26 May Do Consumers Prefer New Homes to Existing?

Builder Online says yes, naming larger closets, open floor plans, and roomy kitchen islands seen as big draws.

Ironically, according to a new survey from Trulia, twice as many American consumers prefer a newly built home but are reluctant to pay extra for new.

Forty-one percent of respondents said they prefer to buy a new home over a previously lived in one, and of those only 46% were willing to pay the 20% premium that new homes typically require.

Trulia’s survey explored consumer preferences for each type of home. The reasons that came out on top were modern features such as bigger closets, a kitchen island, open floor plan, walls pre-wired for flat screen TVs, radiant floor heating, to be able to customize the home before construction is completed, and to spend less on maintenance and repairs.

Regarding existing homes, respondents said price was the strongest driving factor, though some named one-of-a-kind finishes and living in a more established neighborhood as supporting reasons.

What do you think consumers prefer most in your area and why? Share by commenting below!