The Pros and Cons of Buying a Pre-Existing Home

For many home buyers, choosing between buying a pre-existing home that has been around for years and buying a newly constructed home that nobody has lived in before can be a difficult decision. That is why it is so important to do your homework before you make a decision as important as buying a home. If you have been on the fence between these two types of homes, here are some pros and cons of buying a pre-existing home to help you make your decision.

Advantage #1: It is Move-In Ready
If you are having your home built, you often have to wait for the builders to get done with it before you can move in. And in many cases, the schedule changes due to unforeseen problems. This means you may be waiting for several weeks or even months longer than you originally planned. With a pre-existing home, the previous owners just have to move out and then you can move in as soon as the closing process is completed.

Advantage #2: It has a Tangible Floor Plan
With a pre-existing home, it is easy to visualize yourself living there because you can go into the actual home and see exactly where you are going to be living. If you are having a home built, you cannot do this. You may be able to see a model of the home being built, but it is not the actual home you are going to move in to. It may be more difficult to visualize yourself in the home which can make it feel less real until you actually move in.

Advantage #3: Saving Money on Upgrades
When you move into a home that already exists, you can make upgrades to the home and spread those upgrades out over several years. This helps you save money by not doing it all at once. But having a home built means paying for all of those upgrades in a new home which can add up quickly and drastically raise the price of the home.

Disadvantage #1: You are Stuck with the Layout
When you have a home built, you can make changes to the layout from time to time. But when you buy an existing home, you have to stick with the current layout. Since it is already built, you cannot make changes like you can with a home in the process of being constructed.

Disadvantage #2: Making the Home Your Own
Having a home built means that you can choose the colors of the paint for various rooms and other decorating necessities. But if you are buying a pre-existing home, you typically have to do all of that when you move in or hire someone to do it. Painting and decorating your new home is an essential part of making it your own.

These are just a few things to consider when you are considering your home purchase. By making a list of pros and cons for each type of home, you can make the best decision for your buying needs.

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