Is it better to buy a new home or existing home
Your guide to choosing between new and pre-owned homes.
Perhaps your home search appeals to an older home that has some character, a big back yard, urban or suburban feel of the community. Maybe your home search appeals to something more modern. When choosing your next home look at factors that are most important to your lifestyle.
Build your dream home with new construction.
Although new home construction might be a large investment up front you most likely will save money in the long run. Energy efficient homes with good insulation, windows, HVAC systems and appliances are features that will help save money on a monthly basis. Visit the local builder with your Realtor. Check on the reputation of the builder. What do other communities look like that were built by the builder, were schedules met to accommodate the buyer, what features are included in the price and what items are optional at additional cost. What amenities are included in the community and if there are Homeowners Association costs what are the restrictions or guidelines, if any.
Get more variety with an existing home.
When looking at an existing home that may have some dated features, you most likely can live with some minor updating. By looking at the bones or framework of the home with your inspector, you will learn the nuances of how to continue to maintain your home. Remember, an existing home may have already had previous inspections so any structural problems or repairs may have already been made to the home. Existing homes are in neighborhoods that are already established. Some amenities such as the commuity pool and playground are within walking distance. You may pick a neighborhood because of a favorite restaurant, shopping center, schools or the commute to work.
What you need to do to make a purchase.
Your first step is to visit with a local lender to see how much home you can afford. Work with a Realtor that independently represents you. Remember, even with a home builder, there should be two representatives, one that represents the seller/builder and one that represents you. Inspections are very important to determine if the home has good framework and all items are functioning properly. The inspector will explain how to maintain your home as well. With a pre-existing home, you may want to update a room or two. Think about what those costs could be and if you can be happy living in a home with renovations.
Any home sales data appearing on this page is obtained from public record sources (or estimates, for non-disclosure states) as provided by OnBoard, LLC and does not comprise an appraisal or a Comparative Market Analysis (CMA). This information should not be used to replace a professional appraisal nor to determine the price of a particular property.