Home Buying: Pros and Cons of New vs Used
Pros and Cons was originally published by our home building friends at McKee Homes, North Carolina
BUYING NEW VS. USED
If a big move is on the horizon for you and your family, then you may be debating whether to buy an existing home or new construction. It can be a tough decision. There are pros and cons to both options, and it ultimately comes down to what is important to you. Here is a look at some of the key factors to consider when making this decision.
The Pros and Cons of Buying a New Home
Without sounding too biased, there are quite a few advantages that come with buying new construction. And, in our opinion, they outweigh the cons.
Yes, building your own home can sometimes be more costly than buying pre-owned, and you may have to wait 4-8 months to move in (unless you buy a quick move-in home). But, new construction offers benefits that you simply can’t find in an existing home.
First, you’ll get to personalize your home to your exact needs and desires. From the finishes and fixtures, to the size, layout, color and more… There’s so much to choose when you build new.
Plus, a new home is just that – new. Which means there’s no need for repairs or renovations either (at least not for many years).
They’re also built with the latest energy-efficient technology and better construction materials, which can save you a ton of money on your utility bills. From the windows, doors and appliances, to the plumbing, electrical and HVAC system.
Everything is designed with energy savings in mind.
New homes are often built in new communities with state-of-the-art amenities like playgrounds, fitness centers, and walking trails. So, if an active lifestyle is important to you and your family, then new construction may be the way to go.
And finally, when you buy new construction, you’re also buying peace of mind. Your new house will have a warranty from the builder. So if something does go wrong, you’re covered.
Like we mentioned, the main downside is that they can be more expensive than existing homes and you can’t always move in right away. But, when you factor in all of the advantages, we think you’ll agree that new construction homes are worth the investment.
The Pros and Cons of Buying a Used Home
Now we wouldn’t be giving you a fair overview of the situation if we didn’t also mention the pros and cons of buying a pre-owned home.
The biggest advantage, of course, is that they’re typically less expensive than new construction. You may be able to find a fixer-upper for a fantastic deal. But, it’s important to remember that those low prices often come with the need for expensive repairs.
While existing homes may have some of the features and amenities that you’re looking for, they might not have all of them. You may have to do some serious renovations to get the home of your dreams — or even just to get everything functioning in a way that meets modern demand.
For example, plumbing and electrical systems in older homes are often not up to code. All will need to be replaced or retrofitted to meet current standards. That can cost many thousands of dollars.
Older homes also tend to be less energy-efficient than new houses, which means you’ll end up spending a lot more on your utility bills each month.
The bottom line is that there are pros and cons to both new construction and pre-owned homes. It really comes down to what’s most important to you and your family.
Which Option is Right for You
Weighing your options is smart shopping, but in the end, you have to go with your gut.
If you’re looking for a home that’s move-in ready and offers all of the features, finishes, and amenities that you desire, then new construction is probably the way to go.
On the other hand, if you don’t mind doing a little work to get the home of your dreams and you’re not as concerned about having all of the bells and whistles, then an existing home might be a better option for you.
We suggest asking yourself these questions:
- How much can I afford to spend?
- How quickly do I need to move?
- What features and amenities are most important to me and my family?
- Do I have the budget and time to improve the house after I move in?
Once you have your answers, you’ll be one step closer to finding the right home for your needs.
What to Look For When Buying a Home
As a practical matter, you’ll w
ant to pay attention to a few key things regardless of whether you’re buying new construction or an existing home:
ant to pay attention to a few key things regardless of whether you’re buying new construction or an existing home:Location: It’s important to find a neighborhood that you feel comfortable with and is convenient for your lifestyle.
Size: Make sure the house can comfortably accommodate your family currently, and in the future as your lifestyle and needs change.
Budget: In addition to the purchase price, don’t forget to factor in the cost of any necessary repairs or renovations, plus the monthly expenses that come with owning a home.
Warranty: If you’re buying new construction, ask about the builder’s warranty. If you’re buying an existing home, get a home warranty to protect yourself from expensive repairs.
If you’re considering building a home in Chattanooga, we encourage you to check out our Floor Plans. We build new construction homes across Hamilton County. We design our homes with families in mind. Core Homes come complete with all of the features and amenities that you expect from a new home. Contact our team today to start your homebuilding journey!
