When buying a home, you’re faced with numerous decisions. It can get out of hand pretty quickly when you’re thinking about the details that go into making a purchase as significant as real estate. 

The act of buying a home is extremely aspirational. It starts with an idea. Maybe you want to upsize your family into a bigger house. Perhaps you’re looking for the perfect vacation property. You could be looking for the best place to retire, or maybe you want an investment property to help grow your portfolio. 

Regardless of your reasons for buying, you likely felt some inspiration to act and now, you’re thinking about all the things you want and need in your next home. Details like how many bedrooms, location, property type, and architectural style are all probably swimming in your mind. 

For many buyers, one big decision is between buying a brand-new, never-lived-in home vs. an existing property. In this post we’re covering everything you need to know about buying a new build vs. a resale home in Park City. 

What is a Resale Property? 

Essentially, a resale property is an existing home that has already been lived in. A new build would include properties in the pre-construction phase as well as properties that are built but have never been lived in. Resale homes are often sold by the owner while new builds are sold by developers, in most cases.

The Cost of a New Build Vs. Resale 

New construction homes in Park City are typically more expensive than existing resale homes. When we look at the price per square foot, it is generally higher in a new home. This is due to a variety of factors including the higher cost of new building materials, increasing property values, and more. Depending on the age and condition, a resale home is often priced a little more moderately than what we see with new builds. 

Looking for something in Park City or Deer Valley under $2 million? Read these posts next: 

• What Can You Get for Under $2 Million in Park City?
• What Can You Get for Under $2 Million in Deer Valley?

New Homes Come with Warranties 

Although the upfront cost of a new construction home in Park City is often a little higher, one thing buyers can count on is the builder warranty that is included. In most cases, new builds come with a one-year warranty.

New build warranties typically cover manufacturer’s defects with flooring, baseboards, cabinets, trims, fixtures, and more. When buying a new construction home, it’s essential that you understand what is and isn’t covered in the warranty.

An existing home does not come with a general warranty. Although if the home has some upgrades, those may still be under warranty. For example, a new AC unit installed this year might still fall under the manufacturer’s warranty.

Instead, resale home buyers typically rely on home inspections to confirm the condition of the property, and then factor the results of the inspection into negotiations with the seller. However, resale buyers can also procure home warranties from a home warranty company for a relatively low cost. These warranties typically cover things like heating, AC systems, appliances, electrical, plumbing, and more.

There’s an art to negotiating, especially when it comes to luxury vacation property real estate. Read more here.

Where to Find New Homes in Park City 

Another consideration when thinking about buying a new home vs. an existing home is the location of the property. In Park City, the downtown area has been fully developed and built out, meaning the only available “new” builds in this highly sought-after area would be infill housing. 

Most of the new construction projects here are found just outside of Park City. However, depending on your unique needs, this might be exactly what you’re looking for. 

Learn more about Park City’s best neighborhoods with these posts next: 

• Best Park City Neighborhoods for Permanent Relocators
• Within a 10-Minute Drive: Park City’s Best-Kept Secret Neighborhoods
• What are the Best Gated Communities in Park City?

The True Appeal of a Resale Home in Park City 

If you’re looking for a great property in an established neighborhood, a resale home is probably the best choice for you. Existing homes are often located in more established, mature neighborhoods with shady trees, plenty of character, and proximity to Park City amenities. 

New build neighborhoods often require some time to mature. For example, consider the landscaping. New trees do not provide the same ambiance and shade as older foliage, which means you might have to wait a few years before your property feels truly lived in. 

If you’re thinking about buying a home in Park City or Deer Valley, make sure you read our complete FAQ on buying a home. Part 1 is right here, and Part 2 is here! 

What About Ongoing Construction? 

The key to purchasing a new build in Park City is to get in early. In many cases, developments sell out fairly quickly. However, this can be a double-edged sword. Yes, you are securing your spot in a great new development, but you also might need to live through several years of construction in your immediate vicinity as the rest of the development is constructed. With resale homes, this is a non-issue as the community is already complete.

Other Factors to Consider 

If you’re still on the fence about buying a new build vs. an existing resale home in Park City, here are a few more questions you should ask yourself: 

• Does the new development have easy access to transportation? 
• If you’re planning to rent the home out as a vacation rental, is the property located in an area that allows nightly rentals? 
• Are there condo fees associated with the property? What are they and what do they cover? 
• If you are looking at a new construction, do you have the ability to choose your own finishes and details? 
• For a resale home, will the property require any renovations or updates?

So, Which is Right For You? 

At the end of the day, there is no right or wrong answer when it comes to choosing between new builds and resale homes. It all comes down to your unique needs and wants. The best way to figure it out is by working with an experienced, local Park City real estate team. 

By understanding the distinct value of each type of property and how these property types can compliment your lifestyle, you can ensure you make the best choice for you and your family. 

At CMFH, we’ve been helping people buy and sell homes in Park City and Deer Valley for over 30 years. We’re experts at identifying your needs and providing you with a plan to reach your goals, no matter what you’re looking for.

If you have questions about buying or selling a home in Park City, get in touch with us today. Give us a call at 435-647-8035 or email info@cmfhparkcity.com.