Debbie Roney Smith, REALTOR®

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