The difference in price between buying an existing home and buying a new home has been getting wider and wider over the last 5 years. Existing homes have an advantage because most of them were built during a time when the cost of land and the cost to build were at a much lower level. New homes over the last 5 years have experienced a sizable price increase and here is why.

1. The cost to acquire the land in the current market and the cost to prepare the land to build a new home is higher than it was just a few years ago.

2. The cost for the building materials package is substantially more expensive today than it was just 4 or 5 years ago. In some cases, getting the exact building products that you want for your new home may take longer to get even if you order them in advance.

3. The cost for labor is higher today and there are fewer people who work in the building trades industry which means the cost to physically build a new home will be higher.

You may be wondering if buying a new home or building a new home is worth it? The answer to this question really depends on where you are at in life and how important is having a new home. We have some clients that do not care either way and we have others that love the idea of having a brand new home that no one has ever lived in and many people like knowing that the roof and mechanicals in the home are brand new and will be worry free for many years to come.

Thanks for watching!

Sam Miller
REMAX Stars Realty
710 South Main Street
Mount Vernon, Ohio 43050
Call 7403977800
http://www.SamMillerSells.com

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