Home shoppers overwhelmingly choose existing over new

What do home shoppers prefer about new homes versus older homes?

A study commissioned by BHI Inc. examined consumer preferences in new homes versus existing homes among 984 prospective buyers who plan to purchase a home within the next 12 months.

The survey found that consumers generally prefer existing homes over new homes, but many will still consider a new home offered by a builder. Seventy-five percent of the buyers say they are considering buying an existing home compared to 20 percent who say they want a new home. Five percent say they have no preference whether the home is old or new, according to the survey.

For home shoppers who prefer existing homes, their preferences tend to be driven by the mature landscaping, larger lot sizes, and sense of community that they say existing homes tend to offer. Some reported that more established neighborhoods of existing subdivisions tended to have a “warmer inviting feel,” “better constructed,” and “better privacy, homes are not on top of each other and cookie cutter.”

Meanwhile, homebuyers who prefer newer homes tend to point to energy efficiency, the ability to customize the home to their needs, and lower maintenance costs as top drivers. Also, those surveyed say that new homes tend to offer more living space, but that tends to come at the expense of smaller yard and lot sizes.