New Construction or Resale?

Happy123
Home Buyer
New Jersey

Is it generally more cost effective to buy a newer (less than 10 years) resale property or to build new? SHould i be looking at foreclosures to get the best deal on a resale in Harford County?

Answers (2)
Tracey Simms
Agent
Harford County, MD

Right now resale homes are extremely affordable many owners are willing to offer closing cost help Many new home builders are offering fabulous incentives if you purchase a new construction home. They are able to offer upgrades or lower financing or closing cost help.

If you are planning on building a home yourself. It can be very rewarding and you will end up with exactly the home you want. I can tell you from experience that the cost of materials labor have skyrocketed. There are also building permits, impact fees, difficulty in obtaining financing and many other hurdles.

As far as finding the best value, it would be difficult for you as a consumer to build a house in todays market for what a comparable resale home would cost.

Harford County does not seem to be as hard hit as other parts of the state in terms of foreclosures. Foreclosures can be difficult in terms of getting a response back from the bank. Many buyers become discourage with the amount of time foreclosures take. You also need to consider the condition of the home when determining if it is a value. If you are getting it $25,000 under market and then you have to put $25,000 in repairs, you haven't really gotten a deal. A good Realtor will be able to guide you through the process and help you make the best choice for you.

If I can be of any assitance in your home search, please give me a call anytime at 443-80-0419.

Wed Apr 15 2009, 07:55
Mansur Hasib -...
Agent
Maryland
FIRST ANSWER

Even though new construction prices have come down significantly, right now the deals in the resale market are much better than new construction. However a proper answer cn be provided with better research. If we knew what you were looking for we would be able to advise better. Why not contact me directly if you wish to chat for a few minutes?

Wed Apr 15 2009, 07:47

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