You've arrived at the decision to buy a home, and now you face the choice between buying new construction or an existing home.

There are advantages and disadvantages to each option, so the decision may not be an easy one. No matter which way you go, you'll end up making a few trade-offs. In the end, choose the type of home that makes the most sense for you and your upcoming plans.

From an investment standpoint, it's wise to think about the future when you're buying. After all, you'll be the seller one day, and you want to get the largest possible return on your investment.

What if, for example, a home is one of the first in a new subdivision? As other houses are still being built, short-term resale of a two-year-old house can be difficult. Given two similar choices in the same neighborhood, most buyers opt for a new house as opposed to one that's been lived in. Additionally, builder incentives can make the new home down the street more attractive to buyers.

This typically changes as the neighborhood matures, and the builders clear out.

It's not all about the investment, though. You have to live in this home. Central air, large pantries, walk-in closets, multi-car garages, more and bigger bathrooms, and other contemporary amenities are more common in newer homes. There are not many 40-year-old homes featuring a master suite with a spa and two walk-in closets. New homes also are built with infrastructure tailored to modern life - having more electrical outlets or being prewired for security or Internet.

Additionally, there are stricter building codes, and significant advances in construction materials and techniques. These improvements result in safer and more energy-efficient homes.

Also, the builder may offer customization options, such as color schemes, flooring, kitchen cabinets or appliances that allow you a degree of personalization. Existing homes were built and designed to someone else's standard and taste, which is bound to be different from yours.

On the flip side, many older homes have a charm from the period during which they were built. That's not easily replicated in a new home. Some older homes sit on larger parcels of land than the lots common in most new subdivisions. You may find an existing home that has been remodeled in a way that suits your needs.

Home maintenance comes with homeownership. There is no house that is maintenance- or defect-free - even new homes. In fact, it's not uncommon to find at least one construction defect that must be addressed in a new house. So, if you do opt for a new home, make sure you understand the warranty, and the process for identifying and fixing problems.

The neighborhood should be a significant part of your decision. Think about what you value - school district, proximity to workplace, and day-to-day convenience are common concerns for most people, but your list may vary.

Some new communities initially lack services such as nearby grocery stores, shopping or other things you take for granted in established areas. If you purchase a home before it's completed, builder delays or other hold-ups could prevent you from moving in on schedule. This may end up being no big deal, but if the timing's wrong, you may have to find a temporary solution while the setbacks are resolved. This may mean delaying closing on the sale of your current home, finding a place to rent, staying with friends or family or placing your belongings in storage.

When you're deciding on a home, consider your household's needs.
taken from Danny Frank  2013 chairman of the Houston Association of Realtors.