There are many advantages to both new and existing homes. Which one you purchase depends on your preferences.
When it comes to buying a house, new can be very nice. But existing homes have many benefits as well. You should consider all of the benefits to each type of home before you make your decision.
Why buy an existing home?
When you buy an existing home, you are usually able to buy a larger home for your money. New construction is usually priced by the square foot, a more expensive way of determining value. Construction costs are greater today than they were 10 years ago. When you purchase an existing home, the square feet are not calculated based on today’s square footage parameters. The cost is based on the age, style and location of the home.
You are often able to find better quality of appliances and features in an existing home. Most new homes contain “Builder’s Grade” features. These are not the top of the line appliances and components. An older home has probably been modified and remodeled since it was built. Homeowners often upgrade their appliances and carpeting as they can afford to do so.
With an existing home, you are getting an established neighborhood. You know who the neighbors are before you move in. If you are moving into a new construction neighborhood, you don’t know what mix of people will move into the surrounding homes. This can affect the quality of the neighborhood and the housing values in the future.
Advantages of buying new
The first decade of a house’s life is its formative years. This is the time when the most price appreciation occurs. The new home has a lot of appeal. It needs little maintenance, doesn’t require immediate remodeling or upgrades and is an economical choice if you don’t have a lot of money for upkeep right now.
New homes usually come with warranties that cover many of the components of the home. For the first two years, the warranty can cover almost everything from appliances to carpeting and the heating and air systems. The first ten years will cover the structure itself from erosion, shifting and foundation problems. Warranties can save you a lot of money on home repairs.
Many homeowners take great pride at being the first to own a home. They can add options to the floor plan and create the home of their dreams. There are no hidden problems or dishonest sellers to worry about. When a new neighborhood is filled with new owners, a rapport can be built that is not found in established neighborhoods.
Buying a home, whether new or slightly used, is a very emotional decision. Look at all of your options when looking at homes to purchase. You may find that you like the appeal of an existing home’s charm or the starkness of a new home. The decision is ultimately yours to make. Whether new or used, owning a home is a truly rewarding experience.
Russell J. Montjoy
Exit Deluxe reality
4600 N Park Ave.
Chevy Chase, Md. 20815