Buying a home is a substantial investment, and a long-term commitment. Be sure you are making a choice you’ll be happy with by carefully considering your options. Some people prefer to purchase new homes while others choose pre-existing homes. Both options have benefits and drawbacks. Here’s what you should consider.
The Benefits Of Buying An Existing Home
Benefits of buying an existing home include:
· You can choose a home in an established neighborhood. This makes it easier to know what to expect, and as an added bonus, you’ll have full grown trees for shade and you won't have to listen to loud building construction a few lots over.
· Existing homes are often less expensive.
· Existing homes are more unique than new homes built in developments.
· There are usually more existing homes to choose from.
The Drawbacks Of Buying An Existing Home
The drawbacks of buying an existing home include:
· Increased maintenance costs. It is more likely you’ll have to repair pipes or redo electrical work in an existing home.
· Dated design.
· Increased utility costs. Older homes have less energy efficient construction, so heating and cooling bills are often higher.
The Benefits Of Buying A New Home
There are many benefits of buying a new home, including:
· Modern design.
· Less maintenance, and fewer repairs.
· Lower utility bills due to energy efficient construction.
· The ability to have input during construction and design.
The Drawbacks Of Buying A New Home
Drawbacks of buying a new home include:
· Cookie cutter design in most developments.
· Less opportunity to negotiate on prices.
· Homes are not in established neighborhoods. There may be construction going on nearby, the development may be further away from the city center, and the neighborhood is continually changing.
What Should You Buy?
Choosing between a new home and an existing home will depend on your lifestyle, your budget, and your priorities. Both options come with many benefits. Decide what matters most to you and your family. Protect your new investment with a homeowners insurance policy so you can relax and enjoy your new home in peace.