New Homes
Freshly constructed homes have good quality control standards, newer construction techniques, and better energy efficiency than many older homes. They often carry a 1+ year warranty and good financing options. The downside is that while they are easy to get into, it is very difficult to sell them for a few years (especially if the builder is still in the subdivision), and the final price is often higher than an older home (though they usually require very little up-front money, and many builders will give thousands of dollars of upgrades and incentives.) The neighborhood will not be established, there will be very few shade trees like in an older neighborhood, and it will have more of a frontier feel. If you like new and shiny like a new car, then the clean smell of a new home will be your thing.
Existing Homes
These are owned by homeowners who want to sell their homes. They have been seasoned, and may be better constructed than newer homes. Many people like the fact that they have the charm and history of having been lived in – in fact, many buyers think that a new home is “cold” if it hasn’t been lived in....
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