Buying a home can be overwhelming. Start by narrowing down your choices to either new construction or existing homes, using our pros and cons of each.
- Warranties and guarantees on appliances and construction may still apply, but read the fine print to make sure.
- Dangerous building materials, such as lead and asbestos, will likely not be a problem.
- Modern building materials should make for improved insulation.
- A new house will meet modern safety and building codes.
- You may be able to upgrade or customize such features as floor coverings or paint colors from the basic plans.
- Appliances will be up-to-date.
- Wiring for new technology or added security can be easily installed.
- New homes often have more closet and storage space.
- New subdivisions frequently feature recreational facilities.
- New homes don’t require as much maintenance.
- New subdivisions may have associated fees or assessments for new owners.
- Commutes to a job downtown may be longer or more expensive from a new development in the suburbs.
- Rural land nearby could be targeted for industrial or business development.
- Attractive landscaping can be costly.
- Higher taxes could be required to bring water, gas or electrical services to a still under-populated area.
- An interim move may be necessary if your home isn’t completed on schedule.
- Until the entire area is finished, construction noise, dust and mud are a bother.
- Resale could be difficult if the entire neighborhood is not yet complete – most buyers interested in new subdivisions prefer new homes with all the available options.
- New houses may be more expensive than existing homes because of higher labor and material costs and rising land values.
- Usually in an established neighborhood.
- Frequently, older homes have period details and charming touches of character.
- The landscaping may include desirable mature trees.
- You may still get an updated kitchen and bathrooms in an older home that has been renovated.
- Window coverings and appliances are often included with the home.
- An older home may have better quality materials and workmanship that are too costly for newer homes.
- Expensive repairs and updating may be required.
- It may be difficult to find or match the older building materials.
- Past renovations may not meet today’s building codes.
- Older homes are generally less energy efficient and so are more costly to heat and cool.