Buying New Build Vs Pre Existing Home

DESMOND MCCLINTON September 11, 2022

When you’re in the market to buy a home, it can be tough to decide what type of property is right for you. Do you go for a brand new build, or do you hunt for a pre-owned home that’s already been established? In this blog post, we’re going to take a look at the pros and cons and at the key points of comparison of buying each type of property or buying each type of property, so that you can make the best decision for your needs. Happy house hunting!
 
One of the main factors you’ll need to think about when deciding between a new build and a pre-owned home is cost. In general, brand-new homes will be more expensive than older ones. This is because you’re paying for the materials, labor, and land required to construct the property from scratch. Of course, there are always exceptions to this rule – depending on the location, desirability, and other factors, you might find that a particular pre-owned home is actually more expensive than a new building in the same area. However, in general, you can expect to pay more for a new build.
 
Another cost consideration is that with a new build, you might have the opportunity to take advantage of incentives offered by developers. For example, they may offer to cover closing costs or include certain upgrades in the purchase price. With an existing home, you’re unlikely to get any such incentives.
 
The next thing to think about is financing. When you’re buying a new build, you might be able to take advantage of special financing options that are offered by developers or builders. For example, they may offer interest-free loans for a certain period of time or other creative financing options. With an existing home, you’ll generally just have to take out a standard mortgage from a bank or other lender.
 
If you buy an existing home, it’s likely that you’ll need to do some repairs or renovations at some point. This can be anything from fixing a leaky faucet to gutting and remodeling an entire room. With a new build, on the other hand, everything should be in tip-top shape – although, of course, there’s always the chance that something could go wrong.
 
Another thing to think about when deciding between a new build and an existing home is warranties and guarantees. When you buy a new build, it should come with a warranty from the builder or developer. This will cover any defects in materials or workmanship for a certain period of time – usually at least one year, but sometimes up to 10 years. With an existing home, you’re unlikely to get any sort of warranty, although the seller may be willing to offer a limited warranty on major systems like plumbing or electrical.
 
 

Cons of Buying a New Build

  1. New-construction homes can be more expensive than existing homes
  2. The build process can take longer than expected
  3. There may be hidden costs associated with buying a new home

Pros of Buying a Pre-owned Home

  1. Pre-owned homes are often more affordable than new-construction homes
  2. The home-buying process is usually shorter for pre-owned homes
  3. You may have more negotiating power when it comes to the price of a pre-owned home
 

Pros of Buying a Pre-owned Home

  1. Pre-owned homes are often more affordable than new-construction homes
  2. The home-buying process is usually shorter for pre-owned homes
  3. You may have more negotiating power when it comes to the price of a pre-owned home

Cons of Buying a Pre-owned Home

  1. It can be difficult to find a pre-owned home that meets all of your needs and wants
  2. Pre-owned homes may not be as energy-efficient as new-construction homes
  3. You may have to do more repairs on a pre-owned home than on a new build home
No matter what type of home you decide to buy, be sure to do your research and work with a reputable real estate agent. With the right team in your corner, you’re sure to find the perfect home for you and your family.
 
As you can see, there are a few key considerations to think about when deciding between buying a new building or an existing home. It’s important to weigh all of the factors before making a decision – after all, this is one of the biggest purchases you’ll ever make! We hope this blog post has been helpful in your decision-making process. Happy house hunting!

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