When applying for a loan, it’s important to look at new construction vs. an old home. There are pros and cons to each. Look at the list we’ve put together to help you decide which is right for you.
New construction homes are everywhere you look these days. It feels like every open piece of land has new homes popping up on it. Could one of these shiny new houses be for you?
- Open floor plans to suit today’s homebuyers’ aesthetic.
- New homes have new everything, so maintenance costs should be lower than those of an older home.
- Smart technology is available in newer homes from the start, with no retrofitting required.
- Long build times mean delayed move-in, often many months or even a year.
- New homes mean no landscaping when you move in and small trees and shrubs as they can take years to mature.
- The location might not be what you’d hoped since new neighborhoods usually exist outside the already-developed areas.
Older homes are in abundance, but they aren’t for everyone. Here are the pros and cons of buying an existing home to help you decide if one could be the right choice for you.
- Older homes are generally in established neighborhoods with infrastructure, including schools, parks, shopping, services, and more.
- You’re more likely to find an existing home in your desired location.
- Existing homes usually have mature landscaping, including trees big enough to provide shade.
- Older homes may have undesirable floor plans that need remodeling or reworking.
- Outdated interiors are often an issue with older homes, requiring upgrades to cabinets, appliances, flooring, etc.
- Lower energy efficiency and lack of built-in smart technology are often drawbacks to older homes.
When considering new construction vs an old home, the first thing to do is secure your financing. Start with a reliable and experienced mortgage lending professional. Contact the team at Midland Mortgage Corporation today to discuss the right loan for you.