In today’s housing market, one question that homeowners frequently ask is “Why should I build a new house when I can get such a good deal on an existing house?” It’s a great question and, unfortunately, the answer is not simple. It is more important than ever to become an educated consumer and to carefully evaluate your options. Frankly, there are some fantastic deals to be found in the existing home inventory, but frequently, the old saying holds true . . . if it sounds too good to be true, it probably is.

You should first ask yourself if the house you are considering meets your requirements without major changes or repairs. Make sure that you are not “settling” for something just because it is a distressed sale. Be certain that you hire a qualified home inspector and price the repairs and changes that would turn the house into the home you really want before you make the decision to purchase it.

Unfortunately, the most overlooked aspect of purchasing an existing home is energy efficiency. Rising energy costs and the push for stricter regulations at all levels of government have the potential to significantly impact the cost of operating your home as well as its marketability on the resale market. If you aren’t sure about an existing home, request an energy audit from the utility company and talk to your builder about ways to make the home more energy efficient. A lower price initially is not always the best value in the long run.