When Buying Your Next Home…

One of the first steps of buying a home is deciding between purchasing a newly built home or an existing property. Each has pros and cons that need to be considered to make the best choice for you. 

Newly Built Homes Pros:

  • Brand new construction with active warranties
  • Customizable floor plans
  • Cost of upgraded features and appliances can be folded into the mortgage
  • Green appliances for better energy efficiency
  • Financing is available through the builder, making it easier to qualify for a mortgage
  • Fewer maintenance costs associated with repairs or renovations

Newly Built Homes Cons:

  • More expensive than resale properties
  • Location may not be ideal (lack of schools and shopping opportunities, possible longer commute)
  • Property values are unknown, and possibly more volatile
  • Lacking in character – cookie-cutter design
  • Ongoing construction in the neighborhood
  • Greater Tax Burden

Existing Homes Pros:

  • Typically less expensive, with more opportunity to negotiate price
  • More desirable locations
  • Known neighborhood dynamics
  • Proximity to schools, shopping, and places of worship
  • Older houses tend to have more character as compared to modern designs
  • Property values can be determined before purchase
  • Lower tax profile

Existing Homes Cons:

  • Smaller inventory of acceptable properties
  • May require extensive repairs and/or renovations
  • Fewer amenities/older appliances
  • Financing can be more difficult
  • Competition from competing buyers
  • Neighborhood may be in decline