subject: Is A New Home Or An Existing Home Right For You [print this page] When purchasing a home you have two choices, a new house and an existing house. Both have their own pros and cons. Here are a few points about each of these alternatives you should think about before submitting a purchase offer.
New Constructed Homes
One of the most attractive features of Newly built houses is that they generally have much more stringent quality control standards, construction techniques, and energy efficiency ratings than those found in many older houses. Most builders and developers will provide a home warranty of at least one year and good financing rates and incentives to purchase. These homes are usually easy to buy but may be hard to resell until the subdivision is established and no more new homes are being built by the builder.
The purchase price is often higher than you will find for an older home with comparable square footage. New homes usually require very little up-front money, and many builders will give thousands of dollars of upgrades and incentives to purchase. If the new home is located in a new subdivision that is not established, there will likely be very few shade trees like you would find in an older neighborhood.
Existing Homes
Existing or often called older homes are generally purchased from other homeowners who are trying to sell. These houses have been lived in by either the homeowner or a renter. These homes may or may not have better construction methods which make having the home inspected very important. The homes utility bills can shed some light on how efficient the home is. You can obtain any renovation history from the current homeowners. Some people like the character that they say older homes have compared to older homes.
Existing homes are mainly located in neighborhoods where there are established school systems and neighbors who look out for one another. The yards have tall trees which provide plenty of shade and help to create that at home feeling. They often are much easier to resell soon after you buy one as the demand for homes in the neighborhood are high.
By evaluating your families needs you'll have a better shot at determining where to focus your efforts when buying a home. Only after doing so will you be able to determine if a new home or an older home is right for you.
