One of the biggest questions we get from our clients is "Should I buy an existing home or build a new home?". It is also one of the most important questions but does not have any single answer.
Choosing to buy new construction or an existing home all depends on what you are looking for. Some of the big things to look at when choosing between these two choices are what features are the most important to you. Do you love the older intricate construction details, crown molding, large shade trees in your yard, or do you prefer a modern look with updated appliances and open floor plans?
Let's look at some of the pros and cons of new construction
- You get to customize your home. You may get to choose the finishes in the kitchen and bathroom, color pallet, ect...
- New homes are usually more energy efficient since they have updated appliances and materials.
- You save money on repairs. Most new appliances come with a warranty and are not likely to need to be fixed for several years. The home itself will usually come with a one year buyers warranty as well.
- Being in a new neighborhood means there's a higher chance you will have access to more amenities than you would in an older neighborhood.
- New homes have bigger rooms, closets, and bathrooms.
- Brand new homes can cost up to 20% more than an older home. All the features you choose to include can also quickly raise the cost of the home.
- If you choose to sell a few years down the line you could be competing with the builders to find a buyer. This can drastically affect how quickly your home sells.
- Sometimes you have to wait over a year for the builders to finish your home.
- Many new homes are on smaller lots than existing homes. You may not get a big yard for your kids or pets.
- Depending on how soon you move into the new development you may be staring at construction workers and piles of dirt for the next couple of years.
- New homes lack mature trees and landscaping. If you're looking for a great yard with big shade trees, chances are you will end up waiting years before that little tree out front becomes a beautiful shade tree.
Buying a new construction home could be perfect for you or you could end up regretting it later down the road. While it may not be the "fun" part of buying a home, it is important to sit down and consider what is most important to you. If you would like to sit down and discuss what option may be best for you please give us a call. We would love to help you!
Make sure to come back to the blog next week to check out New Construction VS Existing Home Part ll. In this one we will go over the pros and cons of buying an existing home.