You may love the character of an old home. Or you may adore the smell of a brand-new home. Or maybe you’re not sure what you love. Regardless, I’m here to break down the pros and cons of each so that you can make an informed decision about which style home is best for YOU.

Existing Homes

When people start the home search, they often start by looking at what’s available on the market. I mean, why not look at what’s out there, right? Existing homes are typically available for move-in fairly quickly, as long as there is not a tenant in the property, or the owner does not require a temporary lease for after the closing. Thus, when people start the home search conversation, they often don’t have the luxury of waiting potentially six months to a year before they can move in.

Existing homes can range such a broad span in age as well. So if you like the older homes, you can conduct your property search with your eye out for something charming and full of character. There is something to say about moving into a property that has already helped other families for decades make memories. Continuing your own legacy and finding just the right home with just the right feel can be exhilarating.

All that to say, many homes nowadays are nicely renovated to feel like a new home. Updated carpet, fresh paint, new countertops and cabinets…all these qualities and more in an existing home can fit your style if you like the newer look. With these types of properties, you again do not have to wait as long to move in as you would with a new home that you’re building from scratch.

Furthermore, you can see comparable homes in the neighborhood and price your offer accordingly, with the help of a real estate agent. With an agent, you have the data to see what other houses have sold for already, so you can make an educated and informed offer.

KEEP IN MIND: Existing homes may have issues that occur with aging. Some sellers will remedy issues prior to selling, but some will not. This is why I recommend getting an inspection during the option period of a contract so that you can see if there are any needed repairs.

New Construction

But perhaps you like the idea of a blank canvas and the appeal of a neighborhood that is brand new. Maybe new construction is for you!

Many new neighborhoods are being developed all over the country. Over the last year with COVID-19, however, time frames for completion have increased again and again…and again. That, paired with an increase in materials costs, has made the process of building lengthier and more expensive in some markets.

As of now, though, many developments are starting to have a more accurate picture of completion dates and material costs. So the whirlwind of last year is starting to slow down, and more new construction homes are available and have shorter time periods of waiting to move in.

With these developments, you may have the option to customize your house the way YOU want it. So if you are extremely picky and not finding what you want in the available market, being able to talk with a builder about your specifics may add tremendous value to you.

KEEP IN MIND: New home developers may have pre-set floor plans that do not allow for changing due to zoning and code regulations. This is why it is important to have a real estate agent by your side through the process of finding a new build home. Your agent is there to advocate for YOU when speaking with various builders, who would all love for you to buy their home.

At the End of the Day…

Let’s say you’re just not sure what you would prefer. Well, that’s OKAY! A real estate agent can show you existing homes and can help you connect with builders. Take a look at both options and see what works best for YOU. Buying a home is a big decision. You are more than welcome to browse both the existing and new home market to see what fits your style and preferences.

Ready to download your FREE First-Time Home-Buyer Checklist? Click here and scroll down to fill out my contact form. Ready to start looking? Fill out my contact form, and I’ll reply within 24 hours.