Should you buy a new or existing home

Many people believe buying an existing home is cheaper than having a new home built. While at first look this may look to be the case, in most instances you will find it is really better to buy a new home. This is because of the true cost of ownership.

Just like a car, houses wear out. In fact, the IRS places the useful lifespan of a house at thirty year. That might seem like a lot, and it is, but is shows that even the government understands houses age.

The little things add up. Carpet needs replacing every couple of years, hard floors and paint need redone too. Big items like roofs, hot water heaters, furnaces and air condition are expected to last 5-10 years before needing to be replaced.

If is these little things, most home buyers don’t think of that can rapidly add to the cost of a preexisting home. Take a five-year-old house as an example. Here the carpet and paint will need replaces within the first year adding many thousands of dollars. Just exterior painting in $3,000.00-$10,000.00.

The water heater and HVAC are at the halfway point of their lives, and the roof in a quarter of the way. This is obliviously best case too, these items could go at any time, and you don’t know how the previous owners treated the house.

There is also some move in costs associated with used homes you don’t see with new homes. The need to repaint room to colors you like, re-carpet, change fixtures to your liking. Alternatively, the need to change a bedroom into an office, with all the associated wiring efforts.

However, with a new home you will not need to worry about the cost of any of this. All the materials are new, new roof, HVAC and floors. You can expect to get a full life out of them.

When having the home built for you, you can pick the colors and fixtures you want from the start. Everything is the way you would want it from the beginning.

When having a custom home built, you can build the office as an office. This way it will work better for you. Imagine not having a closet where you want to put a desk. It is your home you should have it the way you want it.

The added benefit of this is the day you move in the house is exactly the way you want it.

When deciding is a new or existing home is cheaper, you need to look at the total cost of ownership. In the end, you will often find a new home will cost less.