It is better to have old secondhand diamonds than none at all.
– Mark Twain
Too many people miss the silver lining because they’re expecting gold.
– Maurice Seitter
New is better, isn’t it? Sometimes.
To determine whether your next home should be a new or existing home requires that you look closely at your reasons for wanting either and the choices and alternatives offered by your target real estate market.
There are some very compelling reasons to want an existing home.
They include:
- More variety in home styles and construction. An older home often has more personality, as will the neighboring homes in the existing subdivision.
- Certain housing materials are too expensive and are therefore not commonly found in similarly priced new homes. Do you have a weakness for hardwood floor, brick exteriors, built-in cabinets or slate roofs? Do you like having a basement? You will find these more easily in existing homes.
- Existing homes are in established neighborhoods. This translates to better proximity to the city, more mature landscaping and trees, and often larger lots. The neighborhood personality is formed, and better or worse, is a known quantity.
There are some very compelling reasons to want a new home.
They include:
- New homes tend to have more closet space, more and better designed bathrooms, and better designed kitchens than existing homes. Newer homes reflect the most modern, up-to-date thinking on space design and budgeting.
- New homes tend to require less maintenance, and consequently have lower maintenance costs. New home builders are very attuned to the advantages of easy, low maintenance. These considerations are evident in their selection of building materials, appliances and mechanical systems. Common examples include the exterior siding, exterior trim, roof, and the air conditioning system.
- New homes tend to be more energy efficient. Considerations such as solar orientation, double or even triple glazed windows, more efficient heating and air conditioning systems and extra insulation can result in big savings, especially over the long run.
- New homes often come with builder warranties. Also, the appliances and goods within a new home are offered with manufacturers’ warranties. While warranties can usually be bought for an existing home, these typically do not cover structural items.
- Successful builders listen to their customers, and nowhere is this reflected more than in the floor plans of new homes. Features such as “master suites”, “extra large baths”, “extra large closets”, “media rooms” and “family rooms” are examples of builders’ listening skills in action. Many of these features were either rare or unheard of several decades ago.
- The consumer has more choices and can more easily personalize the building materials and features. Much like buying a car, the consumer has choices, often many choices, as to alternate floor plans, floor coverings, colors, kitchen cabinets, and many installed “extras” such as “central vacs”, “intercoms” and “central media”, to name a few.
- Many new subdivisions offer amenities not commonly found in existing subdivisions. Examples include swimming pools, clubhouses, jogging trails, open space areas, and playgrounds, to name a few.
- Many, though not all, new subdivisions have architectural controls and covenants. Often this translates into increased protection of property values. They may also require membership in a community homeowner’s association, with mandatory fees and assessments. Often there are restrictions as to exterior siding colors and materials, parking restrictions, landscaping requirements, and limitations as to satellite dishes.
