New and Existing Homes Both Have Their Pros, Cons

When you are looking for a home, you have a couple of choices. You can buy and existing home that is already built or you can look at buying a brand new home. There are pros and cons to each choice, and you should examine them to make sure the choice you are making is the right one for you.

One of the big advantages of buying an existing home is price. In most communities, already built homes are cheaper than newer homes of the same size. That can be a big factor if you are on a budget and only have a certain amount of money to spend on a home.

Another advantage to buying an existing home is that it is likely to be in an area where there is mature infrastructure. This means all streets are built out and there are likely to be parks, schools and entertainment and shopping nearby. When people buy new homes, even ones that are in planned communities, much of the infrastructure may not yet exist. Such developments may be far from schools, public transit and other things that are common in the built environment.

For the more than 40% of people who would prefer new home over an existing one, there also are some advantages. For one thing, property taxes typically are lower on new homes for the first year or two, because it can take that long for an assessor or register of deeds to put a value on the home that matches the market value.

Another advantage that comes with buying new homes is that everything in the home is new. That means you don’t have to worry about the roof failing or your furnace going out, and even if they do, they will be under warranty for at least the first few years, which means you don’t have to worry about being hit with unexpected costs.

One further advantage of building a new home is the advantage to customize. Even in planned communities with lots of deed restrictions, you still have the ability to customize the inside of your home how you want it. This can include picking the paint colors, carpet, flooring, fixtures and other items. That means no need to do extensive remodeling to transform a house to make it the way you want it.

Whether you want to consider new homes in planned communities or you prefer the charm of an older home in a more established neighborhood, there are plenty of choices for you wherever you live. Because buying a home is a long-term commitment, it’s important to evaluate all your options and make sure you are making the best choice.