the matter of inspections. “There are no national or state requirements to have a home inspection performed prior to a building purchase or during a real estate transaction,” says Joe Corsetto, president of the American Society of Home Inspectors. But an inspection can be beneficial when purchasing an older home because it “provides an evaluation of the condition, operation, or serviceability of significant building components that can have an affect on the building’s value and even its habitability.”
A home buyer will typically have an inspection performed on new construction also, says Corsetto. “It is becoming more popular for buyers to hire a home inspector to evaluate the installed systems to generate a ‘punch-list’ of repair items before move-in,” he says. “This inspection is intended to minimize consumer surprises after closing.”
There really is no clear-cut winner in the battle of new versus pre-owned. If you’re looking to move into your home quickly, want to pay less up front, and have a full range of financing options, purchasing an existing home is for you. But if you’re looking to save money on energy bills, have lower maintenance costs, and have input in the design of your home, then nothing beats new.
– Additional reporting by Stephanie Young