You may be trying to decide whether to buy an existing home or a newly constructed house. Many times, this dilemma is solved simply by viewing a fair number of each. One or the other may “feel right” and you will know which direction to go. If you are still unsure which would be best for you, here are some factors to consider:
3 New Construction Pros:
Everything is New and Fresh – For many new homebuyers, this is the most influential reason they choose new construction. All items, including the structure, have never been used before and come with warranties.
Control over Colors and Materials – In many cases, you will be able to decide the paint colors, cabinet color and material, the carpeting, and even the exterior finish.
Wired for Technology – New construction often incorporates multiple phone lines, security system support, and fiber optics. You can even request speaker wires, “smart technology,” or in-wall wiring for your flat screen television.
3 New Construction Cons:
More Expensive Initially – The price of a new home rarely includes refrigerator, curtains, blinds, fencing, landscaping, sprinkler systems, or the myriad of upgrades frequently demonstrated in the model, including special wiring or technology.
Requires Larger Time-commitment – As the purchaser of a new home, you will spend many, many hours making selections, deciding on upgrades, installing sprinkler systems, completing landscaping, hanging blinds, etc.
Immature Neighborhood – You never know who will move in next door or what their yard care habits are. Shopping and schools are often long commutes. Roads are often congested pending upgrades and widening projects.
3 Existing Home Pros
Frequently a Better Value – You can select a home which has everything you need, including patios or decks, curtains, landscaping, sprinklers, fencing, etc., or you may locate a fixer-upper with lots of equity potential.
More Negotiating Room – Existing homeowners often have equity, giving them flexibility in negotiating. They might even assist you with your closing costs or down payment. You can often negotiate in washer and dryers, furniture, or other extras. Moving schedules aren’t dependent on weather or not crews finish their work on-time.
Mature Neighborhoods - Most people like to be surrounded by mature trees and landscaping. There is peace of mind and security to look around a neighborhood and see what the actual lifestyle is like, who your neighbors are, how good the schools are, and how well-kept the nearby homes are. Existing homes are usually located nearer schools, shopping, parks, and activities.
3 Existing Home Cons
Deferred or Pending maintenance – Roofs, appliances, and mechanical systems may be reaching the end of their lives. There may be undisclosed defects the seller hides from you. However, most buyers purchase a home warranty to minimize these risks.
Slower Appreciation – Existing homes generally rise in price with the overall market while new homes may see bursts of appreciation as yards mature and infrastructure is completed. However, much of the appreciation in new homes is due to the large investments in improvements and landscaping made by new homeowners.
Harder to Meet Exact Requirements - Existing home inventory changes daily and your home search will be restricted by what is available in the market at the very time you are shopping. It is expensive to make modifications to an existing structure where a builder may be able to accommodate your exact needs when building a new home.
Whichever way you decide to go, Denise Martin is able to represent you and your best interests when purchasing a home. Nearly every home builder in Utah works with Denise so you are not restricted to new or used exclusively.