Pros and Cons of “New” versus “Used” Homes
People are two times more likely to prefer new homes over existing properties. When you consider the benefits that come with newly built houses, it’s easy to understand why. However, there are two sides to every coin. Here are a few of the advantages and disadvantages of buying new versus pre-owned homes.
The Pros of New Homes
Most people love a good mystery, except when it surrounds the biggest investment of their lives. By purchasing new, you enjoy the peace of mind that comes with knowing
your house is free of pests, rot and other issues that can come with existing properties.
With a new home, you can also have a builder customize the property based on your unique needs and preferences. Likewise, all the work is done for you, meaning you won’t need to swing a hammer or lift a paintbrush. New homes can also be designed with modern elements that meet today’s lifestyle demands, including walk-in closets, open kitchens and smart, energy-efficient appliances.
The Cons of New Homes
While they do come with a host of benefits, brand new properties also have a few drawbacks. For one, they can cost up to 20 percent more than a similar home built just a few years before. They may also lack some of the architectural detail and charm found in older properties.
Lot scarcity has also forced builders to maximize land by forgoing big backyards. With a new home, you may also find a scarcity of space between your house and that of your neighbors. New home buyers also find that there is very little room for negotiation, especially if their new properties are governed by tight subdivision restrictions.
Finally, while older homes have had years to demonstrate their structural integrity, 25 percent of new homes suffer some type of structural distress at some point in time. This is one big reason why so many homeowners ask builders to acquire ten-year structural warranties to protect against unmanageable repair costs.
Whether you buy new or used, protect your investment with a 2-10 HBW Home Warranty Service Agreement. 2-10 HBW offers the industry’s most comprehensive coverage for homeowners.