New or previously owned? Once you've started to look for your next home, you need to decide whether to look at homes under construction, or for resales in established neighborhoods. Here are some pros and cons for each type of house.

Newly-Constructed Homes

Pluses are:

You choose the colors and finishes for floors, bath tiles, appliances, kitchen counters and cabinets. You can opt to upgrade and select builder options, and often can choose your lot. Everything is clean and new when you move in.

Minuses are:

You may not see the home you are buying until the final walk-through, and may find a number of items that need to be fixed by the builder's maintenance crew. Often, new-home buyers have to deal with construction traffic, debris, mud, dust and unfinished roads.

Existing Resale Homes

Pluses are:

You can see the home you are buying, and many personal touches like drapes and curtains will likely have been added. You can also tell what the neighborhood will be like by driving through during the day, and how rush hour will be by passing through in the evening.

Minuses are:

The seller's tastes may not be yours, and you may need to do some redecorating to tailor the home to your color scheme. Also, the appliances may be several years old if they haven't recently been replaced for the sale.