Deciding Between New and Existing Homes: Maintenance and Warranty Insights

If you're hesitant to buy a home due to worries about maintenance, here's some useful information about new and existing homes.

Newly Built Homes Require Less Maintenance

If you can afford a newly built home, it may ease your maintenance concerns. With everything brand new, there's less wear and tear, reducing the likelihood of repairs. According to LendingTree, new systems and appliances mean fewer repair costs in the first few years, which is great for first-time buyers adjusting from renting. Plus, many builders offer warranties covering major systems like plumbing, electrical, and HVAC for one to two years.

Existing Homes Can Have Warranties Too

Existing homes can also have warranties. Your agent might negotiate with the seller to include one in your contract, or you can purchase one yourself. Forbes notes that a home warranty can be bought by either the buyer or the seller during a real estate transaction. MarketWatch adds that a seller might pay for the first year of the warranty to help close the deal, though this depends on the market.

Should You Buy New or Existing?

New homes have the advantage of less upfront maintenance, but existing homes offer unique charm, character, and established landscaping and communities. Additionally, new homes may require a waiting period if they're still under construction.

Whether you choose new or existing, a home warranty can help alleviate maintenance concerns. To explore your options and priorities, consult with real estate professionals.