Existing homes have lots to offer, if you are preparing to buy a home and may be wondering if you should build or purchase an existing residence. There are pros and cons for each, but there are some special benefits available when you purchase existing homes. Consider the following when making your new home decision.
Definition Of Existing Home
Any residence that has been lived in is considered an existing home. It may be a two-year-old home or a fifteen-year-old one.
Have Sooner Possession Of Property
The average time to move into existing homes purchase is between 30 and 60 days. It takes much longer when you are building. Your builder may experience weather slowdowns, permit complications, late material arrivals, construction problems, subcontractor issues, as well as dozens of other situations that can delay the completion of your new home. With an existing home, you may be able to move in immediately following the closing if the current owner has moved out.
A great selection of existing homes is available at any given time. You will have a choice of various locations with established neighborhoods. It’s a definite advantage to live near schools, stores, medical facilities, and parks. When looking at a new build, you must be content where the development is located or try to find a vacant lot in an area you like.
Landscaping And Upgrades
Existing homes are already landscaped with mature plants. You make want to add some new plants, shrubs, or a tree, and you can do it as you can afford it. The majority of the work is already done, and that saves you money. Landscaping a new build can be very costly with the purchase of loam, lawn, plants, trees, and irrigation when required. You also benefit from any upgrades the current owner has done to the yard, which could include a patio, fire pit, and hot tub.
When you buy an existing home, you benefit financially from any upgrades added by the current owners. Some of the possible extras include outdoor lighting, tool shed, stone walks, fencing gardens, fruit trees, gym, or a swimming pool. All of these extras are expensive and are usually added over time. You will not get any of these extras with new construction unless you are willing to pay top dollar in addition to the home-building expense.
These are a few of the top reasons to consider buying existing homes. You get more for each dollar you spend, and you won’t have to wait for your trees to grow.