Buying a home is one of the most important decisions people make. Choosing a specific property and location is always tricky and requires attention to many factors. Let us consider some of them.
Real estate in Florida today is available in both the secondary and primary markets. Buy a completed house in Florida or turn your attention to off-plan projects in Florida? Each option has its pros and cons. Making a decision can be challenging. Sometimes you have to read so much different information that at the end of the process, the buyer, particularly the inexperienced one, feels even more confused than at the beginning. Don't worry! It's perfectly normal. And as time goes by, the information will become more evident, and it will be much easier to navigate the real estate market.
This article will review the significant points about buying new or off-plan properties and list the benefits of buying villas or apartments in Florida on the secondary market. The decision is up to the buyer, so only the reader can determine which factors are most important to them and their family.
Here is a list of seven significant differences between old and new housing.
Content:
- New homes are more energy efficient than old homes
- Older homes are more challenging to maintain
- New homes are cheaper to insure
- Older homes are located in more developed areas
- Older homes are cheaper
- New homes can be customized to your needs
- In the old house, you can move in immediately after the purchase
- Conclusion
New homes are more energy efficient than old homes
When buying a new home today, you can find more energy-efficient options than buying properties built in the last century. Everything from new appliances to windows with perfect sound and heat insulation and a new roof with the latest technology can help the owner reduce energy costs. These features provide comfortable living in the purchased area and bring significant savings on heating, air conditioning, and other energy-related services. Thanks to various new programmes, which developers proudly use in building construction, development projects in Florida help to protect the environment and reduce their residents' carbon footprint.
Older homes are more challenging to maintain
Another advantage of a new home is the lower cost of maintenance. Someone who buys a new home will only have a few minor repair tasks. On the contrary, old homeowners often deal with leaking faucets, shutters that need painting, cracked plaster, and more.
New homes are cheaper to insure
In the Sunshine State, most homeowners take out an insurance policy on their properties. Such a policy for a new home is relatively inexpensive. Moreover, when you buy a new home, you can get a warranty, which may cover part of the investment for the first few years (if a home needs minor repairs). Most insurance companies tend to sell insurance policies on older homes at a higher price than new homes. They do so because building codes have become stricter over the years, and materials have become more reliable, so home damage risks have decreased. Insuring a house with wooden load-bearing elements is particularly expensive. Such a policy's price can reach several hundred dollars a month. Therefore, before purchasing a residential property, you should consult an experienced realtor or insurance agent who knows the local market.
Older homes are located in more developed areas
For many families, the development of a neighborhood is essential. Some homebuyers want to know their neighbors, be assured of a friendly environment, nearby kindergartens and schools with a good reputation, and know the area's traffic patterns before committing. When buying a new building, there is often no opportunity to delve into all these nuances. This is particularly the case for the purchase of housing in a developing location where kindergartens, schools, and clinics are still about to begin operating. Spot developments in established neighborhoods are free from such issues.
Off-plan housing buyers often need to remember another critical point. It is the view from the windows. While the work is still in progress in the area, buyers do not know what kind of view from the window of the future apartments awaits them in two or three years. Suppose we are talking about investing in an old villa in an established area like South Miami Beach. It boasts rows of low Art Nouveau villas from the early 20th century. In that case, the buyer can be sure that the beach and the sea view from the window will remain unchanged, and the two palm trees growing outside the window since time immemorial will likely stay there for years to come.
Older homes are cheaper
Generally, secondary market homes in the state are less expensive than newer homes or homes commissioned in the last 5 to 10 years, even if their square footage and style are the same. When buying a cheaper house, the buyer saves twice. First, right on the transaction itself, and second, on property taxes. The latter is charged annually. If you found an old house and are satisfied with the area, price, and quality of construction, it makes sense not to refuse to buy just because the date of construction seems too old.
New homes can be customized to your needs
Another benefit of new construction is the customization capacity. Do you want granite countertops or wood floors in the kitchen, a study, or a media room? All such changes can be made to the plan if you purchase the property during the design phase. Room layout changes require much more money and time if a home exists. In addition, in some cases, you will need the consent of the relevant regulatory authorities to begin redevelopment work.
In the old house, you can move in immediately after the purchase
Finally, time comes into play. And, as we know, time is also money. If you buy an existing home, you can move in within the time frame you agree with the sellers, which often means you can settle in it the very next day after signing the contract.
If you buy off-plan property, you must wait until the house is built and commissioned. If you purchase an apartment in a new building, the first few years can be pretty noisy until the neighbors finally hang all their paintings, arrange the furniture, and nail all the shelves they need.
Conclusion
What homes are worth buying in Florida in 2023?
Home prices in the Sunshine State aren't rising as fast today as they used to, but they still increase in some places. Overall, the market is experiencing a correction in 2023. Experts expect prices to bounce back from their peak, but strong demand for housing will not let them drop much.
Local market participants believe that because of the reduction in supply, home prices in Florida will not fall in 2023, unlike average costs in the US, and at the end of the year, will remain relatively the same as in January - February, increasing by a maximum of 1%. The tranquil market allows investors to choose a property with full attention to all the details.
That said, the best locations in Florida are experiencing a supply shortage, so prices there may exceed the state average.
Whether you buy a newly built home or a secondary real estate, each option has pros and cons, as shown above. Contact us online or by phone for detailed advice on specific cities or development projects in Florida.