Existing Or New Home

Existing vs. New Home

New home or previously owned? That is, perhaps, one of the first questions you may ask yourself in your home search process. Perhaps you've fantasized about purchasing a fixer-upper and giving it an extreme makeover. Or maybe you've always dreamed of building a home from the ground up and making all new color and appliance choices.

Whatever your desire, talk to your Real Living agent about which choice is best for you. S/he can help you consider your personality, lifestyle, budget and personal preferences, as well as show you both new and existing homes that may be of interest to you. And s/he'll share with you information on numerous builders and developments in the communities that interest you most.

You may already know why you should work with a Realtor® to help you find an existing home, but make sure you also learn more about why you need an agent for a new home purchase, too.

In the meantime, here's a quick look at the main benefits of each type of home.

New homes offer:

• Convenience and new amenities. Standard options for new homes usually include amenities such as whirlpool tubs, central air/heat and large mirrors.
• Peace of mind. Safety devices such as smoke detectors, circuit breakers and ground fault interrupters come standard in newer homes. Also, new homes are subject to improved safety requirements, which means no-lead paint and asbestos-free insulation are used in its construction.
• Comfort. High-tech solutions in heating and cooling and state-of-the-art materials (such as windows) sometimes ensure a more comfortable, energy-efficient surrounding.

Existing homes offer:

• Stability. The hallmark of an existing home is a well-developed neighborhood with established zoning laws and school districts.
• Resale value. The return-on-investment for an existing home is often greater; especially in historic neighborhoods where the entire area is undergoing renovation and experiencing an upswing in property values.
• Savings. Typically, there's more room for negotiation – especially when it comes to incorporating items such as a repair allowance. In addition, expect to save money on "hidden" costs such as landscaping, unforeseen repairs or dues for a homeowner's association.

Keep in mind that both choices have associated costs. New homes are subject to elevated construction and lumber costs, while existing homes often require some type of repair or remodel.

Regardless of whether you choose a new or existing home, one thing's certain: home ownership remains a strong investment and home improvement a good re-investment of your financial resources.

With numerous benefits for both building new and buying an existing home, you may find it helpful to consult with a Real Living real estate professional to help you choose a primary path. S/he can listen to your thoughts on both options and help you determine which path meets your current needs.