Buying A New Home Verses An Existing Home
2:22 AM
Now that you have decided it's time to purchase a house, it's time to examine your options. When you are out looking for home you will likely look at both a new house and an existing home. Before you make your decision, you should consider the pros and cons of each type of property. These are some points that you should keep in mind before submitting a purchase offer.
New Constructed Homes
New constructed houses have good quality control standards, current construction codes, and better energy efficiency than many existing homes. They often carry a one year or longer home warranty and good financing choices. The downside is that while they are easy to buy, it is often hard to sell them for a few years. This is usually due to the builder continually building more new homes in the subdivision.
There are many reasons why new homes traditionally carry a higher price tag than older homes. Home buyers can often purchase a new home with little money out of pocket. Builders and developers often package in thousands of dollars of upgrades and incentives to lure in buyers. New homes in new developments often have a bland feel and offer little in the way of shade trees like older neighborhoods would offer.
Older Homes
Existing or often called older homes are generally purchased from other homeowners who are trying to sell. These houses have been lived in by either the homeowner or a renter. These homes may or may not have better construction methods which make having the home inspected very important. The homes utility bills can shed some light on how efficient the home is. You can obtain any renovation history from the current homeowners. Some people like the character that they say older homes have compared to older homes.
Existing homes are mainly located in neighborhoods where there are established school systems and neighbors who look out for one another. The yards have tall trees which provide plenty of shade and help to create that at home feeling. They often are much easier to resell soon after you buy one as the demand for homes in the neighborhood are high.
By evaluating your families needs you'll have a better shot at determining where to focus your efforts when buying a home. Only after doing so will you be able to determine if a new home or an older home is right for you.
New Constructed Homes
New constructed houses have good quality control standards, current construction codes, and better energy efficiency than many existing homes. They often carry a one year or longer home warranty and good financing choices. The downside is that while they are easy to buy, it is often hard to sell them for a few years. This is usually due to the builder continually building more new homes in the subdivision.
There are many reasons why new homes traditionally carry a higher price tag than older homes. Home buyers can often purchase a new home with little money out of pocket. Builders and developers often package in thousands of dollars of upgrades and incentives to lure in buyers. New homes in new developments often have a bland feel and offer little in the way of shade trees like older neighborhoods would offer.
Older Homes
Existing or often called older homes are generally purchased from other homeowners who are trying to sell. These houses have been lived in by either the homeowner or a renter. These homes may or may not have better construction methods which make having the home inspected very important. The homes utility bills can shed some light on how efficient the home is. You can obtain any renovation history from the current homeowners. Some people like the character that they say older homes have compared to older homes.
Existing homes are mainly located in neighborhoods where there are established school systems and neighbors who look out for one another. The yards have tall trees which provide plenty of shade and help to create that at home feeling. They often are much easier to resell soon after you buy one as the demand for homes in the neighborhood are high.
By evaluating your families needs you'll have a better shot at determining where to focus your efforts when buying a home. Only after doing so will you be able to determine if a new home or an older home is right for you.
About the Author:
Hubert Miles is a free lance writer and webmaster for several financial websites. For more information on Personal Finance Blog and Money Blog.
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