Buying A New Home Verses An Existing Home
Now that you have decided it’s time to buy a house, it’s time to examine your choices. When you are out looking for home you will likely look at both a new house and an existing home. Before you make your decision, you should consider the benefits and drawbacks of each type of property. These are some points that you should keep in mind before submitting an offer to buy.
New Homes
One of the most attractive features of Newly built houses is that they generally have much more stringent quality control standards, construction methods, and energy efficiency ratings than those found in many existing homes. Most builders and developers will provide a home warranty of at least one year and good financing rates and incentives to purchase. These homes are usually easy to purchase but may be hard to resell until the subdivision is established and no more new homes are being built by the builder.
There are many reasons why new homes traditionally carry a higher price tag than older homes. Home buyers can often purchase a new home with little money out of pocket. Builders and developers often package in thousands of dollars of upgrades and incentives to lure in buyers. New homes in new developments often have a bland feel and offer little in the way of shade trees like older neighborhoods would offer.
Existing Houses
Existing or often called older homes are generally purchased from other homeowners who are trying to sell. These houses have been lived in by either the homeowner or a renter. These homes may or may not have better construction methods which make having the home inspected very important. The homes utility bills can shed some light on how efficient the home is. You can obtain any renovation history from the current homeowners. Some people like the character that they say older homes have compared to older homes.
The homes usually are located in established neighborhoods with tall trees, long-term neighbors and established schools. They are generally much easier to sell soon after you buy one as the amount of homes for sale in the subdivision are less than the market demand. Some may have a 1-year warranty from an outside firm but will likely require a home inspection.
Depending on what your needs are will determine if a new home or an existing home is the better option for you. By evaluating your current needs and your future plans will go a long way towards making that buying decision.
Hubert Miles is a free lance writer and webmaster for several financial websites. For more information on Money Articles and Money Articles.
