Real Estate 4•1•1: New or existing construction

New or existing construction

Although most homes for sale are resales, one out of four homebuyers purchases a new home. Which is better: existing or new? The answer, of course, is up to you. Both resales and new homes offer advantages. Existing homes are less expensive, on average, are generally closer to, and enjoy the warmth and surroundings of, established neighborhoods. New homes, on the other hand, offer innovative use of space, modern energy efficiency and choices of options and upgrades. What’s more, everything is new, even the neighbors.

The choice that is right for you depends on many things: your finances, your family composition, your lifestyle and your taste. Most buyers consider both new and resale homes before they decide.

In weighing factors before selecting new construction or existing homes, there are a number of considerations. In addition to the well-established neighborhoods and lawns of older construction, there are condition issues, as well. Before purchasing existing construction, hiring a professional home inspector is recommended. A lovely outside can hide problems that may be lurking on the inside. Repairs can be large-ticket items. You do not want to purchase a home and have to make major repairs right away. You should discuss with your REALTOR® whether a warranty can be included with the purchase and what it would cover.

When purchasing an older home, consider:

Age and condition of the roof. Typical life, 20 years.
Age and condition of the heating/cooling systems. Typical life, 15 years.
Age and condition of the structure.
Is wiring up to code?
Does house contain lead-based paint?
Condition of plumbing.
Condition of foundation (including record of repairs).

Do not let the age of a property deter you from purchasing it if it has been well maintained and is in a desirable area. Older homes provide amenities and charm that simply cannot be duplicated in many new neighborhoods.

Of course, new construction is warranted by the builder, as are the appliances and mechanical systems. Landscaping and lawns will grow-in, and the home will soon have the beautiful setting you desire. Floor plans of new construction typically mirror a less formal lifestyle and provide open, casual spaces that flow seamlessly. For those wishing for relatively low maintenance, new construction is a good solution.

Regardless of your tastes, your REALTOR® can show you a variety of new and existing construction that addresses your desire and can assist you in evaluating each.

Real Estate 4•1•1 does not establish due diligence on authors and advertisers and cannot guarantee that their writings or claims are correct or suitable. Views and advertising contained in Real Estate 4•1•1 are not necessarily endorsed by the Mississippi Association of REALTORS®. The information contained within should not be construed as a recommendation for any course of action regarding financial, legal or accounting matters by the Mississippi Association of REALTORS®, Real Estate 4•1•1 or its authors.