Buy Brand New or Renovate Round 2

is there any other way to make a big decision than a list of pros vs. cons?

We think not so we made one for you. We sell a lot of new construction. We come across a lot of buyers who want a new construction home but are considering renovating an existing home themselves. A previous post outlined the questions we ask our clients. For diving a little further into the topic we made a pros & cons list. Is there anything you would add to this? Shoot us an email or leave it in the comments!

buy brand new construction or renovate an existing home philadelphia homes for sale jordan brody realtor

Maybe This One Needs Too Much Work?

pros & cons of new construction

  • open floor plans
  • tax abatement
  • virtually zero maintenance
  • energy efficient appliances & windows
  • some opportunity to customize
  • less risk for the homeowner since they won’t be managing construction
  • straightforward mortgage lending
  • less money out of pocket
  • move in ready
  • warranty for a minimum of one year
  • new building materials & techniques are not like those used 100 years ago
  • when the abatement period is up the annual tax bill is relatively unknown
  • eventually you will accrue maintenance costs just like any other home
  • may not like the “cookie cutter” designs of new construction or being a part of a development
  • could be delays in construction that are out of your control

pros & cons of renovating an existing home

  • charm & character (think leaded windows, elegant moldings, nooks & built ins)
  • old world building materials & techniques are unparalleled in quality (think hand mined Wissahickon schist or butter brick pointing)
  • building some sweat equity if you are handy
  • being able to customize down to the smallest detail
  • getting in ground floor in an established neighborhood
  • mature plantings & possibly a larger lot
  • change orders can drive costs up 
  • floor plans are not usually open
  • those charming windows could be drafty
  • old homes have settled & aren’t perfectly level
  • construction usually takes longer than expected
  • expect to make lots of decisions both big & small
  • cede some semblance of control over your daily life 
  • if you live in the home during construction consider lead paint & the inconvenience 
  • borrowing construction money as a lay person is difficult
So, what do you think? New construction or take on a renovation project yourself? If you’re looking for something specific, we’d love to help you find it! Contact us here & let us know what you’re looking for!