If you are considering a home purchase, you may be wondering whether an existing home or new construction is the better choice. This article is part two of a series: This Old House vs. New Construction. Let’s take a look at the potential risks of both options.
The potential Cons to consider with New Construction include:
• Cookie-cutter design – often less character than an older home
• Higher price (upscale amenities, current construction costs)
• Limited negotiating room on price
• Generally smaller yard
• Risk of shoddy construction
• Frequently have a homeowners association (can put limits on how you use your property)
The potential Cons to consider with Resale Homes include:
• More maintenance: Things break or wear out
• Less energy-efficient, thus more costly to operate
• Dated design, older appliances and amenities
• Generally smaller bedrooms, bathrooms, and windows
• It’s been lived in
In the next segment we’ll discuss how to mitigate the risks of both New Construction and Resale Homes.
Call me or drop a line. I’m happy to help you navigate the waters whether you are thinking of buying, selling, investing or just have questions about the market.
The Meyers Group