Also with new construction vs existing home purchase, you know that everything in your home is new and under warranty such as the appliances, roof, and HVAC system. With an existing home, you have to have these things inspected and figure out if anything needs to be replaced. It is less likely that you will need immediate major repairs on new construction vs existing home builds.

On the flip side, there are some detriments to new construction vs existing home purchases. First, there are usually not as many locations available. In order to find new construction, it is likely that you will have to go outside of the city significantly to find places where the land is spacious enough for new builds. Additionally, new construction is often more expensive than an existing home, especially if you want to upgrade the interior or exterior features. You will need to weigh the cost of upgrading an existing home versus paying for a new build when deciding what kind of home to live in. The biggest con of a new build is the waiting game. You have to wait several months for a new build to be ready for move in, and if you are looking to move quickly or get out of a lease, this is probably not the best option for you.

Overall, with new construction vs existing home purchases, there are many benefits and detriments to each side. With new construction, you can get exactly what you want, but you have to wait, pay more, and live further away. With an existing home, you might have to compromise on things, but it is usually cheaper, faster, and closer in proximity to cities.