Choosing Between New Construction and Existing Homes

The biggest reason people choose new construction when they’re in the market for a new home is the ability to tailor the home, from flooring to kitchen cabinets, to meet their needs and personal taste. However, new construction isn’t for everyone. If you’re building a home with the intent of only living there a few years, here are some reasons you may want to reconsider.

Cost

Having a home built can cost you 20 percent more than moving into an existing home. That includes the land on which your home as built as well as the materials and labor used. If you don’t plan to be in your home for more than a few years, you may have a hard time recouping that twenty percent.

Noise

In a subdivision still undergoing new construction, there is a lot of noise from excavating and building. A home buyer may not find the ongoing noise level attractive. That noise could continue for years. 

Competition

If your neighborhood is still under development, you’ll be competing against newly built homes that haven’t been lived in if you decide to sell. These model homes are often extremely attractive as they offer more neutral colors and eschew individualized designs that may not appeal to everyone.

In addition to model homes, there are also likely still lots available for purchase. For your home to entice a buyer, you may have to take a loss. 

If you know you will definitely be in your new home for many years to come, then a custom home is likely the perfect choice for you and your family. As you seek to have your custom home built, look at the work being done in the neighborhood you like. There may be several different builders developing the same area. Seeing their projects as they undergo completion may be the best recommendation you can get. 

Wherever you find yourself, a new construction home or an existing home is an exciting adventure. Being equipped with solid knowledge about the pros and cons will help you find the right home for you and your family.