Pros and Cons of Building a New House vs. Buying and Remodeling an Existing Home

Curbside view of The Elizabeth four-bedroom floorplan home by Mulberry Builders.
An exterior view of the framing on a new house construction completed by Mulberry Builders.

All those new homes look so pristine waiting for people like you to move their stuff into them; however, there is something to be said about taking an older home and remodeling it into the house of your dreams!  Today we will discuss the pros and cons of building a new house or remodeling an existing home, so you can finally make the decision you have been trying to make for quite some time now. 

Pros of Building a new House

There is not as much competition when it comes to purchasing a home that you will be building, because you won’t have twenty other people vying for that same home. You also get to customize the house that you are building down to the very last detail, including the layout. New homes like these are more energy efficient, meet the current building codes, and have the latest in technology. There will be less to pay for during the first few years, because nothing should break down or need replacing.

Pros of Buying an Existing Home

There is not as much competition when it comes to purchasing a home that you will be building, because you won’t have twenty other people vying for that same home.  You also get to customize the house that you are building down to the very last detail, including the layout.  New homes like these are more energy efficient, meet the current building codes, and have the latest in technology.  There will be less to pay for during the first few years, because nothing should break down or need replacing. 

Cons of Buying an Existing Home

There can be numerous maintenance issues when you purchase an older home, because most materials and features are that much older.  If you do not love the floor plan of the home, then you may end up with buyer’s remorse, especially if you find that there is nothing you can do about it.  The energy costs of an older home are always higher, and it could cost you a bundle to fix that and lower your energy bills.  You will need to live with the way the house looks for a while too, unless you have extra money set aside to do all the repairs and renovations that you want to. 

Cons of Building a new House

When you decide to build a house, you better be prepared to spend at least seven months waiting for the house to be constructed.  That is the average time for construction, although in reality, it could take even longer for your home. There is hardly any wiggle room when it comes to the price when building a home, so you will need to pay the asking price almost all the time.  Of course, that price is destined to go up when you begin to decide what extra features and materials you want inside. There are also out of pocket expenses that always seem to pop up with new builds.  Now that you know the pros and cons of each type of home, you should be able to make the decision that will work best for you and your family.

Facebook
Twitter
LinkedIn
Reddit
Email