Should You Buy a New or Used Home?

NEW YORK (MainStreet) — For car buyers, cost is the main reason to choose a new or used vehicle. After all, if you could buy a new car for the price of a used one, it would be crazy to buy used. But for home buyers, especially those entering the market for the first time, the decision to go new or used goes far beyond cost.

So which is better, a new or used home?

There’s no absolute rule. It’s a matter of taste, finances, lifestyle and a variety of tradeoffs. Though the spring home-buying season may seem a long way off, it’s not too soon for shoppers to start weighing the issues so as not to lose time looking at an unsuitable home, especially as mortgage rates may be rising.

A new home, or one built within the past few years, should, of course, be in tip-top condition, and the buyer can move in feeling confident that there shouldn't be any serious expenses for some time. If the home is under construction when you ink the deal, you’ll probably be able to choose paint, tile, floors, hardware and other options to make the home just as you want it.

New homes are also built to reflect changing standards. You may find a big kitchen or family room, which is important for many people today. The older the home, the more likely the kitchen will be small and separated from the living areas. A newer home is likely to have more bathrooms than an older home with the same number of bedrooms as well.