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.