One of the most interesting choices a prospective homebuyer has to make is whether to buy a newly built house or one that has been lived in by previous owners. Each option involves a different set of advantages and disadvantages, and your choice should be made based on the needs of your family.
New Homes
The Pros
- You have a "blank canvas" to create a home that reflects your taste and style
- You'll get more built-in amenities and conveniences
- Your home will likely be more energy-efficient because the builder is using the latest technology
- You won't have to do many repairs or renovations for several years, especially if you have input in the early building stages
- You will likely get a warranty from the builder
The Cons
- The exterior landscape of your home will probably be sparse and underdeveloped
- There will be construction noises, mud and other inconveniences, especially if you buy in an early phase
- Any building flaws will likely take longer to identify in a new home
- New subdivisions tend to be built in suburban areas, and you may have reduced access to urban amenities
- Construction delays could affect your move-in date
Resale Homes
The Pros
- Since resale homes are located in established neighborhoods, you'll have a sense of the community's evolution and future prospects
- Your home will have a distinct personality of its own
- The quality of your home's construction will have been demonstrated by its durability over time
- Previous owners may have already dealt with any flaws through their own renovations
- Your exterior landscape will likely be lush, green and developed
The Cons
- More renovations may be required to match the home to your tastes and style
- Your neighbors may be less socially inclined, as they will include people at different stages of life
- There may be "residue" from previous owners (i.e. pet hair & smells)
- Older technology could mean higher utility and energy costs than you would pay in a new home
- There will be fewer built-in amenities and modern conveniences
- Your home's structural warranty may have expired or be close to expiring
To-Do List
Cancel any club memberships that will no longer be useful after you move. Also, identify and label the items that you do not intend to move with you. You may sell these at a garage sale or give them away to organizations such as Goodwill and the Salvation Army.
End contracts with utility companies, financial institutions and any professional service providers (lawyers, brokers, etc) and/or notify them about your change of address.
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