Shopping for a new home leaves you with several options, including the option to build a home and also the option to buy an existing home. How do you decide which option is right for you and your family? Most people will agree that purchasing an existing home is more convenient and cheaper at the offset, but there are many compelling reasons to consider a new home rather than an existing home. Below are a few things for you to consider before you start your search for a home.
You Get What you Want when you Build a Home
The biggest reason to purchase a new home rather than an existing home is the fact that you get what you want from the start. An existing home is already structurally built and you may not love the layout. Who wants to invest hundreds of thousands of dollars into something they do not love? With the choice to build a home, you can change things with the assistance of a structural engineer or architect in order to make sure the layout will be structurally safe and sound.
You Have Better Energy Efficiency
Existing homes could be 20, 30, or even 50 years behind the times in energy efficiency. If you want to protect the environment while reaping the benefit of lower utility bills, you can make sure your new home is energy efficient. You get a say in the types of units that get placed in your house from the get-go and as an added benefit, the building materials are more environmentally friendly than they were in the past, which gives you a leg up on energy efficiency.
Fewer Maintenance Costs
Maintenance is a part of home ownership, but when you purchase an existing home that has decades of use behind it, you will likely have many more repair bills than you bargained for when you purchased the home. More often than not, what seems like a small issue turns into something much larger when you start digging into the issue. With a new home, however, you have the standard maintenance costs, but large replacements and repairs are usually put off for at least 10 years down the road, saving you money on unforeseen costs for at least a little while. As an added benefit, most new homes come with some type of warranty, which helps to offset those costs even further.
More Open Floor Plans
The homes of the past few decades are not nearly as open as the homes of today. An open floor plan has a large variety of benefits including a closer-knit feeling to your family even when they are in separate rooms as well as an easier time with entertaining. Both of these factors can play a large role in the satisfaction you get out of your new home. When you build a new home, you can control the level of openness your layout has so that you have the level of comfort and convenience that is right for you.
Higher Level of Safety
Older homes have seen a whole host of problems including asbestos, lead paint, and mold, all of which can pose a risk to you and your family’s health. New homes are built with newer and safer materials so that these issues are not a risk for you. Plus, you know what you are getting when you build a new home – with an existing home, you might not even realize the problems you are purchasing unless you pay for an inspection which not every loan program requires.
Whether or not you decide to build a home or purchase an existing home is a personal decision. You should take the time to weigh the pros and cons for your situation to determine what is right. Take a look at the new home options in your area, whether custom built or built within a community where you might get fewer options, but still have some say. You might find that a new home is much more affordable than you thought possible, especially when you look at the long run and the potential maintenance and repairs that an existing home may cost you.
Justin McHood is America's Mortgage Commentator and has been providing expert mortgage analysis for over 10 years.