draw between new and existing. The best lots in new construction are generally taken first, leaving the average consumer with lesser outlying lots.
Existing wins out in the speed of the transaction, as possession will be at close instead of end of construction.
But, new wins out on costs because existing will need big ticket replacements sooner (roofs, a/c, mechanics) while new can save money through more efficient utility bills.
Existing comes back into the equation when it comes to near-term gains. Sweat equity can add value over neighboring homes, while new homes will sell the same as similar homes in the development.
So, which is right for you? It might come down to personal preference.
Which do you prefer?
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