New Home vs Used Home -- Which One Is For You?
This BankRate article best summarizes how to decide whether to buy a new home or used home.
The key considerations:
Locale: Older communities are usually easier for commute.
Price: Existing homes are usually less expensive and prices are more negotiable.
Move-In Complications, Advantages: You know what you buy for used homes but may take quality risks for new homes.
Neighborhood: New communities may be more homogeneous; older communities have morediversity.
Living Space and Design: Older homes may have more space, but new constructions tend to use square footage more efficiently.
Customization: You can decide what is in the new home.
Character: Certain flavors in older homes cannot be exactly replicated in new constructions.
Safety: New homes are usually adopting stricter building codes and are safer.
Landscaping: Find better landscaping in older properties.
Energy Efficiency: New homes are almost always more energy efficient due to new materials and technologies.
Amenities: New subdivisions may have perks like clubhouses and swimming pools.
Maintenance: Older homes mean more maintenance expenses.
Taxes: Newer homes tend to have higher property tax.
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