When it comes to making a major financial commitment such as a home purchase, it’s important to carefully weigh all your options before moving forward. One of the biggest considerations you will have is whether to build a new house or buy a pre-owned property. There are pros and cons to each and financing is available for both, so the decision will largely depend on your lifestyle preferences, how you prioritize certain features, and your capacity for maintenance and repairs. Below is an overview of what you should take into account to help you determine which type of home will be most suitable for you and your family.

Building vs. Buying a Home: What to Consider 

New Construction 

For most people, the greatest benefit of a new construction home purchase is the ability to customize every detail of their living space. This ensures that it complements your style and meets all your functionality needs. It also presents the opportunity to integrate more sustainable and energy-efficient materials into the design. Since everything is new, there are fewer maintenance and repair costs to budget for. However, building a home takes time, and there can be delays in the construction schedule, which may not be ideal if you’re looking to move in and settle quickly. Additionally, you must obtain all the appropriate building permits and make certain there aren’t any zoning restrictions hindering you from carrying out your plans.

Existing Property 

Although an existing property may not be built to your specifications, older homes can provide the charm and character you find appealing. Also, if you enjoy remodeling projects, a fixer-upper can be a more satisfying home purchase, and you will still get the chance to customize many elements. Generally, the buying process is faster with pre-owned listings, and you’ll be able to time your move-in date accordingly. The downside of an existing property is that you can’t easily change the floor plan if you find it undesirable, and you’ll have to absorb all the costs of repairing or replacing the home’s equipment and structural features if they are nearing the end of their life span. 

Whether you choose a new or existing house, mortgage loan officer Dan Main can help secure the financing you need to complete your home purchase. For more than 20 years, residents throughout the St. Charles and St. Louis counties of Missouri have relied on his industry expertise as they prepare to achieve the ultimate American dream. He will explain your different loan options and answer any questions you have about the application process. Call (636) 284-4144 to schedule an appointment, and visit his website to learn more about the services he offers.

Dan Main: NMLS # 502036
Flat Branch Home Loans NMLS # 224149
947 Waterbury Falls Dr
O’Fallon, MO 63368
This is for informational purposes only and not an offer to lend or extend credit.