Buying a home should be more of a lifestyle decision as well as an economic decision. But here are a few other things to consider.
Location - New homes are typically on the outskirts of town and offer newer schools but most likely a commute to work is inevitable.
Price - Existing homes may be less per square foot depending upon your market and price is generally easier to negotiate. Builders normally have some incentives to overcome the pricing objective.
Neighborhood - In older neighborhoods, home values could change drastically based upon the population, the conditions, renters, etc. However, a new neighborhood/development offers a particular lifestyle.
Living space/design - new-construction homes often employ more efficient, innovative uses of square footage and property.
Customization - In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV's, computers, phones and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable.
Safety - Builders have to follow very strict guidelines in new-homes.
Landscaping: An existing home offers mature trees, vibrant shrubs, gardens, rose bushes and perennially well-watered lawns - these are some of the rewards of an older home, while most new homes are most likely to offer baby trees, little to no walkways and light vegetation. Landscaping is expensive today for the cost-conscious home builder.
Energy Efficiency - Advantage of new construction.
Amenities - Many new subdivisions offer neighborhood clubhouses, swimming pools, playgrounds, bike and jogging trails and picnic venues for residents.
Maintenance - An older home has an increased tab on maintenance but with a new home be prepared to shell out a few bucks after the warranties expire.
Taxes - Newer homes are most likely in less-developed, outlying areas, which may garner higher taxes because the municipality is subsidizing fewer residents than the metro area.
There are a lot of really good builders who stand behind their product but beware because there are some who do not offer a great product and will not stand behind it.
In any event, buying a new or resale home without an experienced real estate professional or real estate attorney is very risky.