October 10th, 2014 2:17 PM by Christopher Terry
New Home vs. Existing Home - Which is Right for You?
It’s often a question that comes up early in the process of finding your dream home. It’s an important question to ask and one that should be discussed and investigated before deciding on that perfect place.
Naturally there are pros and cons to either. Some of which might not be so obvious. So let’s take a look at the benefits and drawbacks of each choice.
Often times when speaking with home buyers they don’t always see the benefits of an existing home especially when they have been dazzled by the gleaming floors and cabinets of a new home. However, with many existing homes, the house may have been house was built when labor and materials were less experience so you might get more “bang for your buck”, more quality workmanship and materials.
The house will often include appliances and window treatments.
If the house has been recently renovated, the updated kitchens and bathrooms could include some valuable extras that you would otherwise have to pay extra for when compared to the new home.
The landscaping (trees, bushes, etc.) in most existing homes is already established and mature saving you the time and expense of a landscaping DIY project or of hiring a landscaping company.
Sounds great right? But there are some drawbacks to consider. Because of earlier construction, existing homes are generally less energy-efficient, so they can be more costly to heat and cool. Check with the homeowner to see if insulation has been added and look to see if the heating system has been updated.
Also building materials might be harder to match or replace and past renovations might not be up to today's codes.
In addition existing homes might require expensive repairs and renovations. Be sure to have a home inspection by a qualified licensed home inspector.
The benefits of new construction may seem obvious but let’s review. Many times you have the option to customize some of the features to your preferences. Sometimes not just kitchen cabinets, floor coverings and paint colors but even the floor plan and layout.
The products that go into your home will have the full life expectancy of that product so you can expect less required maintenance than an older home.
Newer building codes result in more energy efficient design and materials. A new home may also be wired for today's technology and security. Have an option to include more storage space and have more modern amenities.
I know what you are thinking. “Sounds Great!” But there are drawbacks too.
Construction delays are common, and may result in an unexpected interim move and because of rising costs of land, material, and labor, new constructions are often more expensive than existing homes.
Most new construction homes do not include appliances, so an extra expense must be incurred to purchase these.
Don’t forget about the dirt, mud and construction noise are often a problem until the entire neighborhood is complete or until your landscaping matures.
Unknown problems with land or construction could cause problems like drainage issues, underground waterways, and as the land settles sink holes around the house, in the driveway, etc.
Some new subdivisions include homeowners' association fees and regulations. There may also be restrictive covenants to consider.
So there you have some of the benefits and drawbacks of both existing homes and newly constructed homes. Whatever decision you make, be sure that the investment you are making in your new home meets all of your expectations, since you want to make sure your “dream home” is really a dream, and not a nightmare.
EZ Home Search Real Estate is dedicated to keeping you informed throughout the process, for details of our Preferred Buyer System visit: http://www.ezhomesearch.net/save.
Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.