Some people don't like hand-me-downs, while others love things that have a story. New construction is a great option for housing. Existing homes, however, have their own stories. There are many pitfalls to both buying new and existing homes. Newly constructed homes are more expensive than comparable pre-owned homes. Sometimes, even as high as 20% more. However, they can be more expensive initially in terms of utilities and maintenance.

Here are some factors to consider as you decide whether to purchase new shiny construction or a charming, pre-owned house.

New Construction Has Many Benefits

• Floor Plan: 

  When you choose to build a custom home, you will work with the contractor in creating a layout that suits your lifestyle. For example, it's possible to have a formal dining area for family events if you've always wanted it. Pre-built construction will have a modern layout with open floor plans. The kitchens open up to the family room, where you can prepare meals and supervise homework. New construction homes have brighter and larger rooms, especially in bedrooms and bathrooms.

• Personalization: 

  If you contact the builder prior to construction, you might be able to upgrade finishes with builder-grade materials. Although it may cost more, adding your personal touches to the home may be worthwhile.

• Efficiency: 

  Modern appliances and home systems have higher energy efficiency. In addition to more efficient insulation and windows, buttoned-up homes are easier to heat or cool. This results in lower utility bills.

• Smart, Healthy, and Smart: 

  Smart technology options let you automate the internet, cable and speakers, and even your alarm system. New homes are often equipped with low- or zero-VOC (volatile Organic compound) paints and other building materials. This improves indoor air quality.

• Maintenance: 

  Newly built homes require less maintenance because everything is new from appliances to the HVAC system and roof. You can, therefore, better predict your monthly homeownership costs as you will likely spend less on maintaining your home. In addition, you can get a warranty that protects your home for many years before you have to make major repairs.

• Amenities: 

  Sometimes, buying new construction means that you are purchasing a lifestyle. Master-planned communities include amenities such as parks and community spaces, which are often close to transit and schools. Finding a builder that cares about your interests is key.

• Timing: 

  It takes five months to build a single-family home and six months to build a condo. This allows you to feel less pressure than rushing with other buyers looking for a new home.

The Other Side

• Location: 

  Most new construction is found in exurbia, where there is plenty of land but long commute times. New construction in cities consists of high-rise condos and in-fill homes built on small urban lots with little outdoor space.

• Landscaping: 

  Existing construction that mature trees may surround. These trees shade the home in summer and protect it from wind in winter. They also block out noises at night. Although mature trees can be saved from new construction sites, it is often difficult for the landscaping to develop into its own.

• Floor Plan: 

  Builders tend to choose exterior designs and finishes that are most appealing to the widest range of customers, especially when they're in planned communities. To stand out from the rest of your neighbors, you'll need to do some post-purchase painting or decorating.

• Waiting:

  This is not a problem if you are looking at homes that have been built. However, if you are building a home from scratch, it may take longer than if you move into an existing house. A custom home can be built in five to six months. However, this will depend on the market and builder.