Most first-time homebuyers find it both practical and interesting to have a ‘new’ house for a number of benefits: a new space to raise your family, brand new amenities and home features, and the fact that you need not to worry about costs on maintenance or renovation in the first year.

However, a brand new home can be significantly more expensive than an existing home and you don’t always know what to expect if you’re one of the few homes in a growing neighborhood.

Comparing the strengths and limitations of each scenario helps in coming up with the best decision for your home buying; the following are questions you must keep in mind when you begin finding your new home.

1. To what extent would you be wanting to pay for your desired property? Expect a premium price on any brand new home because of its freshness; basically, you will be the first one to use everything, from the bathroom, kitchen appliances, to the painted walls and carpeted rooms.

2. Does resale value matter to you? A brand new home typically appreciates faster than existing homes, explains author Ilyce Glink of the book ’100 Questions Every First-Time Home Buyer Should Ask’. If you are planning on selling your home in the very near future, a brand new home may have a higher market value shortly after you move in, making it easier to sell the home for a profit.

3. Are you willing to adapt to the neighborhood? New home construction developments can grow at a rapid pace, and if you’re one of the first few homeowners in the area, you won’t have a strong idea of what the neighborhood is really like until more people move in. You may need to consider safety and security if you have small children or elderly residents living in your home, and find out what options you have to make sure your home is as safe and secure as possible.

4. Would you be willing to spend your resources in a home renovation? The value of existing homes can extremely appreciate especially if you have the willingness to allot resources for its maintenance or renovation. Finding good investments that will work in the long run but can be profitable even in a shorter time is possible with a ‘fixer upper’.

5. Which do you prefer, a primary residence or an investment? Many younger first time home buyers are looking for investment properties that they can fix up and sell quickly to turn a profit. Mature home buyers are more likely to be in the market for a primary residence since they want to settle down and establish themselves in the neighborhood. Identify your goals beforehand and decide what you think will give you more benefits.

Once you have decided and thought about the amount you are willing to spend for your new home, its about time to choose between an existing or a new home. These questions may all be helpful as you pick the best option suited to your budget and future plan.