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How much more per square foot should I expect to pay for new construction vs. an existing home?

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Fly_Molo

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April 11 - Yakima
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jrea3000

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If they are truly comparable, then the only financial difference is the builders warranty. The builders warranty is usually not transferrable, so you likely will only get it with the new house.

You have to make a call as to whether the premium is worth getting the new smell, the fact that no one has lived there before (I have always built new, just can't accept the idea of living in someone's used house), and the warranty. That warranty can give you lots of peace of mind. But it is like driving a new car off the lot. It's only valuable to you. As soon as you own it, the warranty is worthless to anyone else, and the value goes down.

But personally, I have always and will always buy new. That's just a personal preferance. And like buying a new car versus used, it costs a premium.
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April 13
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Roberto Ribas, "azrob"

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new carpet and paint don't cost that much... i would think long and hard before overpaying for the 'new car.... ooops new home' smell. a couple of years, and your home is now the used home, and compares to the other ones in price.
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April 13
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Laura Gaan Lattin, "lauralattin"

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Hello - There is no simple answer as to what the difference is per square foot for new construction.  Every building and every neighborhood will effect the price.  I would welcome the opportunity to discuss this with you in further detail. What building are you interested in?
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April 13
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Geordy Rostad, "geordy"

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Is the new house in a plat or does it stand alone?  That makes a big difference on the builder's willingness to negotiate the price.
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April 13
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Thanks for all the great answers. Helps to have a little outside perspective. We're comparing 3 homes. One brand new that's been on the market for over 300 days.  All 3 are comparable in terms of location, lot size,&finishes (flooring, counters, etc).  Right now the new home is $112/sq ft. (that with no fence and no fridge).  The older homes are listing for $93/sq ft and $83/sq ft.  I know I might have fewer problems with the new place, but it seems a bit steep.
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April 13
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Geordy Rostad, "geordy"

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All sales are public record so a confidentiality agreement wouldn't do much for them.  The the builders in larger plats usually won't negotiate price because it lowers their price point for everything they sell after that point.  Several of the builders around here even have price protection guarantees where if the prices fall, they'll refund the previous buyers.  We ran into one of those the other day.  The builder would not budge on the price but they offered my client over $26,000 of concessions such as closing costs, interest buy down and upgrades.

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April 13
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NTETS, "Caveat Emptor"

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you ought to expect to pay less if the builder is selling the home directly... they have more wiggle room and better buisness sense
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April 13
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n00bzilla

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Before you consider buying a worn out, maintenance ridden used home (w/cat pee, leaks, and termites), I would highly consider buying new. Unlike the old days when people paid full price, you can get steep, steep discounts from desperate builders (usually requiring confidentiality agreements). Psst...pssst. Don't tell anyone, they can sell for well under a hundred bucks a sq ft. $70-$80 even in "sought after" areas, w/trimmings. Keep it a secrete, else the brady bunch (realtards) will start to moan.

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April 13
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Geordy Rostad, "geordy"

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Interesting about the old being worth more than the new in some cases.  I can't think of that being the case anywhere here in the Seattle area.  It may become the case though with some of these city oridinances.  Example, say you have two 1-acre parcels that are mostly identical.  One of them has a 1980 house and the WHOLE yard is cleared and beautifully landscaped.  The other parcel is vacant and completely treed in.  So you decide to go build on it and the city tells you, "you can clear 40% of the lot but you have to keep it all in one corner and you have to fence off the rest of the land to protect the wildlife"

In this case, with the old home you get something that you simply cannot achieve now even though on paper both homes are on 1-acre parcels.  I appoligize for rambling a bit but I deal with this type of thing every day.
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April 12
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Aliza Dash, "Aliza Dash"

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It depends upon where you live.remember everything in Real Estate is Location, Location, Location. There are places such as Boston and New York where older, well kept homes are more valuable per square foot then new construction. Also remember that there is new construction and new construction. I have seen very well done new homes and condos and then I have seen places where the big Bad Wolf could blow the place down.My advice: buy within your budget and get a good home inspector whether you buy new construction or an existing home.
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April 12
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Geordy Rostad, "geordy"

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There is not really a straight forward answer to that question.  Think about this for instance: in my area many of the older homes are on larger lots anywhere from 7200-12000 sqft.  most of the new construction is on 2500-6000sq ft.  Also, in a new neighborhood, you may have 20 identical houses sitting there for sale.  The builder is competing against himself in a sense so that can drive prices down.  Then there are factors such as an old home that has been remodeled very high quality versus a brand new cheaply built home.
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April 11
 

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