New homebuyers are often faced with the choice of purchasing a new home or an existing home. There are many factors that potential homebuyer should consider before making a decision. The following list compares owning new homes to owning existing homes:
Design and Layout: New homes tend to have extras such as larger rooms, more bathrooms, and bigger closets. There are usually additional options such as paint color, type of cabinets, flooring, custom wiring for TV s, computers, phones, and more. Modern features like walk in closets and extra bathrooms are available when building a new home. In existing homes, you get the previous owners design and layout. Renovations and upgrades tend to be quite expensive. For those who enjoy heritage homes such as Victorian homes with their hardwood floors and high ceilings will prefer existing homes.
Maintenance: Although existing homes can be less expensive to purchase, they usually require more maintenance which will increase costs. New homes usually contain durable materials such as aluminum siding and pressure treated wood decks which require little or no maintenance for a number of years. New homes are often constructed with materials that require little or no maintenance. Purchase price for an existing home is usually more negotiable.
Expenses: New homes usually have very little or no costs associate with plumbing, roofing, wiring, and heating systems. Existing homes may require repairs and upgrades.
Warranties: Many homebuilders will provide warranties that can range from 8 – 10 years. These warranties will cover problems associated with construction problems. As well, new appliances such stoves and refrigerators will be under manufacturer’s warranty. Existing homes do not have warranties.
Energy: New homes have better windows, air filtration systems, improved insulation, and more efficient heating and cooling systems. Existing homes are less energy efficient. They usually have poorer air circulation and use much more energy.
Amenities: New home subdivisions are designed to offer many community extras such as nearby schools, parks, playgrounds, and swimming pools. Existing homes do not have that luxury.
Equity: Buyers gain equity while the house is being built. This is not the case for existing homes.
Protection: Depending on the area, new homes meet weather and geological standards for such events as hurricanes, tornados, earthquakes, flash floods, drought conditions, and more. Existing homes usually do not meet current weather and geological standards.
Moving In: Moving in is easier for new homebuyers. They are usually able to move in when the sale has closed and the house is completely built. Homebuilders will remove any debris. Buyers of existing homes often have to deal with cleaning, waste removal, and repairs.
Health: New homes tend to have better air quality and are clean when you move in Air filtration systems are modern.. Some existing homes may need to be cleaned. Items that often need to be cleaned include heating systems, carpets, walls, floors, and much more.
Safety: New homes are usually safer because they are built to accommodate modern smoke and fire alarm systems as well as high tech burglar alarm systems. For an existing home, the owner will have to upgrade to accommodate these features.
Purchasing a home can be one of the most exciting life investments. There are advantages and disadvantages to buying either a new or existing home. The best way to decide which home is best for you and your family is to make a list of what you are looking for in a home. Because it is such a major life decision, you want to make sure you are well informed so that you and your family can relax and enjoy your very own home.
Author Resource:-
New Homes Builder Company based in Southwestern Ontario. Visit in one of our offices at Guelph Homes. http://www.fusionhomes.com
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