Existing Homes vs. New Build Homes: What You Need to Know

Existing Homes vs. New Build Homes: What You Need to Know

  • 03/30/18

When it comes to home buying, it's important to consider the pros and cons of each house you see.

Older homes may have character but come with more maintenance in comparison to a newer home.

Is a home that may be expensive to maintain and renovate the right one for your family?

Read on and find out.

Benefits of Old Homes

One of the biggest benefits of purchasing an old home is that the house is usually well established.

The property is likely solidly constructed. Older homes may have been constructed by hand and will have survived many years worth of inclement weather.

Existing homes are often described as having "character." They also may benefit from prime locations. Most likely, they'll have mature vegetation and larger lots.

Large lots mean more flexibility for buyers. You could add a garage or garden shed and maybe even a pool.

Older homes are often cheaper than new build homes too.

This cost decrease can be as much as $60,000 less than a new home.

Cons of Older Homes

There are some definite downsides to buying an older home with character though.

Older homes can be hard to maintain and fix. Sometimes, there may be something you can't fix yourself. These repairs may mean finding a specialized professional and incurring additional costs.

Existing homes can also be expensive to renovate. The average cost of renovating an older home is around $40,000, making this a pricey endeavor for many homeowners.

While old homes can seem fun at first, there are some definite issues to consider. Always have a home inspected and make sure you're prepared to tackle any big issues that may turn up.

Benefits of New Build Homes

New build homes are designed to last for a while. New construction means a homeowner will not have to worry about installing a new roof or updating furnaces and water heaters for at least ten years.

New homes have modern conveniences, such as the latest appliances and featuresas well as up-to-date utility systems.

It's very easy to customize a new home to fit your family's needs which is a huge benefit.

New homes are also going to be more energy efficient than older homes. They'll have been built with newer building materials and will have better insulation due to current building codes which can lower your energy costs.

Cons of New Build Homes

While new homes benefit from the modern amenities we all love, these modern touches can also be a downside for some homeowners.

New construction may suffer from looking similar to other homes around them, creating a cookie-cutter effect. They'll probably be located on smaller lots and be further from points of interest.

Small lots will have immature greenery if any. Time is also something to consider. A new home takes a long time to build. It'll be hard to find a move-in ready new construction home that meets your every need.

While these are not necessarily end-all negatives, they should be considered.

It's always a good idea to know what you can afford. Having a list of desired needs to give to your realtor is encouraged.

Let Us Help You

There are some definite benefit benefits of buying older homes versus new homes, but it involves weighing your lifestyle and needs with your budget.

Our experienced realtors will help you consider every aspect of the homes we show you. We'll help you find the right home for your family, whether it be new or old construction.

Wonica Realtors & Appraisers are Staten Island's #1 independent full-service real estate firm, serving the needs of the community for over 30 years. Whether you're buying, selling, renting or relocating, our staff of highly trained professionals will provide quality realty services with personal attention to your individual real estate needs.

Work With Us

We help you understand the market and where to price your home for a fast sale. Our REALTORS® are familiar with the trends so they can help you appeal to a variety of potential buyers.