It’s one of the biggest decisions you’ll ever make! Do you buy a “new home,” or do you select a “pre-owned” home? There are many things you should consider before making your decision. A used home is typically in an established neighborhood with mature trees, shopping centers, and can be close to schools. It is often priced lower than a new construction home, and it may have the character or charm that you are looking to purchase. Unlike an older home, a “new home” is built with the latest energy saving materials, the newest technologies and follows the current building codes. Your new home offers you a clean palette so that you may design your home just the way you want it. Here are some of the things to think about when purchasing a new home vs. purchasing a pre-owned home.
Advantages to consider when buying a new home:
- Newest architectural designs provide floor plans for today’s life-styles.
- Enhanced energy efficiency will make your home more comfortable in summer and winter while lowering your energy bills. (The National Association of REALTORS® poll from June 2010 found that 70% of home buyers are looking for “green” built homes.)
- A customized home reflects your personal tastes and desires.
- Extended builder’s warranty usually provides a 10 year structural warranty, 2 year manufacturer’s warranty on appliances, and a one year walk through with repairs done by the builder.
- Builders’ incentives typically offer free or reduced price options and /or special financing programs.
- Your choice: you select the location of a new home community, the builder, your home site, and a floor plan that best meets your housing needs.
- It is the simplest way to get what you want because you start with a clean slate.
- You can personalize landscaping for your life-style.
- There are added amenities such as parks, walking trails, swimming pools, tennis courts, and golf courses that provide a great venue for socializing, exercise and more.
- You get additional peace of mind from knowing that no one else has lived in your home before you and your family and there’s just something about moving into a brand new home!
Things to consider when purchasing a pre-owned home:
- Your home will have the previous owner’s design choices to include flooring, lighting, wall covering, appliances, plumbing, counter tops and finishes.
- You might be lucky and not need to worry about the cost of window coverings, landscaping, etc., but they may not be what you would have chosen.
- Some home owners are not conscientious about maintaining their homes, so maintenance issues may be costly.
- Unlike some new construction choices, in an established neighborhood, you most likely will not be living with ongoing construction.
- Many established neighborhoods have mature trees, so you won’t have to wait 20 years for your new home’s trees to grow. However, large trees overhanging the home may cause their own set of problems.
- Typically a “pre-owned” home is priced lower then a new construction home, so you can use the savings to renovate.
- You can consider buying a short sale or foreclosure home. The saving may be substantial; however, you are buying “as-is” with many unknowns.
- Typically “pre-owned” homes are closer to town, which may mean less commuting time. New communities tend to be farther out but have more and newer community amenities.
The choice is yours, but do your research! Learn how builders today use the most current building designs, follow current building codes and offer modern design features. You can make your new home not only the best value compared to a used home, but also maintenance and worry free for years to come!