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Which is Best? Buying an Existing Home vs. New Build

Deciding whether to build or buy a new home can be a challenging decision to make. Each choice has its own unique benefits and drawbacks that you’ll want to consider carefully. Here are some things to think about:

Buying an Existing Home

  • Faster Closing and Move-In: When buying an existing home, you can expect to close and take possession much faster than you would on a new build. It may take only 45-60 days from the accepted purchase price for this to happen, as opposed to 120-150 days for a newly built home. Keep this in mind if you’re short on time and need to get into a place sooner rather than later.
  • Better Value: Existing homes generally provide more bang for your buck. This means that you can often get more square footage or better upgrades in a home that is already built than you would be able to get by building new.
  • Established Area: Buying a home that’s already standing affords you the benefit of a functioning neighborhood with all of the perks and area amenities. Infrastructure, trees, landscaping, community programs, etc. are all in place.
  • Drawbacks: An existing home doesn’t allow you the benefit of getting precisely what you want. You have to work with what is already there. The cost and effort of renovating an older place to bring it up to standard can be expensive to do.

Building a New Home

  • Creative Control: When you build new, one of the best benefits is having full control to customize the home to your liking. No longer do you need to tolerate the pain points of older style floor plans or the design and layout decisions of somebody else.
  • Better Home Efficiency: New homes are much more efficient than those built in decades past. Quality of material, construction practices, and age all take their toll. But a new home will have the benefit of the latest and greatest, making it a more efficient property.
  • Less Potential Health Hazards: Nowadays, we don’t build homes with materials such as lead and asbestos. And you won’t run the risk of a home having mold or moisture problems. Radon gas mitigation will also be in place.
  • Drawbacks: When it comes time to sell a new build, the resale value may not cover the full cost of building it. New builds also typically require more upfront costs than existing homes, and the time required to build it can take as much as 6-7 months, depending.

Final Thoughts

As you review your options, keep in mind there is no wrong answer. Just make the choice that best meets your needs and move forward. For an in-depth conversation with an Atlanta real estate professional about your situation, call DUFFY Realty: (678) 318-1700. We’ve been at this business for long enough to bring a trove of experience and understanding to our customers.

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