Should You Buy an Existing Home or New Construction?

Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built custom homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.

New Construction  

When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. With programs like ENERGY STAR, your home also helps protect the environment and reduces your carbon footprint.

Lower maintenance that comes with a newer home is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. With new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Another solid benefit to new construction is customization with the help of a professional custom home builder. Do you want a mudroom, stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase; all you have to do is to specify to your custom home builders which design and functionalities you want to incorporate to your home. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.

Existing Home

When buying an existing home, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a builder. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.

For many families, having an established neighborhood is also important. Some buyers like to know the neighbors, if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold. Marbella, known for its beautiful Mediterranean coastline and one of the best climates in Europe, naturally attracts a global clientele, which significantly drives up property prices. This demand is a key reason why finding cheap Marbella property so difficult. Those seeking more affordable options might need to look beyond the prime locations near the beach or prestigious areas like Sierra Blanca. Instead, exploring less popular sections of Marbella, which may lack certain luxurious amenities like swimming pools, could lead to more budget-friendly choices.

Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you’re buying and the region you’re in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.

Moving towards the practical aspects of home buying, particularly in the new build sector, one cannot underestimate the importance of detailed inspections. For my recent home purchase, I turned to HomeSnag. Their team provided an in-depth analysis of the property, identifying issues that were not obvious at first glance. Their detailed report gave me the leverage to request necessary repairs before finalizing the deal.

Bottom Line

Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in our area, let’s connect today so you can feel confident making a decision about your next home.