Home Buyer’s Decision Guide: The Pros and Cons of Existing Homes vs. New Construction

There are countless personal reasons why you might be considering moving. Perhaps your family has grown, and space is tight in your current accommodations or on the other hand your children might have moved out leaving you with too much space. Regardless of the reason, the new home buying process is a very exciting time. When it comes to choosing a new home the first step is to decide between an existing home or a newly constructed home and there are benefits and drawbacks to each option.

Existing Homes

Pros– There are many perks to selecting an existing home. First, there is no need to wait for construction to be completed. Move-in options can be expedited if desired, this is ideal for situations where you don’t want to have to wait two months or more for the closing of the sale. Another benefit is the ability to negotiate with the seller. Often times the asking price can be talked down, repairs requested, or even appliances to be included in the agreement.

Cons– Depending on how old a home is there can be unseen problems that can lead to costly repairs down the line. A thorough home inspection can be a huge asset in uncovering potential issues. Another thing to consider is what repairs, replacements, and upgrades might need to be performed and the costs involved.

New Construction

Pros– New homes have different floor plans to choose between. This allows home buyers to have custom options to fit their unique needs. Additionally, there will have never been any other occupants so that space can be turned into a home for the first time. New homes for sale in krum have all new plumbing, wiring, roofing, literally everything which generally means that large costly repairs will not be likely for a long time. This can be a significant money saver when the prices of home repairs are considered. Finally, new homes are much more energy and water efficient and will likely have lower utility bills.

Cons– Newly constructed homes generally cost more than preexisting construction homes for obvious reasons such as the labor, materials, permits, insurance, etc. The other con is the potential for delays. Weather can cause hiccups in the construction timeline as well as back ordered materials and unforeseen delays. New construction is not the option for people looking to get into their new home quickly.

There is no one-size-fits-all solution when it comes to purchasing a home. An existing home might be the ideal option for some while a newly constructed home is a dream come true for others. It is pertinent for home buyers to consider all of their options, weigh the pros and cons, then come to a decision that they are content with. Existing homes and new homes are just another exciting adventure waiting to happen, a blank canvas ready to be painted, and a door ready to be walked through.