Welcome to c2c Mentors LLC month of June 2023 newsletter,

Buying a home is an exciting time—one that introduces a lot of questions. For many, one central question is whether they’re better off purchasing a new construction home or an existing property. Every buyer’s situation is uniquely their own—some are motivated to live in a home built to their exact specifications, others have their heart set on the charm of an historic neighborhood.

Should you buy a new build Home?

New build key consideration #1: Customization to meet your needs

Is customization your thing? That’s one of the clear advantages associated with buying a new build home. Generally, buyers work alongside the builder and choose from a variety of different floorplans. From there, they can stimulate which features they want included—flooring, countertops, lighting fixtures, and more. If you’re buying an existing home—particularly an older property—it may take some time to update these features.

New build key consideration #2: Peace of mind

New construction homes have another key advantage that promotes peace of mind: warranties. Builders commonly offer enticing benefits like multi-year year protections covering the structural integrity of the home, water infiltration and internal leaks, as well as the workability of essential utilities like plumbing, electrical, and HVAC.

In contrast, some older properties might need to be brought up to code to ensure they meet modern safety standards. Proactive repairs might be necessary to bring the property up to code: rewiring the home’s electrical, installing safety features like handrails along staircases, securing ‘closed’ permits for any add-ons, and so on.

New build key consideration #3: Longer move-in period

Building a home to your exact specifications may take time. Keep in mind, ‘waiting’ for your home might mean you need to make some temporary financial concessions. Are you currently renting? You may need time your lease accordingly or run the risk of paying a buyout fee to end it early to avoid overlapping rent/mortgage payments.

New Build Key consideration #4: Structural and mechanical warranty

A new home comes with a 10 year mechanical and structural warranty covering key structural areas. The builder who is building your home will take care of all structural issues, if any. for 10 years (or the set warranty period). They will repair or replace the damaged parts and cover all the costs associated any structural issues. Some builders offer bumper to bumper warranty for 12 - 24 months covering appliances giving you peace of mind.

Should you Buy an Existing Home?

Existing home key consideration #1: The convenience factor

For many, the greatest perk to buying an existing home is the convenience factor—no waiting around for construction, these homes are ready for an owner today. As we mentioned earlier, every buyer’s situation is unique and not everybody has the luxury of time to acquire a new home. Maybe they have a baby on the way, maybe they’re relocating for a new job—your mileage may vary, adding urgency to your situation.

Existing home key consideration #2: Location, location, location!

With so many properties to choose from, buying an existing home is a great way to choose your living location. Daydreaming about living in a certain part of town? Maybe you’re pining to live in a specific neighborhood or coveting a certain school system. Whatever the case, targeting an existing home often provides the easiest access to your idea of ‘home’ in many cases.

Existing home key consideration #3: More maintenance upfront

When you buy an existing home, you inherit its history—when compared directly to a new build, an older home will generally require more maintenance upfront. Over time, you may need to replace the roof, repair cracks from natural settling, or address other significant repairs. While new builds are susceptible to the same issues down the road, some homeowners find that existing homes have a slightly steeper learning curve.

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