New vs Pre-Existing Homes: Which Should You Buy?

New vs Pre-Existing Homes: Which Should You Buy?

When it’s time to buy a house, it’s easy to become intimidated by listing prices. The average price of a home in Hillsborough County is $270,000 with Tampa being one of the fastest growing cities in the nation.  While you might want a new home for energy efficiency and tech capabilities, it might not be a realistic purchase for your family. Here is what you need to consider before making a decision between a new or pre existing home.

Cost to move in

Of course, a brand new home is going to cost more than an existing home of equal square footage. The older the home and the more remodeling needed the less it will cost. But there are other costs to consider before you actually move in, such as renovations or repairs. A pre-existing home may also come with extras such as window treatments, ceiling fans and appliances. Consider the full cost to move in before you make a decision.

Renovations needed

If you buy a pre-existing house, it might need some renovations to make it suitable for your household. You may need to make those renovations or repairs before your family can move in. If so, take this extra time to move in into consideration, as well as the cost of alternative plans.

Ongoing costs of ownership

If you buy a new home, you are going to have some ownership costs. Even though you are going to be saving money on utilities with a newer and therefore more energy efficient house, you could also have higher expenses such as insurance, property tax, and monthly mortgage payments.  

Older homes usually cost less to insure and have significantly lower property taxes. But they may come with older windows that are less energy efficient and some older systems, leaving you with higher utility bills. 

If you are looking for new construction or a pre-existing home, an experienced agent can help you make the best choice. Buying a home is typically one of the biggest investments of your life but also one of the best.  We are dedicated to helping families find the home of their dreams. Contact us today for assistance.

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