We all know that in most cases, brand new homes are more expensive than existing homes. However, existing homes can carry extensive future maintenance costs that may equal or even outweigh that purchasing price of a new home. Here are the most crucial factors to consider when trying to decide what type of home is right for you.
You’ll have so many options to tailor the new home to your exact specifications; this is probably the best choice for those who have more particular needs in terms of design. Not only will you be able to choose your own flooring, cabinets, countertops, and appliances, you can also make sure the floor plan and layout will fit with your lifestyle. For example, if you have children who are nearing their teens, private bathrooms and a master bedroom that’s further away may be ideal for the sake of harmony.
New homes are almost always the best option for cutting your energy bills, meeting national energy efficiency codes, and reducing your carbon footprint.
With all new structural components such as heat/ air conditioning systems and roofing, it will be quite a few years before you’ll even need to consider major replacements or repairs. Having a much lower chance of a need for maintenance will provide peace of mind and less anticipated costs for owning the home.
Ready for Move-In
Buying a new home and having it prepared to your specifications often takes months (or even years) and requires quite a bit of patience, whereas an existing home may need a few minor repairs, but is otherwise completely ready for you to live in.
More Need for Repairs
Consider the replacement costs of the most common structural features and components of an existing house: you may need to replace the interior/exterior painting, a shingled roof, flooring or hardwood, or heating/air conditioning systems. Depending on how many years the home has been lived in and the date it was constructed, there may be thousands of dollars in capital improvements that you’ll need to factor into the cost of not only purchasing, but owning the home.
Used homes are ideal for those who need to commute to the city for work, especially if that’s the main reason you’re looking to buy in a different town or state. Newly-constructed houses are generally scarcer in urban and business-centered areas unless an existing home is to be torn down.