What to Know About Buying a New vs. Existing Home?


When someone is ready to purchase a home, they may wonder, should they buy a new home or an existing one. It is important to note that some home builders call existing homes used, which is weird since this is a house, not a vehicle. This is a marketing gimmick designed to convince someone to purchase a new home rather than an old one. Learn more about the pros and cons of buying new vs. old here.

Use and Cleanliness

One of the main reasons someone may choose to purchase a new home is because they have never been lived in it before. However, for other people, this is not an issue. In most cases, this is something that a person has to base on their personal preferences.

Keep in mind that new homes are more likely to feature high-quality amenities. However, if an older house has been recently renovated, it may as well.

When it comes to the newness factor, one of the biggest benefits of buying new is just that it’s brand new.

The Process of Buying a New vs. Old Home

When seeking a home loan from Dustin Dimisa or another lender, many people find it is easier to get financing for a new home. This is because some home builders have unique home loan divisions. This means they are more motivated to work with buyers to get the deal done. While this is true, it is still a good idea to shop around and negotiate the rate since it is not required that a buyer use the mortgage option provided by the builder.

Just because it may not be easier, it does not mean that getting a mortgage on an existing home is impossible. It may require a bit more paperwork and effort, but it is still possible.

Location Considerations

When it comes to real estate, the term location still applies. It has and always will be true. This is the case if someone wants their property to go up in value.

Unfortunately, new homes are not always constructed in the best locations. When it comes down to it, there is no space for new development in a central or established location. The fact is, there is no space available for new development in a central or established location.

While there may be a new development of condos, with new homes, finding them built in central locations is just not going to happen. These new homes are more likely to be in an up-and-coming area or the outskirts of town. Unfortunately, these locations are not as appealing to many people.

Buying a New or Old Home: What Option Is Right for You?

When it comes to buying an old home vs. a new home, there are more than a few factors to consider. Be sure to keep the tips and information here in mind to know the pros and cons offered by each option. Being informed and knowing what to expect are the best ways to ensure the right type of home is purchased.