Buying New or Old: Understanding Your Home Buying Options

In the grand scheme of life, few things are as exciting as purchasing a home. The challenge is deciding on new home construction or the purchase of an existing home. There is a charm that comes with an existing home, but some of the charms can be reimagined and included into a new home — albeit more expensively. When considering your purchase options, it is wise to weigh the pros and cons of each type of house.

Costs

People often job to the price of the home. As a result, new homes are generally more expensive than an existing home of similar square footage. However, the reason for the apparent discrepancy is the unknowns in the existing home. 

Anytime you purchase an existing property, you are taking on a risk that something is not working or damaged. While a home inspection will often pinpoint the most significant issues, it will not recognize every problem.

Customization

While a new and existing home can both be customized to your liking, new home construction allows more freedom in the process. For example, with an existing home, you are often confined to the existing structure and footprint, but with a new build, you work with a team to design everything, including the footprint.

Timeframe

You do get the luxury of moving in quickly when you purchase an existing home, typically within 30 days. However, the quick move-in does not account for any renovations you might need to do to make the house your home. A new build, alternatively, allows you to move into a complete home and to your specifications. The one drawback is the build can take upwards of six months, depending on the size and complexity.

Whether you want new or existing, your journey to a home is something to be cherished. New home construction provides many benefits, but ultimately the decision is yours to make.