When purchasing a home, it’s common to reach a few stages where you need to make critical decisions. One such dilemma is whether to purchase a new home or opt for an existing one.
While it seems to be a simple yes or no question, both options come with their own set of pros and cons. New homes are flexible to your requirements and lifestyle needs, offering you customizable floor plans, smart appliances and curated furnishings. However, on the downhill, building everything from scratch can spike up your overhead costs.
Whereas, existing properties offer immense convenience, both in location as well as cost. But on the other hand, it’s difficult to secure an existing property of your choice as they’re readily bought by other interested buyers.
It’s important that you weigh in all the advantages and disadvantages before going ahead with your decision. We are listing out key considerations you need to undertake on times you find yourself looking for the correct choice.
Cost Factor:
Cost is the primary concern for anyone looking to get a home for themselves. An elaborate investment such as this requires a predefined and planned budget and your decision of what type of house to shift in need to fall under this bracket. The cost of a newly built house, even with the modest upgrades, would be considerably higher than the purchase of an existing home.
Another factor to consider here is the resale value of the property. Needless to say, resale costs of new constructions are always higher than existing properties.
Repair costs:
Every home needs to be repaired at some point in time. New properties are unlikely to need any repairs at least for 7 years but older homes may need some repairs which adds up to the total cost of purchase. Depending on the age of the home, it is wise to have the property inspected beforehand. Also for a new property, the opportunity to customize your home during its building process usually eliminates the need for any major renovations.
Location:
While buying a new or existing property, apart from the financial considerations, there are a lot of things to think about. A new home may offer you state-of-the-art amenities and will be likely to be built in a developing community which could have limited access to schools, restaurants, shopping centers, etc.
While for an existing property, they tend to be in an established community with easy access to a lot of things. You could also buy in the area that suits your lifestyle and social opportunities.
Schedule:
Existing constructions give you the advantage of immediate shifting. Hence, you do not have to postpone anything. Whereas new houses require you to plan every component wisely and then shift which may require months to finish.
Hence, there is much to debate when it comes to which is the better choice between new or resale property. No two buyers are going to be the same. For some, convenience is of prime importance and they go ahead with a resale property while others want to tick every box off their checklist and patiently bring their home to reality.
We hope these pointers will help you make the correct decision for yourself and find the home that’s right for you and your family.
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