📊 Buying New Construction vs. Resale: True Cost Comparison

Ocala is still one of the most affordable cities in Florida, but it is no longer cheap. I constantly get asked if it is better to buy new construction or a resale home. This calculator synthesizes local housing and living costs to help you see your true monthly expenses based on your family size and home preference.

As Tammy Broxson points out, the average single family home is running about $315,000 to $345,000. If you are looking at new construction, you are going to start in the low to mid $300,000s. Your down payment dictates your baseline mortgage before taxes and insurance.

Resale homes might look less expensive upfront and give you a larger lot, but an older roof means higher insurance premiums and maintenance costs. As Tammy Broxson notes, many homeowners expect to pay between $2,000 to $3,000 for insurance coverage for a modest single family home.

New construction often comes with lower insurance and closing cost incentives, but you will likely pay an HOA or CDD fee. Property taxes in Ocala range between 0.8% to 1.2% of the assessed value. Something to consider is that that cheaper home may end up actually costing you more when you factor in insurance cost and maintenance cost.

Because Ocala is very car dependent with spread out commutes, you must factor in your auto loans, gas, and maintenance. Utilities average $220 to $300/month. For most families of four, they are going to spend about $800 to $950/month, but that depends on where you shop.

The smartest move is not asking if you can afford the house. As Tammy Broxson puts it, the real question is whether you can comfortably afford this house and the lifestyle that you want to maintain. Build a budget that leaves plenty of breathing room for your desired lifestyle.

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