Do you prefer the customizable, shiny “newness” of a brand new house? Or would you rather move into a character-filled and quaint pre-existing home? According to a survey by Trulia, approximately 41% of homebuyers prefer new construction if the costs were the same, whereas only 21% prefer an existing home, and 38% reported no preference.
Of course, buying a brand new home typically comes with a higher price tag – and far fewer homebuyers are willing to pay for it. While it’s difficult to assess the exact premium placed on new construction (since they tend to be larger, and with nicer features than existing homes), the price tends to be about 20% higher when adjusted for the features and location. When these additional costs are taken into account, less than half of people who prefer a new home would actually pay this additional 20% fee.
And according to the survey, new construction appeals most to younger buyers, but is most feasible for older folks with higher disposable incomes. If you’re interested in learning about new communities in the Greater Philadelphia area (including affordable new homes!) , be sure to reach out to EveryHome to meet an experienced and helpful agent.