Buying New Homes Vs. Buying Existing Homes

According to Lawrence Yun, senior economist for themay also find that you can afford a newer and
National Association of Realtors (NAR), the 2007bigger home, but in a less desirable area of town.
market puts buyers of homes at an "overwhelmingYou will need to weigh your priorities. This leads to
advantage". However, the NAR is also predicting thatthe look and design of homes in general. Structure of
2008 sales will increase due to a slow down in newHomes on the Market For buyers at the middle or
home construction that is helping to balance out thelower end of the house buying spectrum, the trend
market place. For those who are considering buying infor new home construction tends to lean towards
this current real estate climate, the decision ofdeed restricted communities, small lots, and
whether to invest in newly built homes, or existing"cookie-cutter" style homes. There are some benefits
ones, can be pretty confusing. With fewer brandhere for first time homebuyers who wouldn't
new homes available on the market, maybe you'll getotherwise be able to afford a new house. The down
a better deal on a slightly older house. But how cansides are that deed restricted communities place
you make an informed decision? The basic factorssignificant limits on what you can do to your
you want to keep in mind for the homes youproperty. Some tend to have very little space
consider are upkeep, neighborhood, structure, andbetween homes. And appreciation of your home will
cost. Upkeep of Homes on the Market Many firstbe impacted by how well your neighbors maintain
time homeowners assume that a new house requirestheir property. Of course, you may also find this in
less maintenance. While that should be the case, thebuying an existing home in one of those communities.
reality is that the craftsmanship of the homes canYou will need to decide how important an established
have more impact than their age. A solidly builtcommunity or large yard is to your life. Just as you
10-year-old home may not have the same issues aswill need to evaluate the physical and aesthetic
a shoddily made, cookie-cutter home in newstructure of the homes you consider. Cost of Homes
community. How can you tell? Find a good inspectoron the Market Your final determination will be cost.
to look at any homes you consider. Wood fixtures,You may be able to find almost new, or slightly older
appliances and overall structural integrity need to passhomes, in great shape. Or you may save $20,000 on
muster before you make any serious offers.an older home and get stuck replacing the roof the
Neighborhood of Homes on the Market Older homesnext year. Your best bet is to get a good home
often surpass new construction in desirability if youinspection, evaluate the quality of other homes in the
want to live in an historic or popular area. If you arearea, and weigh your options and priorities. As with
in love with a certain part of town, or committed tomost aspects of evaluating homes for sale, your
sending your children to a specific school district, newdecision is personal and completely based on your
home construction may not be an option. Also, if youneeds and desires.
really love a specific architectural style, you might findJohn Harris is a researcher and writer on real estate
you are better able to afford older homes in thattopics such as economics, credit improvement tips,
style than to locate or have a newer one built. Youhome selling advice and home buying preparations.