Now that you have thought a bit more about what type of home might suit you best, the next question many home shoppers ask is should I buy a new construction home or resale? Whether you ultimately select a condo, townhome or single family home, you have the choice of new or lived-in and which one is right for you can depend on many factors, including lifestyle preference and personal priorities. If your ideal home has the latest new home technology, energy efficient features and requires little to no maintenance, then new construction may be the better choice for you. If you love the idea of fixing up a home and prefer to live in a developed neighborhood with mature landscaping, then an older home may better suit your lifestyle.
Below are some preferences to consider to help you determine which type of home may better suit your lifestyle and priorities.
Note on prices and costs:
As discussed above, the price of the home doesn't take into consideration the added expenses such as monthly condo or HOA fees. Just as the price of an older home doesn't take into consideration the potential maintenance costs. While new construction homes may be more expensive upfront, think about what repairs may be needed to an older home and factor these into your budget. For example, sources list the average cost of a budget bathroom renovation in the DC area at $16,500 and the cost to replace a roof between $5,000 - $15,000.
Below are additional resources to learn more about whether buying new construction or resale may be right for you.