Buying a home is always an exciting time, but it’s also filled with hundreds of decisions points. What do you want in your new home? What do you need? And are those needs really a need—or a want? What’s the parking situation? What can you afford? And perhaps one of the biggest questions: Should you look at existing homes or build new?
The answers will differ for every buyer, and your answers may vary by the day. But if you’re debating whether to buy new or build, there are a few considerations that can help you steady your decision. Here are three things to keep in mind.
What’s your timeline?
Generally speaking, new construction takes six to nine months to complete—and that’s assuming all goes according to plan. If you’re in a crunch and simply don’t have the time to wait, it may make the most sense to look at preexisting homes for sale.
If you have your heart set on a new build but don’t have the full time to wait, you might look at a short-term rental while you build, or even look at builders’ inventories. While it isn’t as common in the current market for builders to build out and wait for buyers, a small number of properties may be available.
What’s available in your target radius?
While the DMV is a large metro area, certain areas are more built up than others, so whether to build new or buy existing may come down to availability within the area you want to live. Consider what’s realistic for you in terms of daily commutes to things like school, work, and activities alongside your desired lifestyle and home setting to establish your target radius. Then do some research to find whether new construction is truly an option within that area. Many areas will have condos and/or townhomes appearing, even within established neighborhoods, but if you’re looking for a single-family home, this is one consideration that may decide for you.
What’s your budget?
When starting your search for a new home, before you do anything else, set your budget. Know exactly what you can spend and set your number to know your starting point and your ceiling—then don’t go over it.
New construction is generally marketed with a “starting from” price for the neighborhood. It also usually comes with a slight increase in price since your home will be brand new. Keep in mind, that “starting from” price is for the base floorplan with builder-grade finishes, so if you want things like upgraded cabinetry and finishes, the price will quickly climb.
On the other hand, existing construction typically has a greater variety in the price span, along with the opportunity to upgrade and change features over time, rather than putting all of your budget into a new build up front. While new builds ensure every feature and selection is to your choosing, existing construction may better suit a more limited budget, or even come with a larger lot size or features that simply aren’t found in most new construction of today.
