New Construction Homes Vs. Existing Homes: Which Is Right For You?

Many decisions come with the home buying process. Where do you want to live? How much space do you need? What features are important to you? These, along with many other questions, will help determine the type of home you choose. But, you first need to decide if you’re interested in new construction homes or existing homes. Each comes with its unique set of advantages and disadvantages, so continue reading to see which is right for you!

Whether you’re looking for land to build on or an existing home in Isle of Palms, SC, contact Jimmy Carroll Realty today for assistance.

New Construction

While the Charleston community is rich with historic homes, there are also plenty of pockets where new construction is popping up. New homes in affluent areas like Isle of Palms offer stunning views, sprawling floor plans, and options for homebuyers to combine style, luxury, and modern design.

Pros

Explore the pros of a new construction home:

Personalization

When buying new construction, you have the opportunity to choose a floor plan and features that work with your lifestyle. Is it necessary for you to have all the bedrooms on the same level? Do you need an outdoor entertainment space? What features in the kitchen are essential to you?

Plus, depending on your builder, you may get to design everything from the hardware in the kitchen to the type of flooring in the living room. With an existing home, you can add these touches, but it will require additional funds and time to make it your own.

Efficiency

Most new homes feature eco-friendly systems and appliances that help your home run more efficiently. Green appliances, solar panels, smart thermostats, and reusable materials in new homes contribute to more sustainability, and they can also help keep energy bills down.

Smart Technology

Along with energy-efficient systems and amenities, new homes often come with innovative features that make life more comfortable and convenient. For example, it’s common for new homes to have extra outlets in each room for charging devices, smart thermostats, and remote-controlled window treatments to add to their modern design.

Cons

While there are plenty of pros to new construction homes, it’s also important to consider the cons:

Time

Buying new construction requires patience and flexibility. A strong, durable, safe home is not built overnight. Building a home can take anywhere from 6-12 months, depending on the level of customization.

If you need to get out of your existing home quickly, you may have to find a rental or figure out alternative living arrangements while you wait for your home to be built. When you factor in weather, the availability of materials, and human error, there’s a pretty good chance it will take longer than expected to finish your home.

If you need to get into a house on a strict schedule, new construction might make this problematic.

Less Room For Negotiation

Newly built homes are designed with a specific value in mind. That means builders are less likely to come down on the price. If they did, it would lower the comps in the area and may encourage other buyers to ask for price reductions as well. When it comes to the cost of a new home, what you see is what you get.

Then, you also have to consider the charges for any upgrades beyond what comes standard in the house. If you are on a tight budget, new home builders may be less willing to budge to fit your financial situation.

Existing Homes

Existing homes are an established part of a neighborhood, have character, and are usually less “cookie-cutter” than newly built homes. When it comes to selection, buyers have more options in Isle of Palms when it comes to existing homes vs. new construction homes.

Pros

This is what you’ll love about purchasing an existing home:

Time

Some home buyers find a home they like on Monday and close the deal by the weekend. Of course, not all transactions happen this quickly, but the process of finding and buying an existing home is typically faster than waiting on a new home to be built. Of course, not every existing home is move-in ready, and upgrades and renovations may be required. However, these kinds of homes are a popular option for buyers who need quick occupancy.

Budget-Friendly

Existing homes are typically more affordable than new homes, but they can sometimes require significant upgrades and renovations. Buyers on a budget may opt for an older home that they don’t mind slowly renovating over time.

Clear Expectations

With an existing home, you have a lot more information about the home and the neighborhood than you do with new construction. You can ask the previous owner about the neighbors, the noise and traffic levels, and any significant issues that the home has. There are also documented records that will give you a clear idea about the home’s past.

Cons

Of course, there are also a few cons to buying an existing home:

Less Customization

You can make changes and renovations to an existing home, but there is no changing the layout or the floorplan. If the design of a home doesn’t fit your lifestyle, you will either have to find a new home or adjust your lifestyle.

Older Systems & Appliances

Older homes come with older systems and appliances, many of which could be past their warranties. This means that even if they pass inspection during the home buying process, they could malfunction at any time, resulting in an expensive surprise. Check and double-check that the home’s major appliances are in working order when you buy, and consider putting money aside to cover these appliances if/when they do break down.

What’s More Important?

Buying a new home is a major milestone, whether it’s a second home on the beach or a charming place to spend your retirement. New construction gives home buyers plenty of options for customization, and they often implement innovative features. Existing homes have history, charm, and character, and they can be less expensive. When considering your options, you simply need to ask yourself which of these features is most important to you.

Purchase Your Dream Home

Whether you’re looking for a new or existing home, Jimmy Caroll Realty can help you find it in Isle of Palms, SC. New construction is popping up all throughout Isle of Palms, and plenty of neighborhoods in the area are known for their historic charm. Contact Jimmy Carroll Realty to help you find your dream home today!