Should You Buy a New Construction or Preexisting Home?

After you’ve decided to move, then there is the decision of whether you want to buy a new construction home or preexisting home. There are advantages and disadvantages to both, and it really comes down to what is best for you and your situation. In the first video of our new construction series, Mark and Kevin discuss why you might want one over the other. Below, are some other reasons why you might want to buy a new construction home or preexisting home.

Let’s start with new construction homes. What are some advantages to buying a new construction home?

  1. Customization: When buying a new construction home, you often have the opportunity to customize certain features, finishes, and layouts according to your preferences. This allows you to create a living space that suits your style and needs.
  2. Modern Amenities and Features: New construction homes are typically built with modern amenities and features. These might include energy-efficient appliances, advanced heating and cooling systems, smart home technology, and up-to-date wiring for internet and entertainment systems.
  3. Energy Efficiency: New homes are built with the latest energy-efficient materials and technologies, which can lead to lower utility bills and a smaller environmental footprint. This includes better insulation, energy-efficient windows, LED lighting, and more efficient HVAC systems.
  4. Reduced Maintenance: Since everything in a new construction home is brand new, you’re less likely to encounter immediate maintenance issues. This can save you time, money, and hassle in the early years of homeownership.
  5. Warranty Coverage: New construction homes often come with warranties that cover various aspects of the home for a specified period. This can provide peace of mind knowing that you have recourse if any issues arise shortly after moving in.
  6. Modern Design and Layout: New construction homes tend to feature contemporary designs and layouts that reflect current architectural trends. Open floor plans, ample storage spaces, and efficient use of space are often prioritized in new builds.
  7. Safety and Building Codes: New construction homes are built to the latest building codes and safety standards. This means you’re less likely to encounter structural or safety issues compared to older homes.
  8. Community Amenities: In many cases, new construction homes are part of planned communities that offer additional amenities such as parks, walking trails, swimming pools, fitness centers, and more, enhancing your overall living experience.
  9. Resale Value: Over time, new construction homes can retain their value well, especially if they’re located in desirable neighborhoods and are well-maintained.

What about preexisting homes? Here are some of the advantages of buying a preexisting home:

  1. Established Neighborhoods: Preexisting homes are often located in well-established neighborhoods with mature trees, landscaping, and a sense of community. This can provide a more settled and inviting atmosphere.
  2. Character and Charm: Older homes often come with unique architectural features, historical details, and a sense of character that can be appealing to buyers who appreciate traditional aesthetics.
  3. Lower Initial Cost: In many cases, preexisting homes are more affordable upfront compared to new construction homes. This can be especially advantageous for buyers on a tighter budget.
  4. Negotiation Room: Sellers of preexisting homes may be more open to negotiation on price, closing costs, or other terms, providing potential opportunities for buyers to secure a better deal.
  5. Immediate Availability: With preexisting homes, you don’t have to wait for construction to be completed. You can move in as soon as the transaction is finalized, which can be particularly beneficial if you need to relocate quickly.
  6. Established Landscaping: Older homes often come with mature landscaping and trees that can enhance the aesthetics of the property and provide natural shade.
  7. Proven Property Value: Existing homes have a history of property value that can help you gauge how the property’s value has changed over time and make informed decisions about its potential resale value.
  8. Established Infrastructure: Preexisting homes are already connected to local utilities, services, and infrastructure, so you won’t have to deal with any potential delays or issues related to utility hookups.
  9. Lower Property Taxes: In some cases, preexisting homes may have lower property tax rates compared to newer homes, which could lead to ongoing cost savings.
  10. Immediate Community Access: You can join an existing neighborhood community right away, potentially benefiting from established social networks and local amenities.
  11. No Construction Noise or Delays: Unlike with new construction homes, you won’t have to deal with ongoing construction noise, dust, and disruptions in the neighborhood.
  12. Preservation of History: By purchasing a preexisting home, you may be contributing to the preservation of historical and architectural heritage within the community.

Ultimately, the decision between buying a new construction home or a preexisting home depends on your personal preferences, budget, timeline, and the specific features and benefits that matter most to you. Part of the home buying process with us is making a plan and talking through what you want in your next home! Most times we will recommend keeping your mind open when looking for a home if you’re deciding between a new construction home or a preexisting home. You may have settled on a new construction home, but a few weeks later a preexisting home with everything on your list could pop up. Mark and Kevin discuss this more in the rest of the videos of our new construction series.   Our team are experts in helping you find a your perfect home whether it is a new construction or preexisting home. Contact us to get started on your home buying journey!