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There is SO much to consider when exploring your options in the housing market. Is it the right time? Can I afford it? Is it better to buy a new home or renovate? Should I buy a new construction home? Do I even have time to build?
According to NAHB, 61% of home buyers in 2024 said a new home was their first preference, the highest share since 2007 (when it was 63%). We’re here to help guide you through some of the reasons building a new home vs. buying an existing home might be right for you.
Advantages of Buying a New Home
1. The Perfect Floorplan
Home plans follow trends, just like everything else. Compared to the homes of yesteryear that delivered boxy, dark layout with lots of closed-in spaces, and not much closet space, homes today tend to lean towards bright, open plans with flexible spaces designed for how people really live in their home today. Building allows you to pick the floorplan that meets your needs.
2. Built to Suit Your Needs
You can get exactly what you want! Many new homes already come with a substantial included features package, but having the ability to pick exactly what you want is amazing! When you build from the ground up, you can truly personalize the home. From selecting structural options to customizing interior features like flooring, cabinets, and paint, get ready to have it your way.
3. Brand New
It’s never been lived in—by anyone, ever! With a used home, you never know how clean the last person was that lived there or what condition they left it. There’s something to be said for being the first to park in the garage, the first roll around on the carpet, and the first to cook in the kitchen. Plus, there’s no history or mystery to worry about in a new home.
4. Low Maintenance
A new home should have less maintenance. It will have brand new appliances, brand new plumbing, brand new air conditioner, etc., so there should be less out-of-pocket expenses on repairs. Plus, there should be no need to remodel a new home, like you might find necessary with an older home. You shouldn’t have to lift a finger or a paint brush!
5. High Efficiency
A new home should be more energy efficient than a used home. Unless an older home has been updated, it won’t be built the same way homes today are built with all the newest energy efficient components included. Many new construction homes have a third party certify that the new home meets (or exceeds) energy standards.
6. Protection Guaranteed
Most new homes come with a warranty, typically including:
- The new appliances/water heater/air conditioner (from the manufacturer)
- The fit and finish of the home (grout cracks, paint problems, etc.)
- Construction defects that might appear
- The structure of the home (the bones of the home—trusses, walls, block, slab)
If you’re lucky, it might come with them all! Plus, having a Customer Care department to rely on makes all the difference as you move in and begin homeownership.
7. Amenities Galore
Many new home communities will have a substantial amenity package that you wouldn’t get with the purchase of an old home. Many newly built neighborhoods include:
- Resort-style pools
- Clubhouse with full kitchens available for rental
- Fitness centers
- Playgrounds
- Dog parks
- Gaming areas – corn hole, bocce, etc.
- Nature trails
- Open green spaces
Whether you’re single and looking to meet new friends and form lasting neighborly relationships, or have a growing family looking to burn the little ones’ energy without leaving your community, you’re sure to find a community of new homes with amenities that are just right for you.
8. More Financing Options
Many new home builders have their own lender for your mortgage needs. There are perks with an in-house lender quite often, such as getting your rate bought down or having a portion of your closing costs paid, on top of access to a plethora of programs. Resale homes don’t generally afford the same perks, unless you find a desperate seller or you are a very good negotiator.
9. Closing Time
A new home builder with their own closing/title agency to help facilitate the closing can be a big benefit. When one hand knows what the other is doing, it can make for a much smoother transaction.
10. Get Your Questions Answered By a Community Expert
New home communities have an on-site resident expert who knows all the ins and outs of the community, the homes, the homesites, and the surrounding area to best help you find that perfect fit (unlike used homes that don’t have someone there to tell you all the features and benefits—or lack thereof—of each listing). There are a lot of questions to ask when buying a new construction home, and it’s nice to know you have someone to guide you through the process.
Buying an Existing Home vs. Building a New Home
Although resale homes typically are found in established neighborhoods, there are advantages to being in a new construction community as well. For instance, as areas become more established, you could have a whole new shopping center conveniently close by your new home!
It’s important to note that the timeline of building a new home is certainly longer than purchasing an existing home, but if you are on a time crunch, M/I Homes also offers Quick Move-In homes that have already started being built! This way, you still get all the benefits of a brand new house but are able to move in faster and enjoy your beautiful new construction.
The choice to build a new home or buy existing is a personal, unique decision for each individual home buyer. Now that you know the top 10 benefits of buying a new home, you’ll be best suited to make an informed decision. Contact the M/I Homes team with any questions, and let us know how we can help!
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