Buying An Existing Home Vs New Construction On Long Beach Island

Dated: 04/19/2016

Views: 1398

If you've been considering home ownership on LBI, you may be asking yourself whether it would be better to purchase an existing home or build new. When you buy an existing home, you get the character, individuality and history that goes along with it.  In addition, you will often get mature landscaping that if new would cost thousands of dollars.  Any initial problems the home may have had, should already have been solved.  The square footage price of an existing home is far lower than a new build home and when it's time to close, you simply move right in.  A downside to purchasing an existing home, is the risk of unforeseen issues like asbestos, faulty plumbing. mold, etc.  When deciding on new construction, you get a property built using the newest, safest building codes.  The finishes and upgrades are customized to you and the home is move-in ready upon completion. However, new construction often is not completed on time and costs 15-20% over original estimates.  It is also easy to overspend on upgrades.  And don't forget that final landscaping bill that may cost thousands.  These are just some of the things to consider, whether choosing to buy in Beach Haven, Ship Bottom, Barnegat Light or any other Long Beach Island municipality.  But the most important thing to consider when buying is location, location, location!  The value of the land is equal whether buying existing or building new and you can always make changes to your property. 

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