Know this: you’re not alone in the event you are finding it difficult to choose between a new home and an existing one. In fact, nearly every first time homebuyer goes through this dilemma. So what’s the solution?
Pros and cons of new home construction
Whether you’re a first time homebuyer or someone who’s buying a house for the hundredth time, you need to decide whether you want a new home or an existing one. Let’s start with new home construction.
Pros of new home construction
There are many benefits of buying a new home. Following are some of them:
- Opportunity to create a layout based on your liking and preferences
- Greater ability to personalize the home
- Easier and less costly, initially, to maintain than an existing/old home as there are often warranties
- Built according to current safety and building codes
- Modern amenities
- Generally, more storage space than an existing home
- Wired for today’s security and technology
- Safer and more durable new building materials
- Healthy environment and smart technology
There you have it—the pros of new home construction. Now, it’s time to look at its cons.
Cons of a new home
Just like the benefits, there are many cons of buying a new home. What are these cons? Let’s take a look:
- An interim move may be necessary if the new home will not be ready when you need it to be
- New homes may be more costly than a similarly-sized existing home
- In case the area has few inhabitants, you may be charged higher taxes for provision of services
- Usually, newly constructed homes are prone to poor soil conditions, drainage problems, etc.
- New homes often mean there is ongoing construction nearby
- Usually, new homes are present on the outskirts of a city or a town. This can make commuting difficult and expensive
With the pros and cons of a new home done, it’s time to look at the pros and cons of an existing home.
Pros and cons of an existing home
Pros of an existing home
Following are the benefits of buying an existing home:
- Likely less expensive
- Established neighborhoods and school districts
- Ability to move in right away
- Often have more character
- They don’t make them like they used to
- Many new homes come with HOA’s
With pros done, let’s take a look at the cons of an existing home purchase:
Cons of an existing home
- Could have unseen, age-related maintenance issues
- Harder to find the “perfect” home
- Could take longer to really make it “yours”
- May have more limited amenities both in the home and the neighborhood
- May not be wired for today’s tech
There you have it—some of the pros and cons of new and existing home.