New Construction or Existing Homes?
When buying a home, you have two basic choices – buy one that someone else has lived in or buy new construction. In some parts of the U.S., there are far more existing homes than new construction like the Northeast. Most of us like new stuff but that might not always be the best decision with home buying. To help you make a more informed decision, here are some likely advantages and disadvantages for each.
|New Construction||Existing Home|
|Initial purchase price
New construction is usually higher priced.
|Lot size New construction is often planned neighborhoods with smaller lot sizes.||Better|
|No updates or renovations needed||Better|
|Generally lower maintenance costs||Better|
|High competition with neighbors and new builds if you need to resale||Better|
|Lead-based paint concern for houses before 1978||Better|
|Asbestos insulation or construction materials||Better|
|Up to modern building codes||Better|
|Proximity to downtown
Most new construction is further away where land was available.
It’s a tie!? Not really, since some items like proximity to amenities may outrank other wishes. Ultimately, that indescribable feeling or x-factor will reassure you that you found the right home, neighborhood, and town.