New Home or Pre-Existing One in Palm Beach County?
If you're considering purchasing a home any time in the near future you may be wondering whether or not a new home purchase, custom-built home, or pre-existing property will work best for your situation and your finances. There are a lot of great communities and new subdivisions around Palm Beach Gardens and Jupiter to choose from like Sonoma Isles and Alton. But this may not be the best option for your budget or your family.
Here are some basic pros and cons, advantages and disadvantages to purchasing a new home versus a pre-existing one.
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In a new home, you'll be able to choose the hardware, colors, upgrade options and customize the property exactly the way you want it. You can get in on the purchase at any point whether it's starting from the foundation or putting the final touches on the countertops and trim. You can choose your own lot and build from the ground up with the landscaping as well. You can inspect it as you go and possibly get the closing costs covered by the builder.
The disadvantage of buying a new home is that you won't be able to move into it right away. There is usually a minimum of 4 to 9 months depending on the type of home, in what stage you began buying it, and how many times there are changes. However, some communities have move-in ready homes available, so if you need to get in soon, ask about these options.
You also may not be able to choose the right home style for the lot that you want. Not every layout works for every lot. Finding the right lot with the right home design may be a challenge.
Not every layout can be next to each other either. If you're choosing one layout the people next to you may not be able to choose the same layout and vice versa. This could create a challenge and disappointment if you're set on a specific lot with a specific layout.
Pre-existing homes
The advantage to buying a home that already exists is that it's often move-in ready. You can typically move into the home at closing or shortly thereafter, usually within about 30 to 45 days.
Landscaping will also be more mature. This could be an advantage or disadvantage depending on the condition of the landscape.
You might be able to find a home that meets all of your needs including your budget, and possibly one which already has all of the upgrades and customization you want.
The disadvantages to purchasing a pre-existing home are that you don't know how it was previously maintained nor who lived in it and to what extent they took good care of it. Although you should always have an inspection, you might be surprised to know the materials that were used are not up to par or up to code and there might be some changes expected.
Buying a pre-existing home means there could be some allowances and compromises you'll need to make to find a home that meets your budget.
[Related Post: What about rehabbing a fixer property? Is it worth it?]
There are pros and cons to any decision when purchasing a home. Finding what works best for you, your lifestyle and your budget is challenging to get you on the right track to a satisfying home purchase. Call me today and let's get started finding the best options for your needs and your budget. There are few new developments around the Palm Beach County area and of course hundreds of existing homes and properties for sale.
Phone: 561.440.1000
