Should you buy a new home or an existing home? Today I’ll discuss the pros and cons of each option.
When you buy a home, you have two choices: Should you buy a new home or an existing home? Which one is cheaper?
In reality, the cost of each option is specific to each neighborhood, but here’s the thing to know first: When you buy a new home, you have control over certain features the house will have. For some, the prospect is exciting and for others, it’s terrifying.
This does tend to raise the price of the home, though. New homes start with a base price, but when you add certain, more expensive features like granite countertops, that increases the base price. Your pricing can change dramatically from the sticker price of a new home to the one that you actually want to purchase.
Now, when you’re buying an existing home, you don’t get to make every single choice about its features (unless it’s a complete fixer-upper), but you also won’t have to worry about jumps in price.
It’s not so much about which option is cheaper, but rather how much control you want over your home’s features.
There are advantages and disadvantages to buying existing homes and buying new homes:
To the credit of new homes, many new construction builders will pay for some of the closing costs on behalf of the buyer.
The great news is that we can also do the same for you if you’re purchasing an existing home! This just levels the playing field. It doesn’t mean that existing homes are better than new, but through Keller Williams, we can offer to pay some of your closing costs when you buy an existing home or refinance.
In the end, it’s not so much about which option is cheaper, but rather how much control you want over your home’s features—are there particular selections you need to have, or are you fine picking a house you like and making changes later?
If have any questions or would like my professional advice about which option is right for you, reach out to me. I’d love to help you.