If you’re shopping for a place to live, you may be wondering “Should I buy a new construction or a pre-existing house?” Use this guide to help you decide which is best for you.
A New Construction or a Pre-Existing House?
While there are pros and cons to each, both offer unique benefits. It may all boil down to personal preference. So, here are some things to keep in mind while you weigh your options.
What is your Budget?
The first question to ask is “what can you afford?” New may be nice, but you will also pay for all that newness. Depending on the property values in the area you are shopping, you may spend upwards of 30% or more for a newly built home.
However, buying pre-existing can also present challenges. While you may save money on the purchase price, all that money might not stay in your pockets in an older home. You could have repair costs, or depending on the age of the house; it may not be energy efficient (more on that next).
How Much Maintenance are You Prepared to Do?
Your decision to buy a new construction or a pre-existing home may come down to maintenance. With an older home, repairs, replacements, and upgrades are inevitable. Some may even be pretty drastic and costly.
If you do choose to pursue and purchase an aging home, it’s especially important to have a thorough home inspection. Not only will it help you in negotiations, but it will give you a more accurate picture of all the problems before signing on the dotted line. We recommend that you fix issues as they arise so that when you’re ready to move the problem areas won’t negatively affect your house value.
Click here to learn more about what to expect from a home inspection.
On the other hand, when you buy a house new, you typically have the peace of mind that it should be worry free for several years. Major appliances, such as water heaters, HVAC system, and roof are brand new and all but ensure that you won’t have any significant out-of-pocket expenses for at least eight to ten years in many cases.
If life with fewer hassles is your goal, then maybe new construction is the right fit for you.
What’s Your Style?
Looks matter when it comes to choosing a home. Both new and older homes have their fans. Here are some questions to ask yourself:
- Do you crave an older, unique home with charm or historical tradition? Do you feel that “they don’t make homes like they used to?” If so, pre-existing will be right up your alley.
- Do you prefer all the modern amenities that new construction homes provide? Does the ability to choose some of the final details in the building process excite you? Then, maybe you want to build in a developing neighborhood.
Or, get the best of both worlds; buy a pre-existing home and renovate!
Invest in Your Future
Property ownership is an excellent investment whether you choose to buy new construction or a pre-existing house. Taylor Team can guide you through the process of how to buy a home that’s perfect for you. As your Real Estate Agency, we have you covered.
Contact us at (479) 668-4545 to find your home.