Home & Living

Deciding Between a New Build or a Previously Owned Home – What You Need to Consider?

By Ryan Bradman | April 15, 2023

Table of Contents

Introduction

When buying a home, one of the biggest decisions you’ll have to make is purchasing a new build or a previously owned property. Both options of buying a new home vs old home have benefits and drawbacks, and it’s important to consider your priorities and lifestyle to make the right choice. This article will discuss the key factors to consider when deciding between a new build and a previously owned home.

Timing and Convenience

One of the biggest differences between buying a new build or a previously owned home is the timing and convenience of the process. When purchasing a new build, you’ll often have to wait for the house to be completed before moving in. This means you’ll need to factor in the time it takes for construction to finish and any potential delays that could arise.

On the other hand, buying a previously owned home typically allows for a quicker turnaround time. Once your paperwork is complete and your mortgage is approved, you can move in as soon as the former occupants have vacated the property. This is ideal for those who need to move quickly, such as families relocating for work or personal reasons.

It’s important to note that previously owned homes may come with their own set of challenges. Depending on the property’s condition, you may need to make repairs or updates before you can move in. This can add time and expense to the process, and it’s important to budget accordingly.

Another factor to consider is the location of the home. New builds are often constructed in up-and-coming areas or new developments, while previously owned homes are typically located in established neighborhoods. You’ll need to weigh the options carefully if you have specific location requirements, such as a desirable school district or proximity to public transportation.

Maintenance and Upkeep

When it comes to maintenance and upkeep, new builds have the advantage of being equipped with the latest appliances and systems, making them more energy-efficient and lowering your utility bills. Additionally, new homes usually come with a warranty, so the builder will cover any repairs or issues that arise during the warranty period.

On the other hand, previously owned homes may require more maintenance and upkeep, especially if the previous owners needed to maintain the property properly. The age of the house can also mean that certain systems and appliances will need to be replaced sooner than in a new build. However, this can be an opportunity to upgrade to more energy-efficient systems to save you money in the long run.

Before making a decision, it’s important to consider your preferences and capabilities when it comes to maintenance and upkeep. A previously owned home might be a good fit if you enjoy DIY projects and are handy around the house. A new build might be a better option if you prefer low-maintenance living and want to avoid dealing with potential repairs.

Location and Neighborhood

Location is one of the most important factors to consider when buying a property. Previously owned homes are often in more established neighborhoods with more mature landscaping and larger lots. At the same time, new builds are usually located in up-and-coming areas with new amenities and modern infrastructure.

One advantage of buying a previously owned home is that you can get a better sense of the neighborhood and community before you buy. You can research the schools, crime rates, and amenities in the area, and even talk to neighbors to get a sense of what living there is like.

On the other hand, new builds may offer more modern amenities, such as smart home technology and energy-efficient features. They may also be located in new shopping centers, restaurants, and other conveniences geared toward modern lifestyles.

When it comes to location and neighborhood, the decision ultimately comes down to personal preferences and priorities. Are you looking for a home in an established neighborhood with a sense of community and history, or do you prefer a more modern and convenient location? Consider your lifestyle, commute, and the amenities that are most important to you when making this decision.

Financial Considerations

When deciding between a new build or a previously owned home, it’s essential to consider the financial implications. While a new build might have a higher initial cost, it can save money on maintenance and repair costs in the long run. On the other hand, previously owned homes may require more upkeep, but they could be more affordable upfront.

Upfront Costs

When purchasing a home, upfront costs are a significant consideration. New builds often have a higher price tag because they are brand new and come with modern amenities. The cost of a previously owned home can vary depending on the home’s age, location, and condition. However, purchasing a previously owned home may be more affordable upfront, making it an attractive option for buyers on a budget.

Maintenance Costs

One of the benefits of a new build is that it typically requires less maintenance in the short term. Everything is new, and the builder usually provides a warranty covering defects. Meanwhile, older homes may require more maintenance and repairs, and the cost of those repairs can add up over time. However, an older home can be as reliable as a new build with proper maintenance.

Energy Efficiency

Another factor to consider is energy efficiency. New builds are often more energy-efficient than older homes, which can save homeowners money on utility bills. In contrast, older homes may require updates to improve energy efficiency. While these updates can increase the home’s value, they can also be costly.

Property Taxes

Property taxes can also differ between new builds and previously owned homes. New builds may have a higher assessed value and, therefore, a higher property tax bill. Meanwhile, previously owned homes may have lower property tax bills due to their assessed value.

Conclusion

Deciding between a new build or a previously owned home is a significant decision that requires careful consideration of multiple factors. While a new build may offer modern amenities and lower maintenance costs, a previously owned home may offer more character and affordability upfront. Ultimately, the decision depends on individual preferences and needs.

Regardless of your choice, remember that your home is more than just a building; it’s a place where you’ll make memories and create a life for yourself and your family. Whether you decide

on a new build or a previously owned home, ensure it’s where you can see yourself living for years.