If you’re thinking about buying a home in Rhode Island, there are some big decisions you have to make. One of the critical ones is whether you want to buy a new home or a resale. In other words, a newly constructed home or an existing one.
Most home sales in the Rhode Island market are resales, but there are factors you should think about before deciding.
If you’re just getting started in the process, a free guide called, “10 Secrets Every New Home Buyer Should Know” will be extremely valuable.
Don’t close your eyes to these things when buying a home in Rhode Island
There are many desirable areas to live in Rhode Island. Whether you’re looking for affordable places like Cumberland or you like hot areas like Barrington and South Kingstown, you should know what to expect.
According to recent reports, the number of days a home remains on the market in local real estate markets has fallen to 23 days. This means, if you want to buy your ideal home, you have to know what you want and act fast.
Knowing that buying a home can be difficult in current market conditions, I’m prepared to promise you’ll love the home you buy, or I’ll buy back your home, guaranteed!
What to consider when buying an existing home in Rhode Island
When it comes to deciding if you want a resale home, there are pros and cons. Everyone has different needs and, ultimately, you’re the only person who can answer important questions about what will satisfy you.
Here are some pros of buying an existing home:
- Resale homes are often cheaper than new homes
- Closing the deal can happen more quickly
- Established neighborhoods have benefits
- Properties have more trees and mature landscaping
- The previous owner can provide valuable knowledge
- Build quality has been established over time
- Sellers are more willing to negotiate
If it’s important to you to be in a good location, a resale home might be the best option for you. For example, you can learn about accurate utility costs, quality of life in the neighborhood, crime rates, and school districts from the previous owner.
There are some cons, however:
- More problems or expensive repairs
- Floor plans and designs are outdated
- Builder warranties are expired
- Homeowners may be unwilling to give up good mortgage rates
The current real estate market in Rhode Island and its popular areas is competitive. Especially with interest rates rising. Existing homeowners may not want to sell. This can mean available homes that meet your needs are harder to find.
How to decide if you want to buy a newly constructed home
The other side of the homebuying coin is newly built homes. These can be exciting to own since you’re the first person to live in them and can truly make it your own.
Here are some pros of buying a new home:
- You can buy directly from the builder without a realtor
- It can be easier to qualify for a loan if the builder needs to sell
- There’s less chance of getting scammed by sketchy sellers
- Builder warranties have not expired
- A modern and innovative use of space
- Upgrade and add-ons are possible
- New homes are more energy efficient
If you’re buying a home in Barrington or other areas of Rhode Island, it’s an advantage to have an energy efficient home. Especially with recent laws enacted requiring all of the state’s electricity to be offset by renewable energy by 2033. Buying a new home can help.
Don’t ignore the downsides, though:
- There’s tough competition for new homes
- You may have to wait to move in
- Builders can work too fast and use poor materials
- Cookiecutter homes have less character
There’s also a lower supply of newly built homes in Rhode Island as it lags other states in new construction.
If you buy a home in Rhode Island but don’t love it, I’ll buy it back
Whatever you decide about whether to buy a newly constructed or existing home, my team at Your Home Sold Guaranteed Realty – Nathan Clark Team can help. In fact, I know I can!
If you buy a home in Rhode Island and don’t love it, I Will Buy it Back – Guaranteed!*. I will guarantee this in writing.
Plus, we can provide you with a lot more information on new homes versus resales to help you make your choice. Get started deciding what type of home is best for you by calling us at 401-288-3557 or filling out this quick and easy form.