Buying A New Home Verses An Existing Home

When buying a home you have two choices, a new home and an existing home. Both have their own benefits and drawbacks. Here are some points about each of these alternatives you should consider before submitting an offer to buy.

Newly Built Homes

Newly built houses have good quality control criteria, current construction codes, and better energy efficiency than many older homes. They often carry a one year or longer house warranty and good financing choices. The downside is that while they are easy to buy, it is often hard to sell them for a few years. This is usually due to the builder continually constructing more new homes in the subdivision.

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New home prices can be higher than existing homes based on a variety of reasons. New homes generally have thousands of dollars of upgrades that are built in to the price and marketed as free incentives to purchase. Builders often allow buyers to get into a home with little to no money down or carry back second mortgages if needed to get the buyer in the home. New subdivisions likely have little to no shade due to the lack of established shade trees like you would find in an established neighborhood.

Older Homes

These are owned by homeowners who want to sell their houses. The houses have been lived in and may be better constructed than newer homes. Any settlement that is going to occur, likely already has occurred. You can obtain a history of the homes performance by examining utility bills and renovation history from the homeowners. Many say that older homes have a since of character and their age gives them respectability.

Older homes are often found in existing neighborhoods with beautiful landscapes and plenty of shade trees. Long term neighbors who have pride in ownership and established schools create a family friendly environment. These amenities make the homes for sale attractive to potential buyers in a market where the only competition is other existing homes.

Depending on what your needs are will determine if a new home or an existing home is the better option for you. By evaluating your current needs and your future plans will go a long way towards making that buying decision.

Hubert Miles is a free lance writer and webmaster for several financial websites. For more information on Money Articles and Personal Finance.