When it comes time to buy a home, there are a lot of decisions to make for an individual or family. You need to think about the size of home you want, which neighborhood or city you want to live in, the style of home, and which kinds of features and amenities that you want access to.
But one of the biggest is to decide whether you want to be purchasing a new construction property or an existing one. Your city of choice likely has both, and it can be hard to decide between the brand new home that was just built last year or the one that has stood the test of time for decades. It is a difficult choice, and there is a lot to think about.
With that in mind, this article is going to go over some things to consider when deciding whether to buy a new construction home or an existing one.
Consider the Cost
One of the first major considerations to make when thinking about whether to get a new or existing home is the cost. In many cases, a new home will often be more expensive than an existing home that was built decades ago.
So if you are on a tight budget, an older home might be the choice. This isn’t to say that you can’t find affordable new builds, just that they are generally few and far between when compared
Of course, other aspects of the home can impact the price such as how large it is, which neighborhood/city it has, and even the features within the home. So a large older home in a desirable area will almost always be more expensive than a smaller new build somewhere else.
Consider the Build Quality
The build quality of the home is something else you need to consider. Everyone wants a structurally sound home with a solid foundation that was built with quality materials and done well. Poor build quality can make being a homeowner an awful (and expensive) experience.
However, don’t necessarily assume that new builds are always more sound in terms of their construction. There are also some problems in newly built homes that you need to be aware of and look out for. Some certainly are built incredibly well, but some builders are all about getting homes built and sold as quickly as possible, and in some cases, they do this at the expense of quality. On the other hand, some homes that might be 50+ years old were built with incredibly sturdy and strong materials, and are still holding up well.
Each new and existing home is different, so make sure to inspect each one with a lot of detail to get the full story of how well it was built and its current state of it.
How Much Do You Value Efficiency?
Another consideration is how much do you value efficiency in the home? There are many benefits of energy-efficient homes and buildings that range from them being better for the environment, to them costing you a lot less.
In general, new homes will be much more efficient than older existing homes. They will have efficient windows, more modern appliances with a greater focus on efficiency, and HVAC systems that use less energy and power, among many other things.
If you want an efficient home that will often cost you less month over month, a newer build might be right for you. However, also keep in mind that many older homes can be made more efficient. So if the older existing home is priced much lower than the new one, you may be able to pay for efficiency improvements and still come out ahead.
However, the costs for these projects can quickly add up, so always take your time and do the research to ensure you end up only spending what you can afford.
We hope that this guide has been able to help you decide whether to buy an existing home or a new construction house.