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Opting for a New Home vs Pre-owned Home

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When you first begin your house hunting, it is often confusing when it comes to your wants and needs.  Your best bet is to determine whether a new home or a pre-owned home is right for you.  Here you will evaluate your needs to help assist you in your decision making.

You may be a buyer that knows exactly what they are looking for.  Or you may be a buyer that is unsure.  There are many factors to consider and one factor is the home’s age.  There are benefits to both an existing property and a new property and the choice will be completely up to you.

Pre-owned Homes

Location is one reason why many home buyers choose an existing home.  The home may be in a school district with exemplary schools, or a close commute to work.  If you are looking in a specific area, then existing homes may be your only option.

One benefit in buying an existing home is that typically you do not have to worry about costs involving landscapes, window coverings, appliances and so on.  Many of these homes are “ready to move in” and all that is involved is walking through the steps of the real estate buying transaction. 

The other benefit is often home owners are much easier to deal with than home builders, and many home buyers would much prefer to deal with a home owner, as they can much easier negotiate the terms of the purchase. 

Disadvantages of an existing home are first maintenance issues.  Older homes tend to have more problems that require attention.  However, a home inspection will disclose all issues that a home may have prior to be locked into the purchase of the property. 

The second disadvantage is that the buyer must be satisfied with the décor choices, landscape choices, color choices and so on of the previous owner, otherwise, it could mean a complete remodel.

New Homes

With new homes, the greatest advantage is builder incentives that range from thousands of dollars, to a free pool to many upgrades in the home.  Many times the new home buyer is a first time buyer and these incentives are very attractive.  Another advantage is the homes are under warranty. 

The disadvantages of a new home include is that typically the buyer does not have enough furniture to fill the home.  The buyer feels the urgency to purchase new and fill the house.  There is also the backyard that normally is not landscaped and the buyer will be responsible for its landscape needs. 

There are advantages and disadvantages to both and it will be strictly what your personal preference is.  However, the more open you are, the quicker you will find your dream home that meets your specific criteria in a  home.

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