Here are some reasons to buy an existing home.
Lower
mortgage rates.
Existing homes can sometimes have lower mortgage rates than land
loans and construction loans and also may require less money down depending
on what you qualify for. This
may be avoided if you can find a contractor that is willing to build and
sell the property to you upon completion.
Time
frame. An existing home is ready to move into compared
to the time it takes for construction.
More
variety in home styles and construction.
An older home often has more personality, as
will the neighboring homes in the existing neighborhood.
Certain
housing materials are too expensive and are therefore not commonly found in
similarly priced new homes.
Do you have a weakness for hardwood floor, brick exteriors,
built-in cabinets or slate roofs? Do you like having a basement? You will
find these more easily in existing homes.
Existing
homes are in established neighborhoods.
This translates to better proximity to the city,
more mature landscaping and trees. The neighborhood personality is formed,
and better or worse, is a known quantity.
Here are some reasons to buy a new home.
New homes tend to have more
closet space, more and
better-designed bathrooms,
and better designed kitchens than existing homes.
Newer homes reflect the most modern, up-to-date thinking on space design
and budgeting.
New
homes tend to require less maintenance, and consequently have lower maintenance
costs. New homebuilders are very attuned to the advantages of easy, low
maintenance. These considerations are evident in their selection of building
materials, appliances and mechanical systems. Common examples include the
exterior siding, exterior trim, roof, and the air conditioning system.
New
homes tend to be more energy efficient. Considerations
such as solar orientation, double or even triple glazed windows, more efficient
heating and air conditioning systems and extra insulation can result in big
savings, especially over the long run.
The
consumer has more choices and can more easily personalize the building materials
and features. Much like buying a car, the consumer has
choices, often many choices, as to alternate floor plans, floor coverings,
colors, kitchen cabinets, and many installed "extras" such as
"central vacs", "intercoms" and "central media",
to name a few.
Many,
though not all, new subdivisions have architectural controls and covenants.
Often this translates into increased protection of property values. They may
also require membership in a community homeowner’s association, with mandatory
fees and assessments. Often there are restrictions as to exterior siding colors
and materials, parking restrictions, landscaping requirements, and limitations
as to satellite dishes.
