New development vs. Currently Built

[Chandler Buckner]

Hi BP,

Hope everyone is doing well.

I'm pretty green in the real estate world here in Albuquerque, New Mexico, but I'm very excited about real estate, and have recently been hungrily seeking out as much information and different perspectives as I possibly can. I know that I want to house-hack, but I need a set plan first.

My question is this: WHAT ARE THE PROS AND CONS OF DEVELOPING NEW PROPERTY VS BUYING  AN EXISTING PROPERTY WHEN STARTING???

I've talked with a few different colleagues of mine who already own and rent out properties here in town (contractors, builders, mortgage brokers, etc.) and it seems as though they have all given me the same answer-- buy something pre-existing. Hearing this, I feel sold. 

But I would still like to know exactly why buying pre-existing is better than building new.  Any and all insight is greatly appreciated. 

Thanks so much everyone!