Now that you’ve finally decided to become a homeowner, the next big question is whether to buy a newly-constructed home or an existing one. As you’ll learn below, both options have crucial pros and cons:
Building your new home
Advantages
- As you like it. Because you’re starting from scratch, you can choose every little detail that goes into your home — from the overall floor plan down to the flooring material.
- Minimal maintenance. Everything in your home will be brand-new, including the roof, appliances, and the HVAC system. There are fewer worries about maintenance since there is little to no wear and tear yet.
- Built to current standards. Newly built houses comply with the latest construction, safety, and energy efficiency standards. You can enjoy greater savings and peace of mind as a result.
- Less competition. Stiff competition among buyers might mean that your desired home could end up being bought by someone else. There are no such worries if you build your own house.
Disadvantages
- Building takes time. You may be raring to move into your new home, but new constructions typically take around seven months to finish.
- Construction delays. Even the best-planned construction timelines can be derailed by issues such as inclement weather or schedule conflicts among subcontractors.
- Quality concerns. You’ll sometimes hear about construction defects such as crooked walls and cracked home foundations, to name a few.
- Location. With the scarcity of land, new homes are sometimes built where land is available rather than where the location is ideal.
Buying existing homes
Advantages
- Speedier transaction. While closing a home purchase can take a few weeks to a few months, it’s still much faster than building a home from the ground up.
- No construction hassles. Expect to have a lot of back and forth with your contractor — especially as unexpected problems crop up during construction. You’ll have very little concerns when buying existing properties.
- What you see is what you get. Sometimes, a finished home might not live up to the construction plans’ vision. With an existing home, however, what you see is what you get.
- Existing community. Most pre-owned homes are located in well-established communities. Hence, there will be neighbors waiting to welcome you, as well as amenities like shops and restaurants to cater to your daily needs.
Disadvantages
- Maintenance is a must. Even the best-maintained home will have certain aspects that require attention and upkeep. Allot a bigger maintenance budget when buying an existing property.
- Outdated features. Fell in love with a home but not with its tiny kitchen or dated bathroom? You’ll need to shell out extra cash to upgrade them to your liking.
- Smaller living spaces. Older homes typically trade in smaller living spaces for larger lawns or backyards. It might be smarter to just construct a new home and opt for bigger floor space.
- Lower resale price. New homes will always have higher resale value than pre-owned ones because wear and tear depreciate home value over time.
Deciding whether to build a new home or buy an existing one all depends on your needs and budget. We hope that by outlining the pros and cons of each option, you can make the right choice.
If you still want further advice on the best choice of home for you, then give us a call at 936.525.0095 or e-mail us at katherine(at)lakeconroe(dotted)com. We are the Lady of the Lake Team and we’ll be glad to offer a hand.
