If you are considering buying a home, then you have probably been pondering the age old question “should I buy a new home or an existing home”? This is a decision that everyone who is looking for a home must make.
There is no right or wrong answer and the best way to determine what is right for you and your family is to list the pros and cons. At this point you may or may not know the pros and cons of each scenario, so here are a few things that will help you make that decision.
Pros of purchasing a new home:
• New home warranty – they are usually around 10 years
• Home has never been lived in
• You can customize your new home
• New everything
• Modern features
Cons of purchasing a new home:
• The landscaping may be non-existent or minimal at best – many times sod is not included
• Upgrades will add more to the price of the home versus buying an existing home that already has them included in the price
• Often the window coverings are not included
• New homes usually have smaller lots
• New homes are usually built on the outskirts of the suburbs
• Usually more expensive than an existing home
• The tax rate could increase significantly as the value of the home will generally increase quite rapidly on a new home. This will result in you having to pay higher yearly taxes that you may or may not be able to afford. This could potentially add hundreds of dollars to your monthly payment each year depending on how much the value of your home increases
Pros of purchasing an existing home:
• Many people prefer an established neighborhood
• Mature landscaping and trees. Grass has already been planted and has matured
• Window coverings are usually already in place
• The homes upgraded features have already been paid for by a previous homeowner
• Any builder defects have already been discovered and handled
• Existing homes generally have larger lots
• An existing home will more than likely be in a more convenient location
• Generally an existing home is less expensive than a new home
• An existing home has a history so you can see how much the property has appreciated over the years. However, this does not guarantee future marketplace performance
• Existing homes usually have lower tax rates and the rates do not increase as rapidly as a new home. The home values do not rise as quickly as they do on a newly built home
• You will usually be able to get a larger home for your money
Cons of purchasing an existing home:
• No new home warranty. However, sometimes the home will have a one year warranty included as part of the sale
• Ongoing maintenance. An existing home, depending on the age, may have major items that will eventually need to be replaced. These can be costly
• May have a termite issues or other wood destroying insects
• The neighborhood could possibly decline a little more quickly than a new neighborhood
• It may not include the huge master suite, deluxe baths and more modern amenities like most new homes have
Well, there you have it. I hope this helps you decide what is right for you and your family. This is a very hard decision for most people. So talk to your realtor about helping you decide. Your realtor has years of experience and will be able to give you some much needed insight on this subject.
Tags: Ashburn VA, foreclosed homes for sale, homes for sale by owner, homes for sale virginia, houses for sale in virginia, Leesburg, Leesburg VA, Leesburg VA homes for sale, Leesburg VA residential investment properties, loudoun, mortgage, mortgage loan disclosures, mortgage loans, new homes for sale, Northern Virginia residential investment properties
HelenaTalbot 
Leave a comment