Which is Better for You? The question is a serious one for today's homebuyers because interest rates remain low and demand for homeownership is strong. So which is better? A new home, or one that's already been broken in by previous owners? Both new and existing homes have pluses and minuses. The job for a prospective buyer is to determine individual preferences and shop accordingly. A lot of things come into play. Typically, you'll find that a new home will be more expensive than a 15-year-old house. But you'll get a lot more amenities. For example, 20 years ago, an average new home had about 1,000 square feet. Today it's more like 2,000 or more square feet. And in 1977, the average new home had one bathroom; today, it's two or more. Moreover, most new homes today are being wired for the technology age. What this means is that today's new home is likely to be wired for multiple telephone lines to accommodate new communications and computer requirements, and other options that simply weren't available 20 years ago. The fact is that today you have more amenities. You can pick and choose what features you want in a new home. The more you spend, the more customizing you'll receive. And new homes can cost more. One reason is constantly escalating land values. Another is labor costs, which are more difficult to control, and vary from market to market according to hourly wage standards that fluctuate regionally. Some are of the opinion that an existing home is more of a bargain than a new residence, for several reasons. First, existing homes usually already have decor-matching appliances in place, so a buyer doesn't have to shop for refrigerators, freezers, washers, dryers, and other extras that can represent a hefty capital investment when buying a new home. Often updates have already been done, so the home has the look of a newer home. Moreover, an existing home comes with "mature landscaping" already installed, which will require less maintenance than nurturing new landscaping in a new residence. Existing homes usually are in established neighborhoods. The character of an older neighborhood is different from that of a new development. In a new development, you don't know who your neighbors are. With a new home, there's a "psychological value" in warranties that can cover construction and appliances for terms ranging from one to 10 years. What you buy is an individual choice. You almost can't go wrong either way, and you'll find that you get what you pay for.