Last week, in our blog post New Construction VS Existing Home Part l, we looked at the pros and cons of buying a new construction home. This week we want to take you through the pros and cons of buying an existing home.

Buying a home is one of the most important financial decisions you will make in your life, so we want to make sure we help you make the right choice. If you're looking to buy a new home in 2017 contact us. We will make sure to listen to all the detailed wants and needs that are important to you so that we can help you find your dream home. 

Here are some of the pros and cons of buying an existing home:

 

Pros

  • Older homes were usually built on larger lots than they are built on now. 
     
  • You will be able to find a home with unique architectural detail. 
     
  • Older homes have more mature landscaping and trees. You can enjoy that beautiful large oak tree that shades your whole lawn. 
     
  • With an older home, you can find unique floor plans. That is not something you can get when building a new home. While you can customize your new home, you are limited to certain designs that the builder has for you. 
     
  • Older homes have settled over time so you will know if there are any signs of foundation issues. 
     
  • In established neighborhoods, you don't have to suffer through the sounds and mess of construction in a new community that's still being built. 
     
  • Faster closing. With an existing home, you can usually close in about 30-45 days, instead of waiting for 9 months to over a year for your home to be built. 
  • Friends, family and UPS drivers will find you easily as your address will certainly show up car navigation or smart phone apps. Newer neighborhoods can take time to be updated into navigation making it harder for people to find you. 

 

Cons

  • With an older home, you may not find an open floor plan due to the styles of floor plans in the past. 
     
  • Unless the previous owner upgraded the appliances, you could end up immediately having to pay for repairs or replacing your appliances. 
     
  • You won't get to choose your floor plan or add the custom countertops or cabinets you want to have. 
  • In older neighborhoods, sometimes it can be more difficult to meet and get to know your neighbors since they have already been there for some time. Whereas in a newer home, everyone is new within the community and sometimes more eager to meet each other.