Even though some real estate experts advise that it is better to rent than buy nowadays, owning a home is something almost everyone wants to experience in their lifetime. However, what most people have a dilemma about is whether to buy a new construction or existing home in Idaho. As both solutions have their benefits and downsides, it can be challenging to make the decision. Therefore, we’ve done a little research and prepared the pros and cons of both options. Hopefully, we’ll be able to help you figure out which one is better for you.
Moving to Idaho
Idaho is becoming a very popular state to move to. There are many reasons why and here are just some of them:
- Lower taxes in comparison to west coast states
- The job market is excellent, and unemployment rates are consistently low
- There is plenty of real estate opportunities, and the cost of living is relatively low
- The weather is great, and you can enjoy all four seasons
- Low crime rates and great universities
On top of this, there are many places that families especially will love, such as Meridian. Although it is a relatively big city, it offers a small-town feel with many family-friendly places. If you want to make this place your new home, you should know that Meridian offers adequate help, and local movers can make your relocation process as stress-free as possible.
Is it better to buy a new construction or existing home in Idaho?
Although it’s true that investing in real estate is not always a good idea, owning your own home comes with a lot of perks, and if you do your research and plan properly, it can easily become the best investment of your life. However, if you are stuck and unable to decide whether to purchase new construction or an existing home, further in this article, you can read about the pros and cons of each.
When it comes to deciding between a newly-built home and an existing one, people are primarily concerned about financial aspects. As everyone wants to avoid overspending, they mostly decide to buy a resale home given that they’re much cheaper. If you also count the various upgrades that are available, new construction homes can end up costing a fortune in comparison to pre-owned ones.
Another thing to have in mind is the ability to negotiate. When you’re buying a new construction home, there is little or no room for negotiation. The price you see listed is the one you’re going to pay for, plus any potential upgrade you want to add. On the other hand, if you decide to buy a pre-owned home, it’s expected to negotiate, and you’ll likely pay less than the asking price.
Additional costs: utilities, maintenance, and repairs
When you’re thinking about the financial aspects of purchasing a home, there are other costs to have in mind besides just the home price.
Pre-owned homes tend to be less energy efficient, which could lead to higher monthly expenses. On the other side, newly-built homes are usually more energy-efficient as they’re built with better insulation and new building materials. Also, they often come with state-of-the-art tech, such as solar panels, that help you further save money while taking care of the environment.
Also, even with a great home inspection report, there is always a chance that the pre-owned home comes with issues you need to address. Due to being old and worn, different elements of a pre-owned home, such as the structure, plumbing, or electrical, can require expensive repairs. Therefore, existing homes usually come with more expensive maintenance costs.
Another thing to have in mind is insurance which is less expensive on a newer home. When it comes to older homes, home insurance depends on the location and condition of the property, which can sometimes make securing the property difficult.
And let us not forget property taxes. In most cases, pre-owned homes come with a lower tax burden as they are less expensive and, therefore, fall into a different tax base.
Are you in a rush to move in?
Another factor to take into consideration is how quickly you want to move in. This is one of the main reasons, besides the price, why people decide to purchase existing homes. You can simply move into it as soon as you’ve made your purchase.
On the other hand, building a new home takes more time. Not only that, but there are different tasks involved in the process. From collecting necessary approvals to actual construction and landscaping, building a home is a complicated process.
Moving into a home where no one has lived before has a lot of perks. Everything is set up for your use, and it’s perfectly neat and clean. However, have in mind that not all builders are equal. Therefore, if you do decide to build a home, make sure to do your research and find reputable, skilled, and experienced builders.
Another thing to have in mind is the potential for renovation. When you’re buying a new construction it means you’ll choose every detail – from the facade to lightbulbs and electrical outlets. However, you’re not fully free to make those decisions as builders will usually give you options. Also, they are not keen on making too much difference from the original plans.
When you are buying an existing home, you are risking getting a house with a dated floor plan and architectural design. Those things are very difficult to change. You can always invest in extensive renovation and create the home of your dreams. But it can end up costing you more than buying new construction.
So will you buy a new construction or existing home in Idaho?
We hope you enjoyed reading this article and that our advice helped you choose whether to buy a new construction or existing home in Idaho. Keep in mind that purchasing a home is a big decision, so make sure to seriously consider it and wage your options. We’re confident that you’ll make the decision that is right for you.