NEW VS USED HOMES: PROS AND CONS

A big consideration for homebuyers is whether to buy new or used. The right answer isn’t always obvious, and making the wrong decision can be costly. But an experienced real estate professional can help you decide what kind of – new vs used homes – will best suit your needs. The following are some helpful pros and cons to keep in mind when making your decision.

 

New vs Used Homes – New Homes

Pros

• New homes require less maintenance than used homes. Brand new appliances, wiring, plumbing, etc., means you won’t run into expensive maintenance or repairs after your purchase, or potentially, for years to come.
• Contemporary, market-friendly design elements give you the comfort of modern living and make your home easier to resell when the time comes.
• With pre-construction purchases, you can have the home built to your own specifications, helping you to feel more at home, and saving you time and money on remodeling.
• New homes feature better weatherproofing and more eco-friendly appliances, resulting in less impact on the environment, as well as on your wallet.
• New homes are built to satisfy current building codes, making them safer and less susceptible to costly damage from extreme weather.

Cons

• A new home can potentially cost up to 20% more than comparable houses on the used market.
• Construction companies mark up upgraded features.
• Newer homes and developments are often built further from amenities and infrastructure than existing ones.
• Moving into a new development means you could be dealing with construction, and a forfeiture of desirable elements like trees and a well-established neighborly community, for some time.
• Newer homes tend to occupy smaller lots than older homes, offering decreased privacy.

 

New vs Used Homes – Used Homes

Pros

• Used homes can cost 20% less than new.
• Used homes are much more plentiful than new homes, giving buyers increased variety of style, location, etc.
• Older homes give buyers more room to negotiate price.
• Older homes typically occupy bigger lots than newer homes, providing larger yards and more space between you and your neighbors.
• The older the home, the more well established the neighborhood. Trees and neighborly relations have had time to grow and flourish.
• Used homes are usually close to existing amenities and infrastructure.
• Older homes tend to feature more unique and charming design elements than new homes.

Cons

• Lower energy-efficiency means higher utility bills.
• Though disclosure documents should technically forewarn of any issues, you always run the risk of encountering new or hidden maintenance issues down the road.
• Used homes reflect the prevailing aesthetics of their time, which is to say, usually not those of today. They often feature open living/dining spaces, small bathrooms and closets, and kitchens without islands, all of which are unpopular on today’s market, and expensive to upgrade to current demands.
• Buyers of used homes sometimes run into problems with the title.
• Foreclosed homes are especially risky and problematic types of used homes that can involve long, complicated acquisitions and extensive repairs.

Whether your home-buying needs will be better met by a new or used home, our Authentic Real Estate Team has the experience and market access to help you find the right home, and ultimately close the best deal, for you.NEW VS USED HOMES: PROS AND CONS

A big consideration for homebuyers is whether to buy new or used. The right answer isn’t always obvious, and making the wrong decision can be costly. But an experienced real estate professional can help you decide what kind of – new vs used homes – will best suit your needs. The following are some helpful pros and cons to keep in mind when making your decision.

 

New vs Used Homes – New Homes

Pros

• New homes require less maintenance than used homes. Brand new appliances, wiring, plumbing, etc., means you won’t run into expensive maintenance or repairs after your purchase, or potentially, for years to come.
• Contemporary, market-friendly design elements give you the comfort of modern living and make your home easier to resell when the time comes.
• With pre-construction purchases, you can have the home built to your own specifications, helping you to feel more at home, and saving you time and money on remodeling.
• New homes feature better weatherproofing and more eco-friendly appliances, resulting in less impact on the environment, as well as on your wallet.
• New homes are built to satisfy current building codes, making them safer and less susceptible to costly damage from extreme weather.

Cons

• A new home can potentially cost up to 20% more than comparable houses on the used market.
• Construction companies mark up upgraded features.
• Newer homes and developments are often built further from amenities and infrastructure than existing ones.
• Moving into a new development means you could be dealing with construction, and a forfeiture of desirable elements like trees and a well-established neighborly community, for some time.
• Newer homes tend to occupy smaller lots than older homes, offering decreased privacy.

 

New vs Used Homes – Used Homes

Pros

• Used homes can cost 20% less than new.
• Used homes are much more plentiful than new homes, giving buyers increased variety of style, location, etc.
• Older homes give buyers more room to negotiate price.
• Older homes typically occupy bigger lots than newer homes, providing larger yards and more space between you and your neighbors.
• The older the home, the more well established the neighborhood. Trees and neighborly relations have had time to grow and flourish.
• Used homes are usually close to existing amenities and infrastructure.
• Older homes tend to feature more unique and charming design elements than new homes.

Cons

• Lower energy-efficiency means higher utility bills.
• Though disclosure documents should technically forewarn of any issues, you always run the risk of encountering new or hidden maintenance issues down the road.
• Used homes reflect the prevailing aesthetics of their time, which is to say, usually not those of today. They often feature open living/dining spaces, small bathrooms and closets, and kitchens without islands, all of which are unpopular on today’s market, and expensive to upgrade to current demands.
• Buyers of used homes sometimes run into problems with the title.
• Foreclosed homes are especially risky and problematic types of used homes that can involve long, complicated acquisitions and extensive repairs.

Whether your home-buying needs will be better met by a new or used home, our Authentic Real Estate Team has the experience and market access to help you find the right home, and ultimately close the best deal, for you.