Buying a home: New or previously owned?

Brand-new homes have distinct advantages – and drawbacks. Find out what you need to know to make an informed decision

Source: Tara Struyk of Investopedia.com

Unless you have unlimited funds, buying a house always involves compromise. Maybe you trade a longer commute for more space, or accept outdated decor to live in a more established neighbourhood with better schools. One major choice that homebuyers often have to consider is whether to buy a brand new home (or build one) or move into a previously owned house.

According to June data from the U.S. Census Bureau, new home sales are on the rise again (although still lower than in 2009). And, thanks to the now-defunct housing boom, there are plenty of new homes on the market; enough to last for nearly eight months at June’s rate of sale. New homes have some distinct advantages and drawbacks. Here we’ll cover the top benefits and drawbacks of being a home’s first owner. Consider these advantages for new homes before you decide.

Read on about: Customization, Warranty, Safety/Building Codes, Contemporary Layout, and Maintenance Costs…

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