When finding a place to settle down, the question of whether to buy an existing home or a new onecrops up. Both types of properties have certain advantages and disadvantages that you should be aware of. Here’s what you need to know about buyinga new home versus an existing property:
Buying new construction
The pros:
- New homes are customizable
The main advantage of new construction is that you can customize it to your liking. Aside from the floor plan, you also have control over features like the paint colors for the walls, the placement of light bulbs, and even the kind of flooring. - New homes are more efficient
Since these homes are new, they will have up-to-dateappliances, heating systems, and plumbing systems, which usually translates to better energy efficiency and lower utility bills. Many new homes also have smart home technologyinstalledor are smart home tech-ready. - New homes have fewer maintenance costs
New homes also need fewer maintenance and repairs as compared to a previously owned home. They also usually come with a home warranty backed by the builder, which covers issues with materials and workmanship.Because you won’t have to worry about repair costs, particularly during the first few years of ownership, this allows you to save more money on expenses.
The cons:
- New homes take a while to build
While the time it takes to build a home will depend on the builder, the weather, and the location, new homes typically take aroundseven months to construct. It can even stretch longer if issues or delays were to arise. - New homes have their limitations
Depending on the area where you’re planning to build, you might not be able to build your exact dream home due to space constraints and restrictions by property builders.
Buying an existing property
The pros:
- Existing properties give you a faster move-in time
Unlike new homes, with existing properties you can move into your home right after closing. This means that you won’t need to worry about temporary housing and spending extra on rent. - Existing properties are located in more established neighborhoods
Older homes are typically located in established neighborhoods. You will already haveinformationonthe type of neighborhood, the quality of the local schools, the level of noise and activity in the area, and so on. - Existing properties already have mature landscaping
With an existing property, the greenery hasalready been given a chance to thrive and grow, giving you a lusher backyard.
The cons:
- Existing properties may nothave everything you’re looking for
Finding an existing property that matches all your needs and wants may be difficult to find. The floor plan, in particular, will be difficult for you to change if you are not happy with the existing one. - Existing properties have more wear and tear
Owning an existing property may also require several upgrades and renovations. Some home renovations, no matter how simple, can already cost thousands of dollars. These can end up costing you if you don’t watch out.
If you’re still uncertain on the type of home to buy, let us help you decide. At Huntley Realty, we have more than 23 years of real estate experience and extensive knowledge about the different residential properties in Huntley, IL. Get in touch with us today at 847.669.4010 or send an email to [mail_to email=”homes@huntleyrealty.com”]homes@huntleyrealty.com[/mail_to].
