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Previously Owned Vs Brand New Houses

Previously Owned Vs Brand New Houses

There are many different considerations when purchasing a home and some are more important than others. Some people like to live downtown while others want a home with a pool. Do you have children and are looking for a highly regarded school? Do you want to have easy access to freeways and other infrastructure? For some individuals the question of paramount importance is whether to purchase a new or used home? When weighing the pros and cons there are many different benefits and drawbacks either selection.

Considerations for New Homes

Buying a new home has many significant advantages which way heavily on home buyers minds. First and foremost is the freedom to customize the home to a buyers specifications. It can be incredibly empowering to select every aspect of a new home such as the types of cabinets installed or the quality of carpet. Do you want a shingle or tile roof? Is radiant floor heating an option you might want as an upgrade? The possibilities really are endless and that's not even include options like moving walls and installing garden tubs. This of course is next to impossible to do in a used home.

Another benefit which can weigh heavily in the decision-making process is having a home warranty should anything go wrong. The structure and foundation are normally covered under a 10 year warranty and everything else typically falls under a one-year warranty. If you worry about moving into a home and a toilet starts leaking or a dishwasher stops working then you will want a warranty. It's the same reason why some people more comfortable purchasing a new car instead of used car. Having the support and experience of a large organization to fix any problems that may arise is absolutely necessary in some home buyers minds.

Considerations for Used Homes

On the surface it may not seem like used homes, also commonly referred to as pre-owned, would have many things going for them. That of course is not true and just looking under the surface you can see a number of significant advantages over a new home. If money is a concern then a used home is nice because more often than not window coverings are already installed and backyard landscaping is already done. It's more of a turnkey operation where once you sign the paperwork you can move your furniture in and it's as if you've always lived there.

Used homeowners will often be more flexible about pricing and other concerns than a large home builder would be. Depending on the request, they will often make changes or adjust the price down due to information resulting from a home inspection or the desire to sell. Home builders are much more of a retail operation with little to no pricing flexibility or incentive to negotiate terms. Because it is a person-to-person sale, everything is on the table from price to closing costs to upgrades or repairs when buying a used home.

Which To Choose

There are of course even more factors involved when choosing to buy a used versus new home. New homes can only be constructed where land is available which may push you further into the suburbs while existing homes may be closer to downtown or your work. New homes can be watched and photographed during construction which helps with modifications while existing homes are sometimes a Pandora's box of unexpected and expensive surprises. New homes are always more expensive while existing homes can be found as fixer uppers and paid for in sweat equity instead of cash.

Buying previously owned houses versus brand-new houses is more than just a matter of preference. As you can see there is a multitude of different factors at play which can swing a homeowner in either direction. It is not unheard of for a prospective new home buyer to buy a previously owned home or vice versa because what was more important wasn't available in their initial preference. Keep an open mind when looking at homes because you may wind up purchasing something you didn't expect and being better off for it in the long run.

Image by: PorterSIPs