New Construction vs Pre-Owned Home

Choosing your new home is a really important decision, and one that shouldn’t be made lightly. A home is often a long-term investment, so you want to make sure you choose what is right for you. Among the many choices you’ll have to make, you’ll have to decide whether you want a new-construction home or a pre-owned home. A new construction home is one that no one has lived in or a home that has yet to be built. A pre-owned home is just as you might expect: it’s already had owners that have lived in it. Both options are great, but you’ll have to decide what’s best for you. Let’s discuss the pros and cons to both types of homes.

Price

According to an article by U.S. news, the average sale price of a pre-owned home in September of 2022 was $391,00, whereas new homes averaged $517,700 in the same month. Generally, new homes are more expensive. With pre-owned homes, you know exactly what your costs will be by the end of the transaction, but when you purchase a new home from a builder, there may be a lot of unexpected costs you didn’t anticipate. Furthermore, you may need to put down a significant amount of money for the builder to take on the job. As far as price goes, pre-owned homes beat out new ones. If you’re stressed about the down payment, check out this article on down payment assistance programs.

Timeline

It will typically take longer to get into your new home than into a pre-owned home. With a pre-owned home, you just have to wait for the owners to move out, whereas with a new home, you might have to wait for them to build the entire house. This can be frustrating if you’re in a hurry to move in, but if you have time to spare, then waiting for your new home might not be so bad after all.

Customization

Of course, new homes will have to take the cake on customization. If you’re purchasing the home before it’s been built, you can choose which layout you want and make the customizations you’d like to ensure your home is just what you want. While you can do renovations on a pre-owned home to knock out walls or add new ones, it’s going to be much simpler to create the home you want before it’s been built. Plus, you may be able to incorporate elements in a new home that you couldn’t do by simply renovating a pre-owned home. To learn more about what kind of home you do want, read this article on finding the right sized home for you.

Location

With a new home, you may be able to choose a plot of land that you really like and be one of the first in a new community. However, pre-owned homes may be in more desirable locations, as communities are more likely to have already been established in the area surrounding the pre-owned home.

Maintenance

Maintenance will most likely be easier in a new home, since it will be full of new systems. You may have to replace systems in a pre-owned home sooner and deal with more issues. Of course, new homes aren’t exempt from maintenance problems, but they’re more likely to hold out for longer.

When deciding on a pre-owned home or a new build, it ultimately comes down to what is right for you. Pre-owned homes are often more accessible for first-time buyers who may not have a lot of extra cash, but new homes offer customization and built-in modern systems. Take time to consider both options and enjoy the journey of homebuying. For more information on how to buy a home, check out this article.