New Builds vs. Existing Properties: Which Is Better?
When it comes to finding your dream home, one of the fundamental decisions you’ll face is whether to opt for a newly constructed property or an existing home.
Each choice has its own set of advantages and considerations.
In this blog post, we’ll explore both options, helping you make an informed decision based on your unique needs and circumstances.
New Build Homes: The Pros and Cons
Pros:
There's an undeniable allure to being the first resident in a newly built home. Everything is pristine, untouched, and built to the latest codes and standards. You avoid inheriting any lingering maintenance issues or outdated systems/appliances. Customization is another key draw - you can select design finishes like flooring, fixtures, countertops and paint to perfectly suit your aesthetic. Smart home technologies, energy-efficient features, and modern open layouts are easier to incorporate from the start as well. Newly constructed communities also often boast desirable amenities like pools, parks, walking trails, and clubhouses you won't find in older neighborhoods. Developers build planned communities with an overall cohesive look and feel. Infrastructure should be in good shape too since it's all brand new construction. Lastly, with everything brand new, maintenance requirements are minimal at least for the first few years.
Cons:
The flip side is that new homes usually cost more - both the home price itself and the opportunity cost of waiting for it to be built. And while new homes are built to code, construction quality can vary across different builders and developments. Amenities wise, you might not have as many options as living in a busy established area. Some people also dislike the lack of characters in newly built homes as they do tend to have a more cookie cutter like appearance as compared to some of the unique charms from older homes.
Existing Properties: The Pros and Cons
Pros:
There's something to be said for a home's lived-in comfort and established community roots. Existing properties come in all types, sizes and architectural styles to suit different tastes. Mature trees and landscaping can provide idyllic curb appeal too. Surrounding neighborhood amenities and infrastructure are already in place and familiar. Resale properties are moveable on day one without construction wait times. They also tend to offer better pricing value compared to the cost premiums on newly built homes. A professionally inspected previously owned home can be just as reliable as new with routine maintenance and system replacements.
Cons:
However, older homes do require more immediate repairs, renovations and upgrades. Appliances, mechanicals and finishes may need replacement early in ownership. Floor plans and layouts can feel dated as well. Attending extensive remodeling needs will surely reduce flexibility in the first home purchase.
Location
When it comes to newly constructed homes versus existing, available inventory selection in your desired location may ultimately drive your choice. New home developments tend to be concentrated in suburban peripheries with expansion potentials. For buyers targeting urban centers and established areas, the resale market is likely the only option.
Likewise, for certain areas with housing shortages, buying a new-build could mean compromising on your preferred neighbourhood, school district, work commute or local amenities. Strategically choose your ideal locations first, then weigh in new vs used homes available where you intend to settle.
Whether you choose a new build or an existing property, it’s essential to align your decision with your financial goals, lifestyle, and investment aspirations. At Investors Mortgage, we’re here to guide you through the process and help you find the perfect home financing solution. Reach out to our experts today!
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