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Apr 14

Should I Buy A New Home Or A Used One? The Pros And Cons Of Each

Should I buy a new home or a used one? This is an age old question that is asked by most home buyers at some point in time. The hard part is – there are no right or wrong answers.  The best way to determine which route is best for you and your family is to make a list of pros and cons for each scenario.  Below is a list of each that will help get you started.

Pros of purchasing a new home:

  • A new home usually has a warranty.
  • A new home has never been lived in by anyone else.
  • You can completely customize a new home to fit your unique taste and lifestyle.
  • In a new home everything is brand new.
  • A new home will have more modern features.

Cons of purchasing a new home:

  • The landscaping may be non-existent or minimal.  Many times the sod is not included.  Generally the builder can install the sod for you; however, it may be an additional cost.
  • The more upgrades you decide to add to the home will raise the final price of the home.
  • Usually the window coverings are not included.

Pros of purchasing an existing home:

  • Many people prefer living in an existing neighborhood.
  • An existing home generally has mature trees and landscaping.
  • Most times the window coverings are already in place.
  • The upgrades in an existing home have been paid for by a previous owner.
  • If there were any builder defects, they have, in most cases, already been discovered and handled under the warranty.
  • An existing home has a history so you will be able to see how much the property has appreciated over time.  However, this doesn’t guarantee future marketplace performance.
  • Generally, an existing home is less expensive to buy than a new home.
  • Existing homes usually have lower taxes and since an existing home doesn’t appreciate as fast as a new home, you will, in most cases, pay lower taxes.
  • With an existing home, you will, in many cases, be able to get a larger home for less money.

Cons of purchasing an existing home:

  • You will not have the new home warranty.
  • Generally, an existing home could require more maintenance.
  • An existing home could potentially have termite issues.
  • The neighborhood could decline more quickly than a new neighborhood.
  • You might have to give up some of the more modern amenities that a new home might offer.

Whether to buy a new home or an existing home can be a difficult decision. But it doesn’t have to be.  If you would like more information about buying a new or existing home please contact us.  Trumark Homes specializes in helping homeowners through the entire buying and selling process.