Pros and Cons of Buying a Pre-Existing Home vs New Construction
Among the many decisions homebuyers must make, deciding on buying versus building a home is one of the toughest decisions to make in today's market. Keep reading to discover the pros and cons of choosing a pre-existing home versus new construction to help you make the most informed decision.
Pre-Existing Homes: Pros and Cons
Choosing a neighborhood that is already well-established is a top priority for many homebuyers, especially if they are particular about a location or school district. When you choose an existing home, you are also buying into the neighborhood and its surroundings.
Most newly-constructed homes are built in more distant locations where there is available land for new development. If you want to live closer to a city or established area, choosing an existing home might be the best option.
Mature Trees & Plants
Thriving plants are more likely to exist in neighborhoods that are established compared to new construction. New lots are often bare or will take time to grow established foliage.
Add Value with Upgrades
Some homebuyers prefer a fixer-upper so they can personalize it and possibly increase its potential resale value with cosmetic upgrades.
Outdated Floor Plan
Older homes may have smaller closets, smaller windows, and a more closed-off, formal floor plan instead of an open living space, for example.
Budget for Big Repairs
Pre-existing homes have been lived in and repairs of varying degrees might be necessary. If choosing pre-existing, inspect the home thoroughly for any wear and tear that will need attention.
Less Personal Design
Remodeling to change the structure of an existing home can be complicated and expensive. You also cannot choose the finishes, fixtures, and other features of a pre-existing home.
Older homes may include less-energy efficient appliances and heating and cooling systems. This could significantly increase your utility bills.
New Construction: Pros and Cons
Modern & Brand New
Newly-constructed homes are designed to appeal to today’s buyers, so you’re more likely to find a floor plan that fits your needs.
Depending on who you choose to custom build your home, you may be able to customize finishes, fixtures, and other features to personalize the home before it's built. In some cases, you can choose the floors, appliances, cabinets, paint colors, and lighting fixtures.
New homes often have locks, thermostats, and other features that can be controlled with your smartphone. Many builders choose healthier materials, such as low-VOC paint and upgraded ventilation systems, for better indoor air quality.
After your home is built, it will be ready for move-in day. You will be the first person to be in the home and you won't have to worry about repairs.
Your timeline for moving is a big factor to consider when choosing. New builds typically take four to six months to complete, but sometimes longer. If you are needing to move immediately, new construction may not be for you.
Many new homes are built in more distant locations. This could mean a longer commute or living further away from a city or amenities.
Some homeowners prefer not to live within an HOA (Home Owners Association). It is important to consider that most newly-built homes are usually in an HOA.
If you want to discuss the best option for you, feel free to reach out to our team for more information on choosing between pre-existing and new construction.
Brent Germany Team is an award-winning team of expert real estate agents in the DFW metroplex. If you are interested in buying or selling a home, contact us for a free consultation. We stand ready to partner with you today.