When purchasing a home, everyone has a decision to think about. Is it better to build a new house or buy an existing one? There are many advantages to each one. You should weigh multiple factors when it comes to house hunting. In this article, we will discuss the pros of a new house versus buying a old house.
One of the first things homeowners need to think about is if a property will retain its value. And if you plan on moving anytime soon, then this should be a high priority to think about. You can do research about other homes in the area to see if the home you are interested in will retain its value. While this research does not guarantee that it will hold its value, you have a better idea of what the market in the area is like.
Both a new house and a old house have the same financing products with the mortgage process being the same. A construction loan may be needed in order to have the house built, which generally will have a higher interest rate.
One main advantage of purchasing a new house is that you can customize it to your liking. We have all been in houses where we have thought if this were my home I would have done this instead of that. You can pick the layout, the colors, the materials. Everything is in your control.
And when you build a new home, you know that you will not need maintenance right away. All the products will be new, so,therefore, you will not need to have a new furnace installed. Or a new garage door opener. The plumbing will be up to par and you will not need to deal with finding surprises of old owners covering up issues the home may have had, such as water damage or cracks in the foundation.
Now just because I said you will not need maintenance right away does not mean there will not be issues. However, if there are any issues, you should be covered through a builder’s warranty. Many builders will offer warranties for a certain amount of years on siding and structural defects.
A new house will be energy efficient. And there will also be the conveniences in a new home that many of us have come to love today, such as a connected garage that is heated or an upstairs laundry room.
With all that being said, there are also advantages of purchasing an existing home. Many older homes will cost less than a new house will. Older homes are often larger as well so you are getting more for your money.
And do not forget about how strong older homes were made. Years ago they used materials that are not currently used today. A very solid foundation was built with walls that were noise resistant.
Older homes have a lot of charm that is not found in new homes as it is too expensive to install. Hardwood floors, crown molding, and more are often focal points in existing homes.
The neighborhoods where existing homes are charming as well. They usually are on short blocks with sidewalks which make it easy to walk to places. Homes that are currently being built tend to not have sidewalks so therefore driving is pretty much the only route to go.
There is not a right or a wrong decision when it comes to purchasing an existing home or building a new one. Both have many benefits that can make any family happy.