5 questions to help you decide between a new or existing home

You’ve decided that you’re ready to buy a home. While there are many decisions you’ll have to make during the process, one will be whether you should go for an existing home or a newly constructed property.

With advantages and disadvantages to each, you’ll likely have to make tradeoffs no matter which you choose. Your REALTOR® can help you identify what’s most important to you, but here are five questions you should ask yourself when you are deciding between new and existing properties.

When do you want to sell? 
Even though you’re buying right now, it’s wise to think about the future. After all, you’ll be the seller one day and you want to get the best possible return on your investment.

Consider, for example, that a home you’re interested in is one of the first finished in a subdivision. There won’t be much of a market for your home as long as new homes are still being built. Given two similar choices in the same neighborhood, most buyers opt for a brand-new house as opposed to one that’s been lived in. Additionally, builder incentives can make the new home down the street more attractive to buyers. If you decide to go with a newly built home, make sure you’re comfortable with staying put for a few years.

What are you really looking for?
Besides the investment, remember that you have to live in this house. Central air, large pantries, walk-in closets, multi-car garages, more and bigger bathrooms and other amenities are typical options in newer homes. There are not many 50-year-old homes with a master suite with a spa and two walk-in closets.

New homes are also built with infrastructure tailored to modern life, such as being pre-wired for security, surround sound and Internet connections. Additionally, there are stricter building codes and...