New or Existing? Making the Right Home Choice
When you are looking for homes for sale, you have two choices existing homes and new homes. There are pros and cons to buying either, and you should weigh them before deciding to go with a new home or an existing home.
In most cases, existing homes are cheaper on a square foot basis than new homes. That means you will pay less for the same-size existing home than you will for new homes of similar size. This is a general rule and will not apply in all cities and all neighborhoods, so that is something to keep in mind. But if you are working on a tight budget, an existing home may be the better choice for you. That’s why more than two-thirds of first-time home buyers wind up buying existing homes rather than new homes.
Another advantage of existing homes is that they typically are closer to neighborhood amenities such as schools, parks, libraries and shopping. Many new home developments are built on the outskirts of town far away from existing infrastructure. Existing homes also tend to have better landscaping, including mature trees.
One big advantage to building your own home or buying a newly constructed house for sale is that you have more opportunities to customize. You usually can choose appliances, paint colors and flooring types and you may even have some say in where bathrooms and bedrooms are located. With an existing home, you may have to make renovations to make the home the way you want it and eliminate elements you don’t like.
Another advantage to buying a newly constructed home is that everything is — literally — new. That means you don’t have to worry about things breaking down anytime soon, leading to low maintenance living. Having all new appliances and other components means you will have better energy efficiency, which should mean lower heating and cooling costs.
When you are looking for a home for sale, you want to utilize all possible sources when trying to decide whether a new home or an existing home is the right choice for you. Ninety-two percent of people use the Internet when looking for new homes. Fewer go to the Internet first when looking for existing homes, with 14% first contacting a real estate agent. Whatever source you choose to use, make sure you get as much information as possible before making a home-buying decision.