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Some folks know with certainty whether or not they want to build a new home or buy an existing property. But if you are one of the ones that can go either way let's go into some detail on what each involves. First we need to determine the pros and cons of either decision.
New Construction:
Pros:
- You get a brand new home with new warranties on mechanicals, appliances and a follow up program by the builder. The prospect of having to replace a roof or windows is far in the future.
- You have control over design, paint color, cabinetry, and other extras that you might like in a home-the main factor affecting those decisions is your budget.
- You choose your builder and have the opportunity to research and speak with other clients of the builder to assess satisfaction with the product and the follow up.
-You may have a more energy efficient home with a new home than with an older pre-existing home.
-If you are someone who doesn't have the time to clean carpets, paint walls or make cosmetic changes to a home-new home construction may be the way to go.
Cons:
-You may have to move twice if you have an existing home to sell and it closes prior to your new home being ready
-building time frames are estimates and depending on the intangibles such as weather and acts of God you may not close exactly when you thought you would
-Additional Costs must be considered such as buying window blinds, errecting fences, landscaping, etc.
-If you are building outside of a subdivision costs such as site improvement, surveys, well and septic installation, and driveway expense take money out of the budget that you would prefer to go into the amenities of the home.
-The fact is that even though you may think you will control the process and the job will go exactly as planned-it doesn't. When I used to sell new construction I would tell people it is much like having a baby. You know how you would like things to go-but there are often surprises along the way.
- Selling a home that is three to five years old that you build may be problematic in a development in which there is still new construction going on-competing with brand new homes for buyers can be difficult
Now for Existing Homes:
Pros:
-Established yard, neighborhood, no ongoing mess from construction in the neighborhood
-Typically more value for the money. Existing homes can often be purchased that offer more square feet at the same price as a smaller new home
-Generally speaking you have more control over the timing of your move
-Often existing homes include appliances and window treatments plus other amenities such as hot tubs, play sets, yards with mature trees, and fences.
-Many existing homes are newer and have many of the same features as brand new homes
-Existing homes and their neighborhoods may have more character than in a brand new development such as a park, sidewalks, streetlights, etc.
- A seller may be more negotiable than a builder
Cons:
- updates and unanticipated repairs may cost more than you had originally considered
-You may be in for more work than you had bargained for as home improvement projects are never as simple as you think they will be
-Cosmetically the home may not be decorated in your style which means you will have to paint and redo
In the end it is about personal preference, budget, and timing. This is a very personal decison-I would not go out on a limb and declare one choice better than another-both have their merits. Normally I would say if the thought of repainting, carpeting and personalizing a home is not something that you wish to contemplate you probably would be better off purchasing a new home. However, new home construction is an emotional experience and I have talked to many new home buyers who have said, "If I had it to do all over again I would..." Neither is perfect and each buyer must do the research and decide which is the best route to take.
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