New Construction vs. Existing Home – What’s Right for You?

What makes a house a home? It depends on who you ask.

For some of us, it’s shiny new appliances and a full slate of amenities that serve as an extension of the home. For others, it might be a home with vintage charm or an established neighborhood with a quaint downtown.

When it comes down to a decision to buy new construction or an existing home, it’s important to determine what’s best for you based on your lifestyle, and your needs and wants. Here are some of the unique advantages of both:  

New Construction:

  • Customization: Nobody understands your tastes better than you do. With new construction, buyers can usually choose and upgrade features of the home, or work with an architect and builder to completely design from the ground up. If personalization is a priority, consider the flexibility that new construction offers.
  • Modern amenities: Many new homes feature today’s most sought-after finishes and amenities, from eat-in kitchens and walk-in closets to smart-home technology and open floor plans with plenty of areas for entertaining.
  • Energy-efficiency: Newer systems for HVAC, electrical and plumbing can keep utility costs down and have less impact on the environment.
  • Buyer protection: Most new construction includes a developer’s warranty that protects the buyer for at least the first year of ownership.
  • Less maintenance: When you buy new, there is usually less upkeep – so you can spend more time enjoying your home than taking care of repairs.

Existing Homes:

  • Aesthetic appeal: Older homes often have unique architecture, historic value, and inherent charm and character not found in new construction.
  • Remodeling potential: Buyers who may be overwhelmed by the multi-layered decisions that come with new construction can still tackle simple updates to older homes in order to help them live ‘newer.’
  • Location & affordability: Existing homes tend to be less expensive than new construction, and often times provide a more affordable entry into sought-after neighborhoods.
  • Immediate availability: While some new developments offer immediately availability, many new construction projects won’t be delivered until a later date – especially if you are building a custom home. If you are looking to move quickly, an existing home is probably your best bet.

Whether you’re looking for new construction or an existing home, it’s important to consult a broker who can help you navigate the process and make the best decision based on your particular situation and lifestyle.

In the meantime, you can check out our website to sort through all of the properties listed in the local MLS and learn more about some of the new developments available throughout Chicagoland – from luxury condominium buildings in the city to new single-family homes and town homes in the suburbs.

Written by George Schultz