New vs. Existing Home: What’s Right for My Family?
New vs. Existing Home: Should I Buy or Build?
The idea of starting a search for a new home is great in theory. But once you start, the reality is that with so many options, house hunting can be downright exhausting. What do you need in a home? Are you willing to compromise on your must-haves? Is there an existing home out there that meets your needs, or should you consider a newly built home?
The Benefits of a New Home
The most obvious benefit of purchasing a new home is that it’s well … new! You and your family will be the first people to sleep, eat, celebrate, and enjoy your brand new home. If the idea of someone else having used your shower doesn’t settle well, a newly built home might be your best bet.
With newly built homes, not only is the house itself new but so is everything in it. Some of the most expensive potential home repairs are roof replacements, plumbing issues, and electrical rewiring, none of which you’ll need to worry about for years to come with a new home build. In most cases, your new home warranty will cover significant issues for the first few years, so even if something is faulty – you’re not paying for it.
New homes are built with modern conveniences in mind. Energy-efficient design, pre-wired surround sound, and central heating and air are features that often come standard with a newly built home. Though additional features such as a fireplace or radiant floor heating may cost extra, it’s far less expensive to factor the costs into a new build design than to retrofit an existing home.
The Benefits of an Existing Home
You may have more room to negotiate the price of an existing home. A quality real estate agent can help you achieve a better deal, or may have inside knowledge on the seller’s reasons for moving. If a seller is motivated enough, they may be willing to come down in price.
If ordering from an extensive restaurant menu stresses you out, you might be better suited for an existing home. Newly built homes often require buyers to make a lot of little decisions. Would you like tarnished, brushed, or polished kitchen hardware? Two-sided sink or tub sink? Closet shelving? Countertops? The list of small decisions to make is endless. While many homebuyers love the option of customizing their home, it’s not for everyone. If you’re short on time or patience, while you might not get everything you want in a home, you at least won’t have to deal with the stress of making a lot of little decisions.
With existing homes, there is a historical record of when it last sold and for how much. As opposed to many newly built neighborhoods, you’ll have at least some context on how well an existing home will appreciate. You can also research how well the school system has performed historically, crime rates over time, and the neighborhood’s history in general.
New vs. Existing Home – Which Should I Choose?
Even if you have a clear vision of what you want your new build to look like, or found a dream home that already exists, there are dozens of other factors to consider before eventually purchasing. Property tax rates, the number of children you have (or plan to have), your timeline, walkability scores, or even a rejected offer could affect the most thought out of plans.
When debating between a new vs. an existing home, ask yourself a few questions.
- Is energy efficiency a top priority?
- Are you willing to compromise with home features?
- Do you enjoy making small, detail-oriented decisions?
- Do you prefer to live in an established neighborhood?
- Can you afford to make major home improvements in the next few years, if necessary?
Explore West Line Village Today
For homebuyers seeking newly built homes, West Line Village, and up-and-coming neighborhood in Lakewood, Colorado. West Line Village townhomes are brand-new, thoughtfully designed, energy-efficient, and can accommodate all your needs.
West Line Village is offering in-person home tours while strictly adhering to social distancing recommendations. Homebuyers interested in a home preview can also schedule a virtual tour prior to a walkthrough!