Which is better - Building new or Buying an existing home?
Buying a new home is an exciting event. This is an investment in the future and can be a great way to get into neighbourhoods that may not have been affordable when buying a home in the past. However, sometimes it makes more sense to buy an existing property.
Let’s compares these two approaches to buying property so that you can make an informed decision as to which one is the right for your situation.
It's possible to love a new build and an existing home equally.
The reason you can consider both options is that some people like the novelty of a new home, while others feel more comfortable being able to decorate in their own style.
If you're looking for something specific, for example, if you're looking for a specific floor plan or number of bedrooms, it might be easier to find exactly what you're looking for in an older property. However, if you want something that feels completely brand-new—from the fixtures down to the floorboards—then buying new might be your best bet.
When buying land to build a new home, you evidently won't be able to see the finished product up front.
When you buy land to build a new home, you'll obviously have to wait until the home is completed before you can see the finished product.
On the other hand, buying an existing house gives you a chance to preview what it's like inside and out before signing on the dotted line.
Here are some of the advantages for buying a new construction home.
You can design your home to your own specifications.
New homes are more energy efficient.
New construction is more environmentally friendly.
New homes are often easier to sell in the future.
New homes are often more affordable than existing homes of similar size and quality. In some cases, you may even be able to negotiate a lower price tag if you're buying an empty lot with no existing home on it!
A new home usually comes with more amenities (e.g. stainless steel appliances, granite countertops) than an older one that's being sold "as is."
Here are some cons, or disadvantages, for buying a new construction home.
Buying a new house can be an exciting experience, but it also comes with its fair share of cons. There are many things to consider when buying a new home. Here are some things to consider before making your decision:
Construction is ongoing during your purchase process. If you're looking for something that's ready for move-in day, you may want to reconsider purchasing a newly built home. Even though builders will try and keep the construction noise down as much as possible, the fact remains that building materials need room to be moved in and out of the house site and this takes time. The noise and disturbance from construction will likely last for several weeks after closing on your purchase; depending on how long it takes for your builder/developer to complete their work on hand (which can vary from project type). Then there's also all of those little inconveniences like finding parking spots once they start building homes around yours…and waiting months until they finish doing so!
Construction messes up lawns & gardens severely if any sort of landscaping has been done prior to closing - resulting in additional costs such as lawn care services if one doesn't already own them individually already.
The advantages of purchasing an existing home.
Let's look at the pros of purchasing an existing home.
You can see the finished product up front. You can't always get this opportunity with new construction, but if you're able to walk through the home before you purchase it, that's a huge advantage!
Negotiating with sellers is possible. Many sellers will be willing to negotiate price and even items in their house as part of their closing package (i.e., appliances). If these terms sound like something you'd want in your new home, make sure you negotiate them up front!
Consider these disadvantages when buying an existing home.
If you've decided to buy an existing home rather than a new one, there are some things to be aware of.
Cost: The cost of a new home is usually higher than that of an existing one. Repairs or renovations can be expensive, so keep this in mind when looking at the price tag.
Utilities: Utilities (gas, electricity, water) are generally cheaper in older buildings because they use less energy and water than modern buildings.
Insurance: It can be more difficult to get insurance on older buildings because they're seen as riskier investments by insurers. Consult a professional for advice on this matter.
Buying new or existing homes have their own pros and cons, and it is important for the buyer to weigh them out before making a decision on what kind of home you want to live in.
Here are some things to consider when thinking about which type of home you would prefer:
New Construction - New construction homes often include more features than existing homes do at the same price point. The benefit of this is that there are no surprises with an older house; everything is done up front and there isn't much risk involved in buying an old home since you can find out exactly what it needs to be habitable or attractive. However, if you're looking forward to getting something customised (like adding a pool) or simply want something unique that has never been lived in before, then this may not be ideal for you because all properties are essentially identical when built from scratch unless otherwise noted by the seller (a rare occurrence). This can also be more expensive since builders need money upfront before even starting construction on your dream home!
Existing Homes - The benefit here is that more amenities will probably come with your purchase such as landscaping work done by professional landscapers who know what's best for maintaining healthy plants inside/outside the house complex (depending on whether it's located near open fields versus wooded areas). Another advantage is that some sellers will provide incentives like paying off debt owed by previous owners so long as they don't mind losing out on profits made while living there previously (but keep in mind these transactions tend not happen often). Also keep in mind that these types of situations also come with additional paperwork necessary before moving forward with any sale agreements so please do your research beforehand!
Which is better?
You can obviously see that there are pros and cons to both sides, but it ultimately comes down to what type of home you want to live in. If you are looking for something new and modern, then buying an existing home may not be the best option for you. However, if you love older homes with character or just prefer something that has been around longer than five years, then purchasing an existing property might be the way go go!
So, what’s next?
Still not sure which way to go? If you are having trouble deciding, or maybe you know where you want to live but don’t know where to begin when it comes to choosing a home, Ocean Buyer’s Keeta can help! As a buyer’s agent, it is Keeta’s goal to find the perfect home for you and your family. All you have to do is tell her what you need, and you can leave the rest to her! To get in touch with Keeta, click here.