Should I buy an existing home or new construction?

Buying-House

Purchasing a home is a major life investment and you should weigh all options before you start your search. For starters, did you know that new construction homes cost on average 20% more at the time of purchase due to the current price of supplies? That price difference is easily your first downpayment. But maybe you never liked hand-me-downs and instead want that new house smell. Is… Is that a thing?

Below, we put together some factors to consider in your search for the perfect home.

 

Personalization

If you choose the route of a new construction home, you can work with the contractor and help in the decision-making process for the type and color countertops, floors, paint, and finishings. Compared to an existing home that you will have to hire somebody for the work or attempt to pull off one of those DIY Pinterest projects — and we’ve all seen how “easy” those can be.

 

Landscaping

In new construction homes, you must first buy the empty lot then the cost of the build. The majority of existing homes have established trees and front and back gardens to add to the outside appeal of the house. Think about it as a buy now or later feature. Everyone wants that number 1 yard of the month eventually.

 

Smart And Efficient

Buying new means buying better energy-efficient appliances and building supplies — which translates into lower utility bills. With modern insulation and windows, your new home will keep you cooler in the summer and warmer in the winter than older homes. Hey Alexa, how much money am I saving?

 

What’s In The Budget

Overall, there are many pros and cons to both styles of homes. An older model will mostly be more budget-friendly now but can be a hassle later when you have to repair, remodel, or replace any features like an AC unit. However, older homes usually have a bigger yard allowing for more backyard activities without the restraints from Home Owner Associations dictating what you can and cannot do.

 

Timing Is Everything

If you are in a bind when it comes to moving out of your current home, you need to consider the time it takes to build a new construction home vs an existing one. For new construction, the average time to build is about 6 months compared to an existing home that is ready to move into after signing.

 

So, do you need new and shiny or are you looking for that charming established house? Both have major pros and cons and factors to consider. Choosing the right lender is just as important as choosing the right home.

There’s no place like home. We can get you there faster.

Get Started Today

Share

Subscribe To Our Newsletter

Sign up for financial articles delivered right to your inbox!

Sign Up
Lady-On-Computer-2