When you’re thinking about buying a home, you have many different options, such as choosing between an existing home or a new construction. Every property has its own strengths and weaknesses that go along with it.
No one can tell you whether you should buy a brand-new home or an older property. You will have to make the decision based on what is important to you. However, newer homes and older homes tend to have similar qualities, so before you make a decision one way or the other, you should have a broad idea of what you can expect from both.
New construction homes usually cost more than existing homes. In part, this is because you often have to purchase everything: appliances, window treatments, sod for the lawn, etc. On an existing property, many of those fixtures are already in place, so you don’t have to worry about them.
Though the initial cost may be higher, however, buying a brand-new home may save you money in the long run because they are typically more energy efficient, meaning lower monthly bills, and require less maintenance and repairs for at least the first 5 to 10 years, during which warranties may still apply.
A new construction home often means a new neighborhood as well, and while it can be exciting to watch a new development grow, there’s also something to be said for an existing home in an established neighborhood. In particular, the trees are typically mature enough to offer shade in an established neighborhood, whereas you’ll have to wait a long time for young trees in a new neighborhood to grow. If mature landscaping is important to you, and you anticipate moving again within the next 10 to 20 years, an existing home may be a better choice.
New construction is an umbrella term that applies not only to homes recently built and never lived in but custom homes constructed especially for you. A drawback of a specially built home is that you have to wait for it to be completed, but a benefit is that you get to customize it according to your wishes.