What to Consider When Buying New Construction vs. Existing Homes

Buying a new home vs. existing home like most things in life is subjective. There are so many factors to consider when purchasing a home. One of those is the decision on whether to build a new home or to purchase an already existing home. The decision comes down to the buyer’s lifestyle and what is most important to them. We thought we would give some guidance on this decision by breaking down the items to consider when making this exciting but big decision.

New Construction:

–  It’s brand new! You are the first to own the home so you do not have to do repairs or change the previous owner’s personal décor or remodeling choices

–  When building a new home you are able to customize certain features, colors, layouts, design, etc.

–  New appliances, new plumbing, electrical, and HVAC system are more energy efficient

–  Builders warranty for the first year

–  Timing- most new homes can usually take up to 6 months to build meaning you don’t have to feel rushed and can plan the time of year you want to move in

Existing Home:

– Established neighborhood can help increase property value

–  Matured trees and landscaping- not only does this make the neighborhood look beautiful but it also helps with privacy from neighbors

–  Structurally most homes settle by 10 years which means your home has already done most if not all of the settling it will do

–  More affordable options for many buyers and prices can be negotiable depending on the market

–  Many additional features have already been added

–  Charming and unique older homes

–  Purchase an existing home with more square footage for the same price as a new home with less

 

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