It is common for potential homeowners to decide between buying a pre-existing home or new construction. With so many variables presented in favor of both options, it is difficult to discern which type of home is suitable for new owners. Explored are the exciting positives and potential pitfalls new homeowners may face when making a purchasing decision that impacts their future.

A few key items for new homeowners to consider when buying a pre-existing home or new construction are:

  • Location and neighborhood – Depending on the liveliness of the neighborhood, choosing an older home is best when looking for a more established community and culture within the epicenter of an urban area. More established areas also tend to have more diversity of people, from single renters to older homeowners and families. Newer constructions mean less established neighborhoods that are typically located on the outer reaches of urban areas. Commuting to and from work, school and general purpose shopping centers is also a consideration.
  • Price and energy efficiency – Costing less than new construction homes, pre-existing houses often cost less per square foot. Prices for pre-existing homes also tend to be more negotiable. However cost effective these established houses may be, new constructions offer more overall energy efficiency. Updates to building materials and technology that regulate in-home energy consumption make new construction homes less wearing on the pocketbook.
  • Living space, design and customization – For many new homeowners, customization is a key factor when buying a pre-existing home or new construction. Picking a new wall color, installing custom wiring for stereos and televisions, creating walk-in closets and bathrooms are all viable options when owning a new construction home. These items may be limited or altogether excluded when owning a pre-existing house due to the established construction and wiring system. New homes also tend to promote a more efficient use of space than many established homes.
  • Maintenance – Maintaining an established home may pose difficulties if its previous owner was not diligent with upkeep. Newer homes have fewer maintenance issues but still need to settle into their newer foundations.

The prospect of becoming a new homeowner is thrilling and all new owners should be aware of the many factors when buying a pre-existing home or new construction as outlined above.