The decision to buy a home comes with a myriad of choices. In fact, according to recent statistics published by the National Association of REALTORS®, the real-estate market is now so large that more than five million existing homes were sold in the United States during the year 2015 in addition to the sale of more than a half-million newly constructed houses. If these numbers leave you wondering how to choose between existing homes or new construction, here are some factors to consider.
Top reasons to consider an existing home
- Price - Just like buying a used car is less expensive than the purchase of a new one, the same holds true when you are buying a home that has been previously owned versus one that is brand new.
- Lot size - In many areas population density numbers and other factors may mean new homes are constructed on smaller lots than those available with the purchase of older homes
- Mature landscaping - Older homes are far more likely to have mature trees, bushes, and well-established lawns than newly constructed homes.
Top reasons to consider a newly constructed home
- Ready for occupancy - Newly constructed homes offers the benefit of being completely ready for occupancy, with no need to repaint or redecorate before moving in.
- Modern building materials - New homes can offer an increased level of convenience, safety, and energy efficiency because they are constructed with the most advanced and efficient building materials
- Customization for the buyer - In many cases, new home builders are happy to work with buyers to accommodate their preferences for paint, flooring, and other design elements
- Freedom from potential repair issues - Because everything is new, most new-home buyers can enjoy several years of freedom from worry about repairs to the basic structure or major systems of the home, such as the roof, HVAC system, plumbing, or electrical systems.
- Readiness for modern technology - Unlike many older existing homes, new homes are usually built with modern technology in mind, including wiring the structure for Internet services, speakers, cable-television access, and security systems.
In addition to the reasons listed above, homebuyers who are trying to choose between the purchase of an existing home and the purchase of a newly constructed one should know that many builders include a warranty on the homes they build.
If you are still undecided about whether to purchase an existing home or a newly constructed one, take time to discuss the matter with your real-estate professional and ask to view both types of homes.
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