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Are you thinking about buying a new home? Congratulations!
Buying a house, condo or townhouse is an exciting and rewarding time which tends to be a lot of fun. However, along the way you’ll need to make a number of decisions – including whether you want to buy a pre-owned home or one that has been built recently and is brand new.
Let’s take a quick look at some of the pros and cons of buying a new home versus buying pre-owned.
New Homes Tend To Have Fewer Problems
One of the major upsides of buying new is that newly-built homes tend to have very few problems within the first few years of ownership.
While you’ll still be required to make regular maintenance on a new home, when you buy pre-owned you’re buying a house that has seen years or decades of weather and regular wear-and-tear.
New Construction Allows For Customization
If you want to be able to customize certain aspects of your home, it might be better to buy brand new as the builder will be able to incorporate your requests as they’re building the home.
Of course, you can always renovate and upgrade a pre-owned home but if you have significant needs you may find it easier to get them built into the home as it’s being developed.
The Downsides To Buying New: Initial Cost And Location
While there are a number of upsides to buying new, there are a few downsides that you’ll need to know.
First, new homes can cost more than an equivalent pre-owned home. Brand new homes are filled with new appliances, fixtures and modern building materials which add to the overall cost of the home. Unless the pre-owned home is on a larger lot or property, you’ll generally be able to save a bit when you buy pre-owned.
Depending on where you’re buying, you may also find that the location where brand new homes are being constructed is much further from the downtown or urban area. In many cities, the only available space for new construction is in suburban areas, which means that you may be in for a commute to and from work each day if you work in the downtown area.
These are just a few of the factors that you’ll need to consider when buying your next dream home.