House Hunters: Old vs. New

House hunting brings about a number of decisions for you to make. You have to choose the size, the style, the neighborhood, the numbers of bedrooms and bathrooms and the list goes on. It could literally go on forever. But before traveling down that brick road you may want to first consider something a bit simpler. Do you want to buy an older model home, or would you prefer new construction? There are, of course, pros and cons for each option and much to consider.

New Construction

While new construction may come off as a more expensive endeavor, it is important to consider both long-term and short-term costs. For instance, new homes are energy efficient. This could mean a higher up front cost, but the cost savings over time could be very beneficial. Here are a few more benefits to purchasing new construction:

» Flexibility on design and optional upgrades
» Extended warranties
» Fewer maintenance challenges
» Newer appliances and fewer repairs
» No one else has lived there…ever

Existing Home

Sometimes older homes feel more charming, and they are usually less expensive than a new construction home. Keep in mind, though, that while the up front cost is lower, the cost over time may be higher than a newer, energy-efficient home. There are some benefits, however to purchasing an older home.

» More choices and styles to choose from
» Better negotiating power on price
» An idea of any known issues
» Charm and character

Making the Decision

The decision for a new construction home over a resale home will always come down to your preference. If you plan to keep your home for more than five years, new construction may not be a bad idea. You will take a bit of a hit up front, but you will see your investment pay off over time. Contrarily, if you are only on the market for a starter home, there may be some benefit for you to take the up front savings on an older model home. Either way, the most important choice you can make is to do the proper research on both options.

Contact a 123 My New Home agent to get sound advice and direction when making your decision.

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