Buying New Construction vs. Existing Homes

When planning to purchase a property, most people get confused on whether to purchase an existing house or construct a new house. If you find yourself in such a situation, we have outlined some of the important benefits and disadvantages for you.

New Construction

Most people always aspire to have a home belonging to them and them alone. New construction will allow them to come up with a design they have been dreaming of and make it to their style.

Benefits

• Moving chain:New constructions will mean you will never be part of the onward chain that can extend the completion date of your home. This helps in reducing the stress and uncertainty that comes with buying an existing house.
• Low Bills:New constructions will abide by the latest construction laws. This helps reduce bills that you will have incurred while making the house in line with the latest regulations.
• Able to put your mark on it:New constructions allow you to say how you want your house to look, right from the design to fittings.

Disadvantages

• Limited Space:Most of the new constructions are not spacious like the already existing homes.
• Delays:Be sure of experiencing construction delays, meaning you need not be in a hurry to move in.

Existing Homes

Some individuals will prefer the idea of purchasing an existing house since most are known to be unique in terms of layout, size, and space. There are houses for sale in Conway, SC for anyone who prefers buying existing homes. However, it is advisable that you involve an attorney whenever you are buying a house in Conway, SC.

Benefits

• Cheap: Existing homes are known to cost less compared to new construction. With existing homes, you can always negotiate the price, which rarely happens when building a new house.
• Community presence:Most existing homes are found within established communities with local amenities like shops, schools, and hospitals.
• Character/Appearance:With existing homes, you can tell how the end product looks before spending your hard-earned cash. However, with new constructions, you will know of the end product after spending your hard-earned cash.
• More space:Most existing homes are more spacious since they were designed and constructed when the population wasn’t that high. The rooms are spacious same as the parking slots.

Disadvantages

• Chains:You will always be in a buying chain whenever purchasing an existing home. The chains can cause lots of delays.
• Inefficient energy:Most existing homes lack enough energy, meaning their lifespan is slightly reduced compared to new constructions with lots of lifespans.
• Outdated Design:There are high chances that most existing homes are of outdated designs since they were constructed years back.
• Maintenance costs:Maintenance costs of existing homes are quite high since most of their features have reduced lifespan and will have to be fixed soon.

We hope the above review will enable you to choose between new construction and existing homes. If you are not sure which option suits you best, you can always consult a housing professional for help.