It goes without saying, but it is worth repeating, "Which is the best deal when buying a home - new or existing"?
The answer is not as easy as the question because it is in most cases a matter of personal preference. But for the sake of argument, let's look at a few elements that may help resolve the issue for you.
Recent studies show that twice as many people prefer new homes over existing homes. They prefer brand new properties or homes in pre-construction phase.
Here are a few reasons why:
- Ability to have the builder customize the home before construction is complete.
- New homes come with today's design elements -walk-in closets, eat-in kitchens, and large master baths, etc.
- Less immediate maintenance or repairs.
- New construction materials offer more energy efficiency which translates into lower utility bills.
- New homes are often equipped with the latest technology built right in.
On the other hand, here are a few reasons for buying that existing home over new construction.
- Brand new homes can cost more - as much as 20% more than a similar existing home.
- Those fantastic amenities found in new homes can mean more expense than you intended to pay.
- New construction developments and neighborhoods may be far removed from destinations like schools, supermarkets, or other essentials services.
- Often new homes have less charm and architectural detail and do not offer the lovely, quaint tree-lined older neighborhood.
- New homes are often built on smaller lots than most older homes which translates into less space between you and your neighbor and little if any backyard.
The bottom line in this matter is determined by the lifestyle you are seeking. You are not just buying a house; you are buying a home and a neighborhood.
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