New-home Construction
Pros:
Modern floor plan (open space, flex rooms, larger windows)
Delayed major maintenance costs (such as roof or HVAC)
Lower utility bills as a result of stricter building codes and newer energy-efficient products
More upfront personalization Builder warranties on materials, workmanship and structural items
Cons:
Higher upfront costs
Special financing, such as construction loans, often needed
Longer wait times
Often farther from amenities, jobs
Sparse landscaping

Existing-home Construction
Pros:
Lower-priced options available
Established neighborhoods
Mature landscaping
Move-in ready
Value add-on potential with remodels and cosmetic updates
Cons:
Outdated floor plans
More repairs and maintenance
Higher utility bills if products and materials are less energy-efficient
Less personalized
Competition from other buyers