Buying New vs. Used
A couple of years ago, I purchased a used BMW X5 from a reputable dealership. The car appeared to be exactly what I was looking for: body and interior were in great shape, test drive panned out, and the price was reasonable. It even had a diesel engine, which I was excited about! When I purchased the car, the dealership offered me a warranty, which I declined reasoning that it had been inspected by their mechanics and given a clean bill of health. Boy, what a mistake! I had driven the car less than a hundred miles when the “transmission malfunction” warning light came on. I called the dealership, and was reminded that I had purchased a used vehicle without a warranty. A new transmission cost $7,500 for parts and labor—OUCH! That was certainly a costly mistake.
Why do I relay this experience? Many home buyers wonder about buying a “used” or “existing” home vs a new home. While there are benefits to buying an existing home (such as established landscaping, possibly lower cost, availability in a desirable neighborhood), it is much like buying a used car. You can never be certain of the care and maintenance the home has received. Like a car, homes have a certain life expectancy. Systems, such as heating/cooling, plumbing, windows, etc. wear out. Even the best-built home will eventually become functionally obsolete as buyers needs and wants expand and change. In contrast, when buying a new home, buyers are usually able to select the colors, finishes, and layout of their new home. They don’t have to “settle” for something that they really don’t like. All the systems are new, and the home will be built to the latest international, state/county building codes. And, if something goes wrong, they will have a one year warranty to cover faulty workmanship or problems.
Moral of the story is, when it comes to buying “used” or “new,” the choice is up to you. Choose wisely!
