Deciding Between New Construction and Existing Homes

Buying a home can be overwhelming

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Deciding Between New Construction and Existing Homes #1
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Start by narrowing down your choices to either new construction or existing homes, using our pros and cons of each.
 
New Construction
 
Advantages:  
Warranties and guarantees on appliances and construction may still apply, but read the fine print to make sure.
Dangerous building materials, such as lead and asbestos, will likely not be a problem. Modern building materials should make for improved insulation. A new house will meet modern safety and building codes. You may be able to upgrade or customize such features as floor coverings or paint colors from the basic plans. Appliances will be up-to-date. Wiring for new technology or added security can be easily installed. New homes often have more closet and storage space. New subdivisions frequently feature recreational facilities. New homes don’t require as much maintenance.
 
Disadvantages:  
New subdivisions may have associated fees or assessments for new owners. Commutes to a job downtown may be longer or more expensive from a new development in the suburbs. Rural land nearby could be targeted for industrial or business development. Attractive landscaping can be costly. Higher taxes could be required to bring water, gas or electrical services to a still under-populated area. An interim move may be necessary if your home isn’t completed on schedule. Until the entire area is finished, construction noise, dust and mud are a bother. Resale could be difficult if the entire neighborhood is not yet complete -- most buyers interested in new subdivisions prefer new homes with all the available options. New houses may be more expensive than existing homes because of higher labor and material costs and rising land values.
 
Existing Homes
 
Advantages:  
Usually in an established neighborhood. Frequently, older homes have period details and charming touches of character. The landscaping may include desirable mature trees. You may still get an updated kitchen and bathrooms in an older home that has been renovated. Window coverings and appliances are often included with the home. An older home may have better quality materials and workmanship that are too costly for newer homes.
 
Disadvantages:  
Expensive repairs and updating may be required. It may be difficult to find or match the older building materials. Past renovations may not meet today’s building codes. Older homes are generally less energy efficient and so are more costly to heat and cool.
 
 
 

Published on January 18, 2007

Read full article at realestate.com


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