Trying to find the right home for your family can be a challenging ordeal. Whether it is your first home or your fourth, homes are very expensive, and even if you have enough resources to afford a good home loan, there will be additional costs, such as maintenance and utilities. Plus, there may be some needed changes so that it suits the needs of your family.
When you are in the market for your next home in Arizona, you have two options: buy a pre-owned construction or build a new house. Multiple factors go into this decision, and just because you are struggling to find the right home does not mean you should turn to building one.
Let’s break down some of the pros and cons of pre-built homes and new constructions so you can make a more informed decision.
A pre-owned home has been occupied by another owner before you buy it. It could be ten years old or even 120 years old. Let’s talk about the pros and cons of this type of property.
In general, it is much more expensive to construct a new home, so buying a pre-owned property is going to save you some money. Though you probably cannot afford the upfront price of a house, home loans in Arizona can quickly make the structure and its land more affordable.
Con: Maintenance Issues
The older a home is, the more likely it is to have some wear and tear problems. Although many of its systems may have been updated or replaced over the course of its lifetime, it is still an older building that could have hidden signs of aging.
Pro: Faster to Acquire
If you have time constraints for when you need the home, then pre-owned might make more sense. Since the home is already built, it is much closer to being move-in ready. That means as long as you can move through the negotiation process and all the legal aspects of a real estate purchase, you can get ready to live in your new home much sooner.
Con: Not Customized for the Buyer
Most homes are very unique. They each have specific room counts, square footage, and other amenities that your family can enjoy. However, it is unlikely that the older home you are buying is perfectly customized to your tastes. That may mean you have to make some compromises during the search process or pay for upgrades later, adding to the cost of the home.
The other option is to build an entirely new house for your family in Arizona. This is a much more complicated process, but the result can be far more appealing if you have the resources to get it done.
The most obvious benefit of a new construction is that you get to choose how it is built. How many rooms do you want? What kind of kitchen layout is ideal? What building materials are efficient and will last a long time to save you money on maintenance? You can answer all these questions yourself if you have the budget for your vision.
Con: Complicated Decisions
While customization can be a positive, it can also be a negative for new constructions. Since you are going to hire contractors to build the home, you have to make a huge number of decisions. Should the home’s exterior have a smart coating to keep the home cool during those hot Arizona summers? What materials will be used for cabinets, vanities, flooring, siding, and the roof? The amount of decisions could overwhelm you.
Pro: Prioritizing Efficiency
Newer building materials are more efficient than ever. An older home may not have limits to how efficient it can be based on the structure and its base materials, but a new construction can be made with more efficient materials to lower utility costs.
Con: Long Timeframe
Another major negative for new constructions is how long they take. Since an entirely new structure is needed, plus all the furniture and finishes inside, it could be almost a year or more before the property is ready for move-in.
Research Before You Decide
If you want to avoid making a bad investment, then the best solution is to do a lot of research before you decide on a path. Buying a pre-owned property has its benefits, just as building a new home does. The choice that works best for your family will depend on your unique life situation and the needs for the home, so take your time with the research phase and don’t decide until you have a plan.