Should you buy an existing home, or should you buy or build a new one? There are a few points to consider before making this decision.
- The upfront costs. Existing homes will carry normal closing costs as the price of the down payment. When it comes to new homes, these costs tend to be higher. One reason for this is that the price per square foot will be elevated in a new home. However, you might pay lower taxes on a new home for your first year.
- Maintenance. Existing homes tend to have more wear and tear and therefore will carry higher maintenance costs. This isn’t a case in a new home though. Because everything in the home is brand new, you won’t have to worry as much about things breaking down as quickly as they could in an existing home. “People living in homes built since 2000 generally spend 21% less on energy costs.”
- Landscaping. One benefit of buying an existing home is that they often come with better-established landscaping. New homes are often in newer neighborhoods, which generally lack established landscaping.
- Energy efficiency. In the past, homes simply weren’t built with efficiency in mind the way they are now. This means you’re going to be spending a little more on energy. Newer homes tend to be much more efficient. In fact, people living in homes built since 2000 generally spend 21% less on energy costs. Newer homes also come with cool features like tankless hot water heaters.
Ultimately, the best way to determine which type of home would be best for you is to talk to a Realtor.
If you have any other questions, would like more information, or would like us to help you decide whether to buy a new or existing home, feel free to give me a call or send me an email. I look forward to hearing from you soon.