An investor looks for return on investment and determines it by taking into consideration how long he is going to hold on to it . There are flippers who buy resale homes and they consider how much they need to spend and how much they will be able to sell it for.so the answer is it depends. investors maybe able to buy at preconstruction price and get good deals on new construction.

It does not matter if new construction or resale, investment is driven by acquisition cost.

If the new home can be acquired at pre-construction price (risk involved) that would be the better investment.

HOWEVER, the big boys like Blackstone look for resale 3br, 2ba, 2 car, block construction for rental investment.

Most of my single family investments have been in existing homes. I have build apartment communities for new construction investments.

New homes = low or no maintenance for investors.  Existing home = work which means work for the investor.  I'm not talking personal (to live in properties)  I"m talking about business investors.  

For me (I'm a buy & hold-investor of 26 years), or when guiding clients; it's the purpose of the purchase (& the CAP Rate Analysis if it's a buy & hold) that determines the property to invest in. Old may have a higher maintenance budget, but new, theses days, may come with higher fixed costs like HOA fees or additional Mello Roos Taxes to consider.

So it's all in the math and the cash-flow as far as I'm concerned #1 and then the area and what kind of tenants I'll likely have #2. So I know to whom I'm marketing strategy and size of renter-pool: (families, singles, students, military, etc). If it's a flip, rehab or wholesale deal, well then different factors apply.

A home that needs work

There are very few new construction homes in our area. I'm more likely to choose an existing one.

We buy old homes, and fix them.

I prefer an existing home

Older homes are often better built.

Interealty Exchange - I prefer existing one.

It depends more on the location and how the numbers work than the age of the property.  Most of our housing stock is really old, so property condition is also a big issue.

Most new homes in our area have a mello roos bond or CFD (basically the same thing)  This bond doesn't go up in value when the home's value rises.  An existing home without this bond that is newer and well located would most likely be my personal preference.

existing one

Depends on the market but if you buy new construction in the first phase and hold it, maybe move in, maybe not and then sell it when the development is sold out, you can make money...but....depends on the market.   But a resale home that needs some cosmetic work or modest renovation is an easy flip that can reap pretty sizeable returns.

It's always in the Exit Strategy, make no difference old or new... What you paid to what you sell for is the key...

I would probably by an existing home for investment purposes. With new homes, you are paying a premium. 

new construction sets the pace in real estate....no one pays more for a resale than the same home built new.... I always bought new....custom is what I like....

Investments should be in close proximity to where tenants are most wanting to live. The higher the concentration the more likely it will be in an established location and hence already built. Commute time is crucial for best returns.