One of the biggest decisions first-time homebuyers have to make is whether they should buy a new construction home or a previously owned property. These types of homes have their own advantages and disadvantages that you must take into consideration.
Heres how you can decide:
When to buy a new construction home
· If you want a brand new home
Unlike existing properties, you can be sure new construction homes are built to current codes and standards. Since everything is brand new, you
dont have to worry about the typical issues that plague a previously owned home. Your home will require less maintenance during the first few years since you wont be dealing with leaking roofs, peeling paint, or broken pipes.
· If you want a customized interiors and exteriors
Another benefit of buying a new construction home is the opportunity to customize the homes interiors and exteriors. From the kind of floor plan to the color of your cabinets, you can personalize the home according to your taste and lifestyle.
However, this depends on the type of new construction home that you plan on purchasing. There are three different types: custom homes, speculative homes, and tract homes. Custom homes allow you to personalize the size, floor plan, and features while speculative homes let you choose certain elements if its still under construction. Tract homes, on the other hand, provide you with options for certain design choices.
· If youre looking for energy-efficient features
New construction homes also have more energy-efficient features than older houses. Expect Energy Star appliances as well as energy-efficient windows, lighting, and home insulation, and water heaters.
When to buy a previously owned house
· If youre on a tight schedule
Looking to move into your new home immediately? A previously owned home may be the right choice for you. You can choose a move-in ready property soon after closing. This option is more convenient for buyers who need to relocate for a job or for families whose children are starting school soon. For new construction homes, however, your move-in date may be delayed if the home isnt completed yet.
· If you want an established neighborhood
Previously owned homes are usually in established neighborhoods, which
tend to have more character and are closer to schools and establishments. The landscaping in these existing homes has matured as well, with fully grown trees, thick bushes, and blooming flowers.
You can also trace the history of a previously-owned home and find out how its value appreciated over the years. From an investment standpoint, buying in an established neighborhood can help you sell it for more in the future.
· If youre looking for a more affordable option
Due to the customizations, energy-efficient features, and upgrades offered, new construction homes tend to be more expensive. According to an article by NewHomeSource.com, new construction homes usually cost around 17% more than existing homes, the price of which is negotiable as well.
Still deciding on whether you should buy a new construction home or an existing one? Let us at Metropolist help. Contact us today at 206-623-5118 or email at [email protected].