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Going Up?

A May, 2014 survey from Trulia shows 41% of Americans would prefer a new home (38% have no preference and 21% would prefer an existing home).  Trulia's research also pointed out new home prices were about 20% higher than resale homes with similar attributes (square footage, bedrooms, bathrooms, etc.) and in the same zip code.

 

Among people who preferred new construction, less than half (46%) were willing to pay the 20% price premium for a new home.  To bring new home prices more in line with existing homes, a growing trend is to finish off a third floor bonus room rather than just leaving that space as an unfinished attic.  Because there is already a roof over and foundation under, finishing off such space is much less expensive than expanding the main and second floors, helping bring the cost per square foot of new homes more in line with nearby resale homes.


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