Should you Buy A New Home Or Existing Home?
Image taken by Diana Walton
This post does not address if you are building a custom home. This post is for first time home buyers that are thinking of buying their first brand new spec home. I was working with a client from California last week. He was visiting for no more than two days and want to see only homes that were built in the 1950.
His reason was, the rooms are bigger, the flooring would most likely be covered with real wood, and the land size would be far bigger than that of a brand new home offered today. We looked at a few. Most were listed as priced to sell. No repair.
While this is not always the case, buying a brand new home does have its benefits. But so does buying an existing home. In the end, it will comes down to what your housing needs are as well as your likes and dislikes. All we can do is presents the facts. That said, here are a few things to take into consideration as you make your decision.
The Case for New Homes
Everything inside the home is brand new.
The home, once construction is complete, will be move in ready.
Everything is in pristine condition.
You are the very first person to live there and use the appliances.
While not all builders offer this option, some does. So, you may be able to have some aspect of your home customized during construction. This customization would be limited to let’s say, elevation, flooring, cabinets, room additions, and granite counter top selection, just to name a few. But not the entire house.
New homes are energy efficient, this could mean keeping some of your money, instead of spending it on energy bill.
Brand new homes provides piece of mind, because there will be no immediate expenditure to fix anything.
You will likely receive buyer incentives such special low interest rate, closing cost help and title policy paid.
You will need to deal with the new house smell.
New homes can be cheaper than existing homes.
Lower maintenance because everything is brand new.
Builder warranties are usually a part of the package with brand new homes. These warranties can protect components of your new home well into the future.
Master planned communities offers lifestyle living that includes parks, pools, café, movie nights, and schools are typically a bit closer, if not a part of the community itself.
If you like things like mature landscaping, you are less likely to find that in a community with all new homes.
Your drive time may also be a bit longer depending on where you buy your brand new home
The Case for Existing Homes
Existing homes maybe move in ready or not. If you are buying an existing home, you may need to do a few things before moving into it.
If you would like to own a home within an established neighborhood, then an existing home will be your best choice. These neighborhood, have long time homeowners and mature trees.
Depending on where you choose to buy. Existing homes maybe a bit cheaper than brand new homes.
Some existing homes, depending on when they were build, will offer have bigger bedrooms, cabinets are usually real wood and the lot sizes are usually bigger than what’s being offered with brand new home.
You may have more location options with existing homes.
Brand new homes often tends to lack the architectural details of older homes
Existing homes will most likely have outdated floor plan unless the home was remodeled.
A lack of technology, like smart anything, maybe be missing from existing homes, unless they have been remodeled.
You may find wall paper in the kitchen and bathroom. I went into one last week and a dressing table was just outside the bathroom. The bathroom had a sliding door. Not that there’s anything wrong with that.
Maybe poorly insulated and lacks anything that resemble energy efficient. Unless, of course, these things were updated.
Plumbing can be a costly expense. If the existing home you plan to buy, have lead pipes. That will be an issue.
Heating systems, older appliances, and a new roof will all be very costly expenses you will need to take in consideration and plan for.
And don’t forget about updated building codes, since construction standards change over time. This may mean some older homes are not up to code.
The age of a house is just a number. That’s all. While a home serves as a gathering space for family, friends and pets, it’s also a financial investment. As a real estate Broker, I hear it all the times. “they don’t make thing like they used to.” This may be true, however, when it comes to deciding on buying a brand new or existing home, regardless of the pros and the cons, only you can decide if you want vintage or a modern home.
If you want to buy an existing home, I would suggest you work with your agent to choose one with good bones and renovate it. Or you can hire someone to renovate it for you. All of the above mention, are variables you may need to consider. If you are willing, and have the resources to invest, along with time and energy to maintain an existing home, by all means, follow your heart.
However, if you desire the modern conveniences that comes with living in, for example, a master planned community, you may be better off choosing a brand new home. New or existing, it is your call. We are happy to provide the information necessary to help you make the most informed real estate decisions. As always, we thank you so much for stopping by. Until next time…Diana
