One of the first decisions you’ll have to make when you’re buying a home is whether you want new construction or an existing home. Both have their pros and cons, but at the end of the day the choice really comes down to what your priorities are.
So in this week’s blog, we’re going to talk about the pros and cons of both types of homes so you can evaluate them according to your own priorities for a new home. Keep on reading to learn more!
Learn the pros and cons of new vs. existing homes, below.
Buying a Home: New Construction vs. Existing Homes
New Construction
New construction often comes in the form of new developments with a lot of houses laid out in a pre-designed arrangement.
Pros
- New homes are more energy efficient than existing homes.
- New construction means cheaper maintenance, at least for the first few years.
- You may be able to choose certain aspects of the design during construction.
- You get an extended warranty.
- The home has never been lived in before.
Cons
- You don’t have much room to negotiate on price.
- Designs are generally pretty standard, so if you’re looking for something unique you won’t find it.
- Lots of people think these homes have less character.
Other
- Many of these kinds of developments have a homeowners association. This can be a pro and a con. While they may help protect you resale value, they also can put limits on modifications you make to your property. You will also have to pay dues.
- Some people like living in new neighborhoods, while others prefer established neighborhoods.
- These developments are usually family-oriented.
- Talk to homeowners who are already living in the development to learn what they think of their homes and the community.
Existing Homes
Pros
- Existing homes are more widely available in a wider range of areas.
- You may be able to negotiate more on the price when buying a home.
- You’ll get to live in an established neighborhood with it’s own character and reputation.
- Lots of people feel these homes have more character.
Cons
- May require more maintenance/renovations. Look for sellers who have had some work done on the house before they put it on the market.
- Not as energy efficient.
- Could have problems that a new home would not have.
Other
- Existing homes may need some work done/have some problems that need to be fixed. While this is an inconvenience, the flipside is you may be able to negotiate a better price.
Check out our other blogs in our buying a home series:
- Location and Buying a New Home: Where Should I Live?
- Mortgage Pre-Approval: What Do I Need?
- What’s the First Step of Buying a Home in Maryland?
Ask Us Your Questions
Do you have questions about buying a new home in Maryland? Grays Home Solutions has answers!Contact us today at 240-347-3141 to get your questions answered!