The prices can vary dramatically and while you may prioritize having a brand-new home over a lived-in property, it's important to consider the financial differences between the two.
New Construction Upgrades
When you visit a model home in a community like Fairfax City, Centreville, Reston, Mount Vernon or McLean, it can be easy to feel attached to all of the modern features. However, each of those upgrades comes with a price tag and it can be a hefty one at that. When you realize how much everything you want in the home will cost, older homes start to become more appealing.
More available, less expensive
Older homes in Northern Virginia are typically less expensive than new construction and more readily available in the real estate market than newer homes. Sales of newly-built homes have been hovering around historically low levels.
Troublesome Financing
Newer homes can come with larger price tags and because of this, can be harder to finance. With stricter lending requirements, homebuyers are forced to comply with traditional guidelines of down payments and debt to income ratios. If your home will be using more than 30% of your household gross income to cover living expenses (mortgage, taxes, insurance), lenders may not see that as a sound purchase.
Commute Cost and Time
Oftentimes, new construction homes are built where land is less expensive, which can mean outside of town. While living in the suburbs of DC can cost you more in terms of commute time, it is worth a look with your real estate agent to see which older homes are closer to than new construction developments.
As your local real estate agent, I can help you determine which style of home and location are best for you and your needs. Contact me today to discuss!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.
Earle Whitmore
Long & Foster Real Estate, Inc.
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