New Build vs. Existing Home: The Pros, Cons, and Everything in Between
Are you in the market for a house?
If yes, you’re certainly excited about the prospect of homeownership. Considering that about 65 percent of Americans are homeowners, you’re no doubt eager to join this club. Plus, homeownership comes with plenty of benefits, including the freedom to customize your property whichever way you like.
The Pros and Cons of Buying a New Construction Home
A new construction home is what it sounds like: a home that’s brand new. No one has ever lived in it.
The advantages of buying a new construction home are obvious. You’re getting a home that’s never been used. As such, its structural integrity is impeccable. Don’t expect to find problems with its foundation, walls, or roofs, unless it was poorly constructed.
There’s also that irreplaceable feeling of moving into a house that no one else has occupied. It’s a beautiful feeling. It almost feels like buying a brand-new car, knowing no one else has ever stepped on that gas pedal or shifted the gear. In fact, you’re even more likely to purchase a new construction home without seeing it.
Are there any cons of buying a new construction home?
Well, everything that has pros has cons. As much as new construction homes are almost faultless, there’s a chance the one you want to buy was poorly built. In this case, you could end up buying a house with problems but, lucky for you, a home inspector can easily catch such problems.
The Pros and Cons of Buying an Existing house
An existing house is what it sounds like: it has had occupants in the past.
When you buy an existing house, you’re most likely to spend less money than you would have spent on a new construction house. Because such a house has been lived in before, it’s now a victim of wear and tear. You’re likely to find faults here and there, depending on how long it’s been in use.
On the brighter side, there’s a good chance an existing house has better curb appeal, especially when compared to a new construction home. It takes years for a front or backyard to develop, which means an existing home is more likely to have a better yard.
Another downside to buying an existing home is you’ll likely need to get the property’s inspection report. This costs money, meaning you’ll needless spend more money than necessary to purchase the home.
Buying a New Construction Home vs Existing Property: Which Way to Go?
Buying a new construction home vs existing property is an interesting position to be in. On the one hand, there’s the charm of a new house. On the other hand, there’s the tried-and-tested beauty of an existing home. Which way should you go?
In truth, it depends on a number of factors. Newly built houses typically cost more money, so your financial situation matters, as does your personal preferences.
Either way, you’re in a better position to make an informed decision.