Posted by Ben Wills in Home Buying

​If you're trying to decide whether to build a new home or renovate an existing one, M/I Homes has information that can help.

Is a New or Used Home Better?

A new home is better because you'll save money in the long run! From cleanliness to durability and everything in between, we've got the top information you need to know about the cons of buying a used home vs. building or buying a new home with M/I Homes.

What should I consider with a resale home?

​Simply put, you'll receive less with a resale home overall. Here are some of the top areas you'll want to consider when searching for a resale home:

  1. Others have lived or are currently living in the home.
  2. Used homes are typically not ready to move into. They might need renovations, updates, or repairs.
  3. Many resale homes often have higher interest rates and are more difficult to finance.
  4. Resale homes don't usually come with warranties.
  5. As the homeowner, you'd have to pay for each problem that arises with your home.
  6. When purchasing a home that was built several years ago, there may be dated features in the design or overall flow of the home. Redesigning rooms or spaces can add up!
  7. Other than major needed repairs, resale homes often come as-is. Carpet, paint, cabinets, bathroom fixtures—each of these and more might need to be added to your project list.
  8. Even if a resale home originally came with a warranty, there is a chance it could have expired or now only applies reduced coverage to you as the new owner.
  9. When you're not involved in the process of a home's construction, you can't see behind the walls. The home could've been held to old codes and inspections.
  10. All of the home's systems—from the HVAC system to the carpet—are used and could be in need of costly repairs.

Why should I buy new?

​At M/I Homes, our homes are held to our Whole Home Building Standards, which elevate energy efficiency as the core of our new home construction. Here are some of the benefits a new M/I Home provides that a used home cannot:

  1. You are the first person to live in your new M/I Home!
  2. Our homes will be move-in ready and able to close on time—no repairs needed!
  3. Financing is easy with M/I Financial. We offer low rates and work closely with you to answer questions and find the best solutions possible.
  4. One of the greatest benefits of choosing M/I Homes as your new home builder is that you'll get our Industry Leading 10-Year Transferable Structural Warranty. That's right—this will even transfer to new owners should you decide to sell your home within the first 10 years.
  5. Rather than having to worry about figuring out how to fix something on your own when you move in, enjoy our 1-Year Customer Care program, which covers your home floor to ceiling.
  6. Each of our floorplans is designed for the way you really live today. Open concepts, shared family spaces, private owner's suites, and more are available with an M/I Home.
  7. When building your new construction with M/I, you select the plan that is exactly right for you, as well as the finishes and colors to make your home exactly how you dreamed it.
  8. Our homes use appliances and fixtures that you know and trust. Alongside our warranty, you also get these quality brand manufacturers' warranties.
  9. Beyond our industry-shattering Whole Home Standards, your new home is built to the latest codes and fully inspected.
  10. Not only is your home new, but each and every system and appliance is also. Brand new materials and features await you!

What Costs Go into a Used Home?

​Need more proof? Consider a new M/I Home in one of our Greater Cincinnati communities. With 4 bedrooms, 3.5 baths, and 3,703 square feet, this M/I Home is priced at $584,000. A 12-year-old resale home near most of our communities averages about $525,000 in price! With a home that old, you'll also likely spend money on...

  • HVAC repairs/replacement - about $8,000
  • Roof repairs/replacement - about $10,000
  • Kitchen updates - about $15,000
  • Bathroom updates/renovations - about $6,000
  • Flooring replacements - about $4,000
  • Window replacements - about $10,000
  • Appliance replacements - about $5,000
  • Paint changes - about $4,000
  • Siding repair/replacement - about $10,000
  • Additional insulation installation - about $6,000
  • Exterior door(s) replacements - about $1,000
  • Gutter repairs/upgrades/replacements - about $1,000
  • Garage door replacements - about $1,000

​...the list goes on and on! The bottom line? You could spend up to $82,000 in home repairs and upgrades on top of the price of your resale home.

​When you compare them side by side, the advantages of new are just better. Choose M/I Homes as your new home builder!


Ben Wills
Ben Wills


​Ben Wills is the Mortgage Branch Training Officer for M/I Financial, LLC. Ben has been in the mortgage field for over 40 years and has assisted thousands of homeowners in financing new home construction.

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