If you’re in the market for a new home you may be deciding whether to buy a new construction versus a pre-owned home. Both options have pros and cons and the correct answer really depends on the type of home you’re looking for as well as your budget.
US News says “this is a question with no-one-size-fits-all answer” to this question. Before you make an offer think about all the qualities you want in your new home. Maybe you can find them in a brand new model or maybe you’re looking for some old school charm.
The pros of buying a new model home
New construction homes are generally turn-key-ready; all you have to do is move in with all your stuff. When buying from a builder you usually get to choose the colors for things like wall paint, cabinets and carpet. This can save a ton of money on renovations if the builder offers to do it for you and it’s included in the purchase price.
Buying a new model home also comes with the added benefit that everything is new from the plumbing to the electrical to the foundation of the home and the roof. Although these won’t be new forever at least you won’t have to worry about replacing them for years to come.
With that being said it’s still a good idea to pay for a home inspection when buying a new model home. It’s nice to trust the builder on the condition of the building, but it’s always better to get a second, unbiased opinion from someone who isn’t trying to sell you the home.
The pros of buying an older home
When you buy an older home someone else lived there so it’s not really yours…not yet. Don’t get me wrong, it will be your home sweet home but you will probably have to put some extra money into it. The benefit of this is that you can negotiate the price based on the renovations that need to be done. Keep in mind that remodeled doesn’t always mean upgraded so ask questions about all the work that has been or needs to be done.
A major benefit of buying an older home from a seller as opposed to a new home from a builder is that everything is negotiable. Everything. You can ask for the home to be sold with appliances or other furniture, you can ask for the price to be lowered if you need to replace certain things and you can even negotiate the move in date.
When buying a home from a previous owner you can learn more about the monthly maintenance costs and surrounding area than if you bought a brand new home from a builder. The sellers will be able to tell you how much they spent on utilities every month as well as any issues with neighbors and the neighborhood. After all when it comes to real estate it’s all about finding the perfect location.