When you’re looking for a new place to call home, you usually have an ideal in your mind. The idea of the perfect home is extremely subjective. An older home full of charm may be perfect for one person while a brand new condo may be perfect for another person. One size definitely does not fit all when it comes to home buying. While you may have your mind made up, it’s still a good idea to be informed about all your purchasing options and their pros and cons.
- Older homes tend to have more character and individual looks than the newer cookie-cutter mass produced homes.
- Existing homes are more readily available than new construction.
- Buyers are better able to negotiate the price on existing homes.
- With an existing home, the neighborhood is already established so you are aware of traffic, location of shopping and schools, etc.
- Existing homes will likely require more maintenance and possibly be less energy efficient.
- Floor plans are difficult to change.
- Decor and appliances may be dated.
- Everything is brand new!
- New construction allows you to choose or design a floor plan that suits your needs and wants.
- All appliances and utility systems meet the latest standards of energy efficiency.
- New construction comes with a builder’s warranty.
- Unless you hire an independent builder and purchase land outside a planned community, new construction homes will be limited in their variety.
- Construction takes time, anywhere from 3-6 months.
- Many new planned communities have homeowner associations.
- Builders are less willing to negotiate price breaks with buyers.
Just like your ideal home style, buying a new construction or existing home will come down to personal style, needs, wants, and time.