Homebuyers face an initial decision when purchasing a home: do they want a new construction home they can customize and make their own or are they looking for an existing home?
New construction and existing homes each have their pros and cons that buyers should be aware of. Here’s a look at some considerations when selecting between the two.
New Construction Home Pros
There are so many reasons to consider a new construction home. Here’s a look at some of those reasons.
1. Modern Floor Plan
The newer the home, the more modern its features will be, including the floor plan. If you want an open floor plan, you’ll certainly be able to find it with new construction, but that’s not to say you can’t also find a builder willing to work with you for a traditional layout.
Plus, newer homes tend to have better home offices as remote work has become a mainstay for most homeowners. Some flexible floor plans even leave room for a second home office if you need the space.
Modern homes are often brighter, allowing more natural light inside thanks to more windows that are larger.
2. Opportunity to Personalize the Finishes
While many new construction homes aren’t completely custom, they do allow the buyer to choose some of the finishes, such as countertops, appliances, lighting fixtures and more. You might add some expense to your final budget for the home, but many homeowners appreciate the opportunity to make it their own.
3. Better Energy Efficiency
When everything is state of the art, you’re more likely to have an energy-efficient home from the windows installed to the appliances selected. This means you’ll have lower energy bills but also that you’re doing your part to care for the environment.
4. Less Maintenance in Initial Years
Newer homes don’t have the maintenance requirements that existing homes do because everything is brand new. You can enjoy several years of just living in your new home without the headaches of updating tired aspects of the home.
5. Home Communities
New construction home communities feature modern amenities, including walking trails, parks, community fitness centers, pools and more. While you won’t find this in all new home communities, it is far more popular than it used to be.
New Construction Home Cons
While there are many reasons to love a new construction home, there are also some cons to being a home’s first occupant. Take a look.
1. Higher Upfront Cost
You’ll pay more per square foot for new construction homes. But with that comes the knowledge that you won’t have to invest money into repairs right away, so in some cases, it pays off in the long run. You’ll just have to be ready with a larger down payment when you purchase new.
2. Farther Outside City Centers
Most cities are well established with homes built around them. That means that new construction is farther out from city centers, leading to longer commutes for the average buyer. Depending on the area’s maturity, you might be looking at longer distances to the grocery store or hardware store until the area grows.
3. Landscaping is New
Existing home communities have the luxury of large trees and mature landscaping. In contrast, new construction homes might still have some dirt piles while new homes go in place with smaller 10-foot trees lining the boulevard while the community matures. It will take some time for the landscaping to fill in and look great.
4. Risk of Delays
New construction is somewhat unpredictable. Weather delays, issues with getting materials and labor shortages could all lead to delays in your move-in date. When you go this route, you need to have greater flexibility in when you move.
Existing Home Pros
Now let’s look at some of the benefits of purchasing an existing home as you weigh your options.
1. No Risk of Delays
When you enter a contract with a home seller, you know that your move-in date is firm. You won’t encounter surprises and be left wondering where you’ll live between the sale of your existing home and getting access to your new home.
2. Mature Neighborhoods
You don’t have to worry about moving into a construction site. Existing homes offer mature landscaping, large trees and the knowledge that the homes that are there will stay there. Construction equipment won’t be driving down your neighborhood on the way to build the next home.
3. More Affordable Per Square Foot
Existing homes tend to cost less per square foot than new construction homes. This can make the home of your dreams more affordable and in line with your budget.
4. Location
You can get much closer to city centers when purchasing existing homes. Urban areas tend to be already built up, meaning your only option is to purchase an existing home if you want to be close to it all. You’ll have greater location flexibility if you opt for an existing home.
5. Fewer Design Decisions to Make
While some people love designing homes, others dread it. If you’re in the latter category, you’ll like knowing that an existing home already has every detail decided for you. In some cases, that means a project to redo something that isn’t quite your style. But that decision doesn’t face you while you’re trying to move.
6. Unique Architecture
Existing homes can date back many years and give you a unique home that will wow your guests. Some home features just don’t exist in modern construction, which can add some charm to these older homes.
Existing Home Cons
Before you decide whether an existing home is for you, also consider these cons for this home option.
1. Floor Plans Aren’t Modern
You might be able to find remodeled homes that have a more modern floor plan. But for the most part, older homes have outdated floor plans and will lack some of the nicer features, like ample large windows that let in natural light. However, you can also be the one with a vision for an older home and complete a remodel to make it uniquely you.
2. Outdated Designs and Fixtures
Don’t worry, outdated fixtures, wallpaper that is unsightly or countertops that look like they belong in the 80s are all things you can fix. You just have to be ready to take on the project. Some older homes have larger challenges though like old wiring and a lack of infrastructure for adding smart technology. That will be a larger undertaking to upgrade, but certainly not impossible.
3. Poor Energy Efficiency
Energy efficiency has come a long way in the last 20 years. You can do a lot with older homes when updating windows, siding, wiring and appliances. But there is only so much you can do to upgrade the energy efficiency of older homes. Know those limitations going in and budget for higher energy expenses.
4. Unexpected Repairs and Ongoing Maintenance
The older the home the more maintenance it will likely require. Plus, you might need to start budgeting for large updates, such as a new roof, siding or HVAC. These features only last so long and you want to ensure your home is well protected. Be ready with some savings to care for an older home.
Experts to Help You Decide What’s Best for You
Warren Bradley Partners is a team of realtors with decades of experience selling and buying homes in Middle Tennessee. Whether you want something super specific or need help narrowing your search, you’ll find the expertise necessary from this skilled team. Get in touch now to get started.
