Comparing New Homes and Existing Homes

When you decide to buy a home before the mortgage rates shoot up to high, one of the main decisions you will need to consider is if you want to purchase a new construction home or a resale home. This can be one of the most essential decisions you will need to make because it can help make you more comfortable with your choice. In order to make an informed decision, knowing the difference between the two types of homes will help you find the one that is right for you.

New Homes Have Modern Safety Features
When you decide to purchase a newly-constructed home, you can expect to find some of the most updated safety features within that home. When there are more safety features, there tends to be fewer hazards and this creates a better overall atmosphere for the entire family.

Existing Homes Often Have More Property
These days, it’s difficult to find a newly-constructed home with a huge backyard or any significant property. This is because today’s homes are typically built closer together. However, with older existing homes, you can usually find a larger yard for the kids or pets to roam around.

Resale Homes are Often Less Expensive
Many of the pre-owned homes that are on the market today have a lower price than the new construction homes. One of the reasons is because they don’t have the modern features that today’s new construction homes have. Also, depending on the state you live in, resale homes may also have less expensive property taxes.

Newly-Constructed Homes are More Efficient
Energy-efficiency is one of the things that today’s home builder has in mind when construction new homes. Today’s appliance manufacturers and window manufacturers make their products to save the consumer on electric and heating bills. With better windows, the new homes are better insulated, too.

Resale Homes have More Traditional Styles
Newly-constructed homes typically do not have the traditional feel that older homes have. You may be missing out on a formal dining room and other special features that are typical of homes from yesteryear.

Existing Homes have More Negotiable Prices
It is generally less difficult to negotiate a price on an existing home because the newly-constructed homes are in higher demand. In many cases, the builder is also involved in the negotiations with a new home so it is difficult to bring the price down too far. This means that you could possibly get more home for your buck by choosing to go with a resale home over a new construction.