New VS. Used

New Home Advantages

♦ Excitement of "building your home"

♦ Current floor plans, architectural concepts and conveniences

♦ Make your own design and color selections

♦ New kitchen with modern appliances

♦ Built to current building requirements and local codes

♦ Energy Star Qualified - Home must meet strict efficiency guidelines set by the U.S. EPA and be independently reviewed by a third party professional. Energy Star homes are quieter, have lower utility bills and help protect the environment by reducing greenhouse gas emissions.

♦ Will require less maintenance and fewer repairs

♦ Builder warranties and various manufacturer/supplier warranties

♦ For the first five years, values in new neighborhoods rise more rapidly than older ones

Used Home Disadvantages

♦ Additional money may be needed to assume loans or cover closing costs

♦ Older housing does not often meet today's lifestyle requirements

♦ Living with someone else's decisions/tastes

♦ Older, outdated kitchens

♦ May not be built to current building requirements and local codes

♦ An older home often needs more repairs and hidden defects frequently are not uncovered until after purchase is complete

♦ For the first five years, values in new neighborhoods rise more rapidly than older ones