One of the biggest questions for realtors when they’re purchasing a home is whether to buy an existing home or a newly built home.
Unfortunately, there is no golden answer to that question, though there are some things that you should consider on both sides. Today we’re going to go over the pros and cons of each so that you can find out what seems right for you!
There is no question that when you buy a home that is brand new, you’re going to be spending far more than you would if you were buying a recently owned home. This price could be hundreds of thousands more.
The thing is, that initial cost is typically the one thing that is larger when buying new homes. Older homes don’t necessarily have to adhere to new energy standards, meaning it may cost you more to keep them running. Insulation on older homes is usually sub-par and appliances are usually less efficient as well.
You may have to deal with more things breaking down, meaning more long term repairs on your dollar. That brings us to the next portion:
The older a house gets, the more repairs it is going to need. There is no avoiding having to replace or upgrade pieces of the house as time moves forward. Think of all of the features of a house that you must maintain in order to keep up with living standards.
Heating systems, cooling systems, plumbing, roofing, and carpeting, are all examples of things that incur wear and tear. A brand new AC unit though, for example, may last a good 10-15 years before needing replacement. This can save you a couple grand for at least 10 years if the unit is well taken care of.
If you do decide to purchase an older home, you must get an inspector to come and check it out. You may have to pay smaller amounts up front to fix things, though that is much better than something breaking further down the road and costing you a boat load.
New Can Be a Risk
If you buy a home that has a record of happy owners and it’s in a thriving neighborhood, you have a pretty good idea of what you’re getting into. Of course, the housing market can change quickly and drastically like we all know, though for the most part, a home with a great history is better than a home with no history at all.
What are you into?
Are you someone who likes the charm of a vintage home with old-school flooring, lighting, etc.?
Maybe you’re someone who wants everything modern-style with trendy, new appliances and open-floor designs?
It always seems that you get the wonderful attention to detail in older homes when it comes to architecture and a bit more character, while with newer homes you seem to get amenities like kitchen islands, built-in tv wiring, and larger closets.
So What Should You Do?
Financially, it will likely cost you more up front to get a newer home and more in the long run to get an older one.
The choice truly comes down to how the house makes you feel. Do remember that you always have the ability to buy an older home with a good track record and upgrade it to compete with modern homes on the market. That way you can have the best of both worlds!
Anyone have experience with buying new or old homes who wants to share their experience? Let us know in the comments!