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March 04, 2015
When it comes to purchasing a home, almost every homebuyer struggles with the question,                 “Should I buy a new home or an existing one?”

There are certainly advantages and disadvantages to each type of property. However, Las Vegas house hunters have an extremely important factor to consider when purchasing their home. At the end of 2014 new home prices averaged $293,582, while existing homes averaged $172,580.00! The price tag difference is over $100,000! As you can imagine, choosing to purchase an existing home could create huge financial savings for you in the long run.

Take a look at our comparison chart listing the benefits and drawbacks for Las Vegas buyers.

    Advantages of a New Home
  • Brand new and everything will be in working condition
  • Move-in ready
  • Typically new technology
  • Green features that could reduce utility costs or provide tax incentives
  • Modern amenities and designs
  • Ability to customize the look of your home/li>

    New Home Disadvantages
  • More expensive than buying used
  • Location is typically not ideal
  • Property values may be more volatile
  • Neighborhood is not yet established
  • Construction noises until neighborhood is complete
  • Typically subjected to costly HOA fees

    Advantages of an Existing Home
  • Typically more economical
  • Central location
  • Established neighborhood and school district
  • Potential to renovate
  • Previous owners may have renovated with modern upgrades
  • May be built better than new homes

    Disadvantages of an Existing Home
  • More competition to get your offer accepted
  • Home inspection may reveal issues
  • May need expensive repairs or renovations, especially when purchasing a short sale or foreclosure
  • Utilities may most more if energy efficient upgrades have not been made

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