When you are looking for a home, you have two choices. You can buy and existing home or you can buy a new one, either a spec home that’s already built or a custom home that’s built to your specifications. There are advantages and disadvantages to buying new homes and existing homes. You need to weigh the pros and cons before making a decision.

Cost

Cost is a big factor when you are deciding between a new or existing home. Comparing apples to apples, building a home is usually more expensive than buying an existing home. That’s largely because labor and materials costs have risen much faster than home values over time. Of course, there are always exceptions, as extremely desirable areas may command huge premiums. But, in general, expect to pay more for a new house.

Condition

One big advantage of new home construction is that you will get a home in pristine condition Continue reading →