Should you buy a new home as opposed to an existing one? This is a question that gets asked every now and then, and there are various factors to consider when making a decision such as this. Obviously purchasing your home is one of the biggest financial decisions you are likely to make in your lifetime, and is something you should consider carefully!
First, let’s take a look at the advantages of buying new construction, followed by some of the benefits of purchasing an existing dwelling.
Advantages of Purchasing a New Construction
One of the biggest advantages for those purchasing a new home is that it can sometimes afford you the freedom and flexibility to customize some parts of the home in a manner you see fit. This, of course, comes with the responsibility of selecting a builder to make your dream home a reality. Some examples of choices you might have during pre-construction include: choosing the color of the paint, lighting and plumbing fixtures, countertops, etc.
When purchasing a new home, you also have the added advantage of knowing the home will be constructed using the building and construction standards of today. That means, for example, that you will more-than-likely have a very energy efficient home due to the insulation required by today’s building standards. Not only will this save you in both heating and cooling costs, but it will also make your environmental footprint that much smaller.
Another advantage, for example, is that the materials that are used today are of a higher quality and with fewer health implications. Whereas homes built mid-century may have used lead-based paint, for example, that can be fatal if ingested; a new home would be constructed with the latest materials available that are free of lead and asbestos. This can provide peace of mind, especially for those families with young children (or hungry pets).
Another significant factor for would-be home buyers and investors is the resale value and the minimal maintenance that is required of a new home. The minimal maintenance required of a new property allows for more certainty when drawing up your monthly budget, and will allow you to allocate the funds that you would have previously used on maintenance to other more rewarding pursuits. What’s more, when it comes time to sell the home, the majority of home-buyers would be more drawn to the mod-cons and the fresh look and feel of a recently constructed property.
Finally, one of the most significant benefits to purchasing new construction is the fact that you will often obtain a limited warranty from the builder for certain defects/faults with the construction for an agreed upon time. With this limited warranty comes peace of mind, but also has a cost associated with it, including higher closing costs to you as the buyer.
Benefits of Purchasing an Existing Home in Staten Island
Remember this: The older the home is, the more it will demand in maintenance costs moving forward. At the same time, older homes may have some unmistakable charm!
Let’s take a look now at some of the benefits of purchasing an existing home. There are several advantages of buying an existing dwelling. The biggest advantage of purchasing a resale is (usually) the ability to move straight into your home. When going through the process of buying new construction, you are oftentimes waiting for approvals and progress of the building to be completed. However, when you purchase an existing Staten Island home, it’s there, ready for you to move in and make your own in a shorter time frame.
All things considered, from contract to closing, you will be waiting between two and three months (on average), as opposed to six months to a year when buying new pre-constructed construction.
Another benefit of purchasing an existing home is the fact that it is an existing home in an existing neighborhood! Being a well-established neighborhood means that the majority of the infrastructure required is probably already in place, and there should be minimal noise pollution from construction happening in the area. It also means that the home should have relatively easy access to surrounding amenities including schools, hospitals, parks, restaurants and cafes. Also, with the area being well established you have a firmer idea of the look and feel of the neighborhood. In fact, for some home buyers, it’s all about location, location, location. So if you’re all about location, make sure to underline that as a pro or con when making this decision.
Buying your dream home is a big deal! I would counsel in taking your time in assessing the options available to you and seeking quality legal advice before entering into any contract. Just shoot me an email here or give me a call. Carol and I are here to assist!
I hope this article has provided you with a framework to help in making the right decision. What pros and cons have you gathered from buying a new home versus purchasing an existing dwelling? Which way are you more inclined to lean?
This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel.