Is it better to buy a new build or a pre existing home? I feel with new builds, you get a lot of the closing costs covered or they have promotions, but they’re located in parts of the city that are new and far from a lot of things. However with pre existing homes, there is not many promotions and out of pocket expenses are more, but are in established neighborhoods. Not sure what to do

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For us we greatly preferred an existing home in an established neighborhood for our kids and also for larger lots. New builds here have atrociously small lots so even though everything would’ve been “new” and in theory more move-in ready we would’ve had to manage landscaping with tiny yards - just not our preference. However — now that we are living in our older home, there are a ton of things we want to fix or upgrade and we’ll need to take on a couple larger projects every year. But the yard is great 😬 definitely pros and cons to both!!

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What about an old home that’s been renovated? I plan on keeping the home and renting it out and getting a new one after a few years of living in it if that helps

I think you have laid out the pros and cons very clear, it's based on your preference and situation. On top of that, if you already have a family, established community seems better. And if you are alone, I would compare the capital gains from each option can provide for the future. Some people say, for the first time buyer, it's easier to manage with a new build. But I was a first time buyer and bought an old house, it wasn't that complex as long as you did your due diligence. Hope that helps.

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Depending on the size of the yard be aware the landscaping is expensive. When you buy the new build, there’s probably no landscaping. We have 1/3 acre lot and our landscaping was over $100k with no pool.

likesmart

This. We closed on a new build in July on 1/3 acre as well (3200 single story home so not a giant yard but still big). We are putting a pool in and at $170k. On the flip side, we had a much smaller lot (6,200 sq ft) at our last new build (May 2021 😬) and spent $22k doing something very simple.

I will never live in new construction. partially just my taste, but also my family bought a builder grade home and after 4 years they have had so many issues with it. If you decide to go new construction, ensure you’re very hands on in the building process and custom would be best.

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In a perfect world, we would have bought a complete fixer upper, demolishing everything except for one wall. But we found a great lot and location so doing a new build.

Up to you but a new build spoiled me and all I ever want for the rest of my life is new builds

Same. First house was a new build and now we’re on our third new build. I love the newness, especially as I had been an apartment dweller (small, old apartments - nyc) for 20 years up to that point.

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