New Build or Existing Home -- Which Option is Best for You?

In today’s housing market it makes sense to explore the housing options you have. There are two kinds of houses you might consider purchasing: a new build home or an existing home.

But how to decide which option is better for you?  

The best way to proceed is by working with a realtor who has experience in both markets and knowledge of the area where you are looking to buy. A knowledgeable realtor will be able to go over the positives – and negatives – with you. 

Although the positives and negatives may vary for each individual, some of the benefits of each of these options include the following.

New Build Homes

With new built home purchases, you can reasonably expect to have four primary benefits.

The first is that, through the process of a new-home build, you get to truly make it your dream home. You get to pick your design, the basic layout, add extra rooms you want and more. This really allows maximum latitude to create and design the home of your dreams.

Another benefit is that you can take advantage of builder concessions. In the market today, a lot of homebuilders are trying to sell their current inventory before they start a new build. This can be to a buyers advantage because these companies are willing to build in concessions to help sell their current inventory.

Purchasing a new build home minimizes the home repairs that you will have to do. Because they are a newly built home, most of these homes come with warranties that are likely to cover anything that might go wrong.

The last benefit of a new-build is that you get to take advantage of the energy efficiency that these homes will have. When building a new home, you get to choose from the most energy-efficient products on the market today which can help lower the cost of utilities.

Existing Homes

While purchasing a newly built home comes with many appealing benefits, existing homes on the market also come with their fair share of benefits.

The first benefit of an existing home purchase is that you get to explore a wider variety of home styles and floorplans. Craftsman style, Victorian era, homes that were built in the late 1900s, and much more can be found on the market today.  Many of these beautiful old homes hold a certain charm that would be difficult to get – at a reasonable price point - with newly built homes. Whether the beauty of natural wood flooring, detailed trim work, or simply the history that these old homes hold, there is something undeniably unique about older homes.

You can also find most of these hidden gems in established neighborhoods with mature and often lush landscaping. These pre-existing homes give you an excellent feel for the neighborhood and the community they are in before you commit to a major purchase.

The last benefit of purchasing an existing home is that you get to move in faster! There is no need to wait for your home - - through the lengthy process of building - - which can take many months. When it comes to owning and getting into your dream home, this last cannot be undervalued.

So, whether you are in the market to build your dream home or to find it within the history of an existing home, it is important to consider your options.  There is no better option than to have a realtor that you trust to help make the right decision for you.