Should You Buy A New Or Old Home?
Shopping around for houses can bring about several questions. One of the top questions we receive is “should we buy a new or old home?” Below we will uncover the pros and cons to buying a brand new home versus buying an old home, what to be aware of for each, and ultimately, help you feel comfortable purchasing your home.
Advantages To Buying A New Home
- Never been lived in.
- Move-in ready.
- Nothing should require repairs or renovations.
- Typically, includes newer amenities and appliances.
- Higher quality items such as windows can lead to lower monthly bills.
Newer homes do have their advantages. The most sought after is the fact that it’s never been lived in! Secondly, newer homes tend to have the newest appliances and technologies such as digital thermostats, locks, and even garage door openers you can control from your phone! Additionally, newer homes do not come with the need for renovation or repairs. This can provide you with added peace of mind.
New homes are typically designed to be more cost-efficient, including better seals on doors, windows, and even better insulation which leads to lower air conditioning and heating prices.
Disadvantages To Buying A New Home
- Property values might fluctuate more.
- Could be noisy if more construction is going on nearby.
- More expensive than buying older/used.
- Location might not be ideal.
Let’s face it, location has and always will play a major factor when it comes to property value. Sometimes you can find brand new homes that are in a great location for an affordable price. Other times, it can be nearly impossible to find a house that’s not in a less-than-desirable area, or they get bought out as soon as they hit the market.
When new developments pop up, you typically see them on the outskirts of town, due to all the prime real-estate already being taken. Therefore, it might be a bit before your property actually increases in value. If other houses are still being constructed you could be facing a noisy area for a while. This isn’t always the case so always keep your eyes open!
Advantages To Buying An Older Home
- Typically less expensive than buying brand new.
- If you saved money vs buying new, you can use that money for renovations and personalized touches.
- Old houses can have custom designs you don’t find in modern homes.
- Housing location could be in a preferred established area.
When purchasing an older home there are some benefits to consider. Typically, older homes will be more affordable than brand new houses that have all the newest amenities and technology. The major advantage to this is that you can use the money you would have spent on a brand new home towards renovations. We all have specific wants when purchasing a home and this could be the perfect solution if the current house you’re wanting to purchase does not include those items.
Disadvantages To Buying An Older Home
- Could have major problems you won’t know until you have the house inspected.
- Might have to settle on the house just for a better location.
- The neighborhood could be on the decline.
Unfortunately, it can be tough to find a house within popular areas, and when you do, you might have to pay more for prime real estate. It’s always a good idea to have your home inspected before you purchase it. This should be done by a professional home inspector to guarantee you’re not purchasing a home that’s going to require thousands of dollars in repairs.
It’s a wise decision to consider all possibilities before rushing in to purchase a house. Depending on your situation, there could be many benefits and drawbacks when purchasing new or older homes. It all comes down to what’s best for you and what you want from a home. Is it new technology, prime location, or a say in how it’s built? Consider these in addition to other questions you may have, and see which benefits outweigh the negatives. After you have these questions answered, you will be well on your way in deciding if you should purchase a new home or an old home.
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