Most homebuyers end up spending lots of time and energy either searching for or designing “the perfect home” before signing any contracts or laying down funds.
Location, price, market trends, property taxes, homeowners association fees, and the condition of the property are usually factored into a house hunt. Also, each buyer typically has a wish list that includes specific needs (the things the buyer has to have) and wants (the features the buyer would like but could do without if necessary).
While the home-buying process involves several important choices, one of the very first decisions buyers need to make is whether to shop for an existing home or build a new one.
Each path has its advantages and disadvantages. Here’s a look at both sides.
Buying an Existing Home
There are two primary advantages to buying an existing home: convenience and cost. Once you are pre-approved by your lender, you can shop around, pick out a home, and make an offer.