Buying a home is an exciting time—one that introduces a lot of questions. For many, one central question is whether they’re better off purchasing a new construction home or an existing property. Every buyer’s situation is uniquely their own—some are motivated to live in a home built to their exact specifications, others have their heart set on the charm of an historic neighborhood. No matter which route you choose, both options provide some great perks (even more when you buy with Offerpad). Which option makes sense for you? We’re here to help.
No doubt, purchasing a home is a significant investment—you want to answer as many of those burning questions ahead of time to ensure you’re making the best decision for your buying situation. This article explores some key considerations when purchasing a new build home or an existing property—and how Offerpad provides more convenience and flexibility in both cases. Check it out!
Should you buy a new build home?
New build key consideration #1: Customization to meet your needs
Is customization your thing? That’s one of the clear advantages associated with buying a new build home. Generally, buyers work alongside the builder and choose from a variety of different floorplans. From there, they can stimulate which features they want included—flooring, countertops, lighting fixtures, and more. If you’re buying an existing home—particularly an older property—it may take some time to update these features.
New build key consideration #2: Peace of mind
New construction homes have another key advantage that promotes peace of mind: warranties. Builders commonly offer enticing benefits like multi-year year protections covering the structural integrity of the home, water infiltration and internal leaks, as well as the workability of essential utilities like plumbing, electrical, and HVAC.
In contrast, some older properties might need to be brought up to code to ensure they meet modern safety standards. Proactive repairs might be necessary to bring the property up to code: rewiring the home’s electrical, installing safety features like handrails along staircases, securing ‘closed’ permits for any add-ons, and so on.
New build key consideration #3: Longer move-in period
Building a home to your exact specifications may take time. Keep in mind, ‘waiting’ for your home might mean you need to make some temporary financial concessions. Are you currently renting? You may need time your lease accordingly or run the risk of paying a buyout fee to end it early to avoid overlapping rent/mortgage payments.
How Offerpad helps new build buyers
Offerpad’s Homebuilder Alliance (HBA) program was specifically designed to help make new build homes more accessible for Offerpad sellers. By partnering up with some of the best new home builders in the country, homeowners can sell to Offerpad and take advantage of flexible closing dates, giving them plenty of time to complete construction and avoid mortgage contingency—no overlapping payments. Learn more about our HBA program at Offerpad.com.
New build homes: Overview
- Great for customization
- Home already meets code, offers peace of mind
- Longer move-in period
Exclusive Offerpad HBA benefits
Thinking about purchasing a new construction home? When you buy a new build home from one of our amazing new build partners through Offerpad’s HBA program, you get…
- Choose your own closing date—up to 270 days upon signed contract
- Receive up to 5 days past close to move with Offerpad Extended Stay
- More certainty and control when buying/selling your home
*Editor’s note: Interested in becoming an HBA partner? We’re looking for more reputable home builders to join our expanding program. See how Offerpad’s modern buying and selling solutions can bolster your business—contact us today for more information.
Should you buy an existing home?
Existing home key consideration #1: The convenience factor
For many, the greatest perk to buying an existing home is the convenience factor—no waiting around for construction, these homes are ready for an owner today. As we mentioned earlier, every buyer’s situation is unique and not everybody has the luxury of time to acquire a new home. Maybe they have a baby on the way, maybe they’re relocating for a new job—your mileage may vary, adding urgency to your situation.
Existing home key consideration #2: Location, location, location!
With so many properties to choose from, buying an existing home is a great way to choose your living location. Daydreaming about living in a certain part of town? Maybe you’re pining to live in a specific neighborhood or coveting a certain school system. Whatever the case, targeting an existing home often provides the easiest access to your idea of ‘home’ in many cases.
Existing home key consideration #3: More maintenance upfront
When you buy an existing home, you inherit its history—when compared directly to a new build, an older home will generally require more maintenance upfront. Over time, you may need to replace the roof, repair cracks from natural settling, or address other significant repairs. While new builds are susceptible to the same issues down the road, some homeowners find that existing homes have a slightly steeper learning curve.
*Editor’s note: Buying an existing home? A home inspection should bring to light any glaring issues—give you a sense of what areas of the home need your attention sooner than later. Even with a thorough inspection, surprises can happen—it’s one of the many joys of owning your own home!
How Offerpad helps existing home buyers
Keep in mind, there is plenty of variety when it comes to new homes for sale. If your idea of a dream home is more general (4-bedroom, hardwood floors, a big yard), Offerpad has plenty of options to fit the bill. View our currently available homes for sale online.
We enable Offerpad home buyers to customize certain homes prior to move-in throughout many of our markets. We customize many aspects of the property, giving them the flexibility to ensure their new home is a dream—all before they ever receive the keys. Contact us for market availability.
Existing homes: Overview
- Hard to beat convenience
- More control over living location
- Potentially more maintenance upfront
Exclusive Offerpad home buyer benefits
Looking to purchase an existing home? Take the stress out of the buying process with our modern approach to real estate and enjoy these great benefits of purchasing an Offerpad home…
- Flexible move-in dates
- The ability to customize certain Offerpad homes prior to move-in (subject to market availability)
- Our award-winning customer service provides a human touch where you need it
New builds vs existing homes: The bottom line
Like any major investment, there are certain risks and considerations to be made before you plunge ahead—this principle universally applies to new builds and existing properties. Buying a home can feel like a never-ending series of AB choices: A home with all the modern specs OR a home in a hot location? A home with a custom layout OR a home you can move into next month? Thanks to Offerpad’s HBA program and other exclusive customization services, you can have both. Afterall, who doesn’t want to have their cake and eat it too?
With loads of great existing homes to choose from and the addition of our popular HBA program, Offerpad provides the complete solution to your home buying situation. Visit Offerpad.com and start your better home buying experience today!