Davidson Realty, Inc.

New Or Pre-Owned Home? Troy Silhan Provides Essential Guidelines When Deciding

September 14, 2016

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Posted by in New Home Construction, News

Increases in new construction throughout Northeast Florida have left home buyers with an important decision: buy new or go with a previously owned home. While it is a personal decision, there are a few guidelines that can help buyers understand the differences in the buying process and avoid issues.

According to Bank of England Production Manager Troy Silhan, the process is essentially the same from pre-approval through closing with a few minor distinctions. Says Troy, “These small differences won’t be an issue as long as you follow a few simple guidelines: determine your priorities early, utilize your Realtor’s expertise, and understand your contract thoroughly.”

Your priorities will determine what type of home best fits your needs. Aside from deciding between a home that might need repairs or renovations (pre-owned) and a turnkey property (new), there are additional considerations. Do you want a specific type of house? Need a home warranty? Is energy efficiency a must? What about neighborhood amenities? These are all factors to determine before deciding on new versus existing.

Also, what is your timeline? “Timelines can play a big role in the process,” says Troy. You may have six extra months to wait for a builder to finish construction, or you may need to move in as soon as possible.

Once your priorities are established, rely on your Realtor’s expertise to utilize your priorities and find the perfect property. Whether you choose new or pre-owned, you and your Realtor should really work as a team.

Troy says to be aware of this when looking at new construction. “When you visit a builder’s model home, the site agent will try to sell you a home. It’s their job. As a buyer, simply mention that you are represented and let your Realtor take care of the process on your behalf,” advises Troy.

Leaning towards new construction? Troy says understanding your contract is vital as it may contain details that can affect costs and timelines. As Troy says, “Many builders have preferred lenders as well as provide incentives—upgrades and money towards closing— that can easily sway the costs.”

He says to also consider the contract’s terms concerning reimbursement should you not qualify. These can differ between new and pre-owned homes.

Regardless of the type of home you choose, Troy suggests the same due diligence. “You should still do a home inspection. Still do a walkthrough. Take the same precautionary steps no matter the home you choose.”

Want to learn more about starting the loan process for a new or previously owned home? Contact Troy Silhan at (904) 217-9489 or tsilhan@boemortgage.com.

 

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