The Pros and Cons of Buying a New Home vs. a Resale Home

The Pros and Cons of Buying a New Home vs. a Resale HomeThere are two options available when you want to buy a new home: buying a previously owned home or building a new one. Your personal preference will help you decide which option is best for you. However, there are several advantages and disadvantages to both options.

Advantages of building a new home

When you buy a new home, you not only get a shiny, fresh, perfect place to live, but everything is the way you want it to be. Some of the additional advantages you’ll enjoy include:

  • You can choose its layout. Even if you buy a “cookie cutter” home most homebuilders have several home designs you can choose. A semi-custom homebuilder usually allows you to make structural changes, while a true custom builder gives you the freedom to design the floor plan to your exact needs, Whichever, you’re doing this without living through major renovations in your existing home.
  • Most new homes will mean savings in utilities given all of the new energy efficiencies including in a new home.
  • There won’t be any repairs necessary for a while, so you’ll save money here as well.
  • Some features can be upgraded to make your home look exactly how you want it to look simply by paying a little extra money now instead of investing in a major project in the future.

Disadvantages of Building a new Home

Unfortunately, there are still some disadvantages to buying these homes. It’s important that you know about these so you can make a well-informed decision. They include:

  • It may take several months to a year before you can move into your new home so if you need to move right away this may not work for you.
  • The landscaping may be lacking in beauty because trees won’t have time to mature.
  • Getting a loan can be more difficult because not all lenders are able to offer you a temporary construction loan that’ll then flip into a permanent mortgage.
  • Sometimes newly constructed neighborhoods are located far away from the amenities you need (e.g. stores, banks) which could add to the time of your commute.

Advantages of a Resale Home

If knowing that a home has stood the test of time makes you feel better, then you’ll want to buy a resale home. Of course, there are many other advantages to these homes as well. These advantages include:

  • There’s history behind the home so you’ll know what works, what’s been done to the home, and anything that’s happened there before you purchased it.
  • You know what to expect when you’re buying the home and you can even get tips on how to best deal with the home’s “special needs.”
  • The neighborhood you move into will already be established so the landscaping will have matured and your neighbors will know the lay of the land.
  • The home will come with amenities such as appliances and window treatments – things that will save you even more money.

Disadvantages of a Resale Home

Unfortunately, you’ll also find that buying a resale home has some disadvantages too. These include:

  • The layout can’t be altered without a major, costly renovation.
  • Not everything will be in good working order, remember a home inspection is a review of the home at the time of inspection, it’s only until you move in that issues may occur (e.g. a furnace breaks, mold grows) so you may spend more money.
  • Sellers are required to provide information about their home, so you are reliant on their disclosing accurately. Ensure you work with a real estate professional or seek legal advice if you have concerns about the home; especially an older home with several previous owners.

Now that you fully understand both the advantages and the disadvantages of both options, you can choose which one is best for you. If you do believe that you’d like to build a new home, make sure you contact Vitale Home. They’ll happily help you create the “perfect” home for you and your family.

Picture Credit: paulbr75