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Existing or New Home? Buying an Existing Home Use a real estate agent. Ask your friends and family for a reference, and choose someone you feel you can work with. They may be better able than you to find out about some of the property's deficiencies. However, never assume that the agent is an unbiased source of information. Since their commission depends on selling the property they may gloss over items that are significant to you. Once you've found a house you like, you should hire a house inspector to check it out. For a fee, an inspector will inspect the house and identify any items in need of repair or faults. You then can stipulate that the current owner must remedy any issues in any offer you make on the home. The value of this can far exceed the cost of a professional house inspection.

Buying a New Home

Buying new usually seems like the best choice. You get to pick a corresponding floor plan, and you may be able to pick the options for your home. Everything is new, so maintenance and repair shouldn't be an issue for a while. You can get more house for your money.

Well, just like all other things in life, there is a flip side. First an foremost, you MUST check out the builder carefully before signing anything. Be sure that you understand the reputation and reliability of the builder before you buy. You are gambling on this builder because you will sign a contract and give him money before he starts construction on your house.

Then understand you will probably be presented with "optional upgrades" which will be appealing but will cost. Also understand that if your new home is in a new, rapidly developing community, you will probably be faced with quicker rising property taxes to help improve the surrounding infrastructure (schools roads, etc).

When you buy an existing home in an older, stable community, these are usually not concerns.