Something Old Or Something New?

What are the advantages and disadvantages of buying a new home versus buying an old home?

QUESTION: Kyle wants to know if he should buy a new home or an older home. What’s the difference?

ANSWER: You can buy a used home in excellent condition and get more bang for your buck in terms of square footage, generally speaking. The exception would be a builder who built a spec home and is hurting on it, and the bank is pressuring them to sell it. Lots of builders are selling spec homes at a loss, meaning they are not getting out of them what they put into them. You may be able to buy a brand new home from a spec builder as cheaply or cheaper than an old home.