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Buying A New Home Verses An Existing Home

By Hubert Miles

When purchasing a home you have two alternatives, a new home and an existing house. Both have their own pros and cons. Here are a few points about each of these choices you should think about before submitting an offer to buy.

New Homes

New constructed homes generally are held to high quality control standards with up to date construction methods and higher energy efficiency rating than those that present in existing homes. Most builders provide a one year or longer house warranty and attractive financing options that make purchasing a new home extremely easy. It should be noted that it can be difficult to resell the home for a few years because the builder is continually building more new homes in the subdivision.

There are many reasons why new homes traditionally carry a higher price tag than older homes. Home buyers can often purchase a new home with little money out of pocket. Builders and developers often package in thousands of dollars of upgrades and incentives to lure in buyers. New homes in new developments often have a bland feel and offer little in the way of shade trees like older neighborhoods would offer.

Existing Houses

These are owned by homeowners who want to sell their houses. The houses have been lived in and may be better constructed than newer homes. Any settlement that is going to occur, likely already has occurred. You can obtain a history of the homes performance by examining utility bills and renovation history from the homeowners. Many say that older homes have a since of character and their age gives them respectability.

Older homes are often found in existing neighborhoods with beautiful landscapes and plenty of shade trees. Long term neighbors who have pride in ownership and established schools create a family friendly environment. These amenities make the homes for sale attractive to potential buyers in a market where the only competition is other existing homes.

By evaluating your families needs you’ll have a better shot at determining where to focus your efforts when buying a home. Only after doing so will you be able to determine if a new home or an older home is right for you.

Hubert Miles is a free lance writer and webmaster for several financial websites. For more information on Money Articles and Personal Finance.

categories: finance,money,financial,personal finance,articles,real estate,business,house,home

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Article Citation
MLA Style Citation:
Miles, Hubert "Buying A New Home Verses An Existing Home." Buying A New Home Verses An Existing Home. 15 Sep. 2009. uberarticles.com. 9 Mar 2015 <http://uberarticles.com/finance/purchasing-an-existing-home-verses-a-new-home/>.

APA Style Citation:
Miles, H (2009, September 15). Buying A New Home Verses An Existing Home. Retrieved March 9, 2015, from http://uberarticles.com/finance/purchasing-an-existing-home-verses-a-new-home/

Chicago Style Citation:
Miles, Hubert "Buying A New Home Verses An Existing Home" uberarticles.com. http://uberarticles.com/finance/purchasing-an-existing-home-verses-a-new-home/


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