Buying New vs. Older Homes

Dated: June 29 2021

Views: 84


When buying a home people always have the same question in their minds, “Is it better to buy an old home or a new one?" It may seem like a simple decision but it is a question aspiring homeowners are always torn between.

 

Understanding the differences between the two can help you narrow your choices. So, let me go through the pros and cons that you can consider when deciding whether to get a new construction or an older home. 

 

OLD HOMES

Old homes have a certain charm, it is more sentimental and filled with memories. It has also stood firm as time passes, evidence of how sturdy they are.

 

PROS OF OLD HOUSES

  • Old homes are not as expensive as new construction.

  • Prices for old homes may be more negotiable.

  • There is room for improvements like adding features you would like.

  • May have lower taxes, depending on the state.

  • Old homes sit on a bigger piece of land which new construction may not have because of the change in land-use patterns.

  • Old homes are good investments because of their resale value.

  • Aspiring homeowners may have a big possibility of being able to live in the location or community they want without worrying about available land in the area to put up a new contruction.

CONS OF OLD HOUSES

  • Repairs and enhancements might be needed 

  • Most old homes may be outdated 

  • The floor plan and features of the home have already been done, therefore the customization of the house is not on you. 

  • Risk of title issues or settling of papers may be present

  • Purchasing an old home is less energy efficient 

  • It may be challenging to find a home in perfect condition

 

NEW HOMES

Most aspiring homeowners would love the idea of being a home’s very first owner. Everything is shiny and new. From customizing the floor plan to adding the features and amenities that they want to have. Buying a new construction just gets anyone excited.

 

PROS OF NEW HOMES

  • Fewer worries about maintenance or having to replace anything for a while because everything is fresh out of the store.

  • Compared to established old homes, new construction is more like a blank canvas waiting to be customized to the owner’s personal preference and lifestyle needs

  • It has the protection of a new construction warranty

  • New homes are constructed with energy-efficient materials that can result in a more sustainable lifestyle for the homeowner with lower utility bills.

  • Some builders offer mortgage financial promotions for new constructions

CONS OF NEW HOMES

  • Home prices are rarely negotiable, You may have to pay the full market price.

  • New homes may require extensive landscaping which may take a lot of time and money.

  • New homes often have less architectural detail and charm than many older homes have.

  • New construction homes are often more expensive compared to old homes.

  • Taxes may be higher compared to old homes.

 

SO HAVE YOU DECIDED WHICH HOME CHOICE IS FOR YOU?

With what we have discussed above, there are many factors to consider when deciding which home choice is best for you in the home buying process. As you can see, both home choices offer significant although very different advantages to homeowners.

 

“Can you get the best of both worlds?” YES!

 

How? You can do this by buying an old home, making sure it is still in good condition, and taking the opportunity to renovate it to your liking, making it as good as new. 

 

You will find a lot of places that hold great potential when you go househunting. It all comes to finding a place that you enjoy inside and out. Keep in mind that the question you should be asking yourself is which individual property will best meet your and your family’s needs not just in the present but for the future years to come. 

 

In either case, working with a real estate agent or experienced professional can help guarantee a smooth process. So if you have decided on which home choice best suits you, you can give me a call.

Blog author image

Jeffrey DeJesus - (650)270-4733

My Specialties: Buyer's Real Estate Agent, Listing Real Estate Agent, Commercial Real Estate, Landlord I will work tirelessly on your behalf to make your next home buying or selling experience a plea....

Latest Blog Posts

California Home Buying Process

Buying a house is exciting and complicated at the same time. Understanding the process is a good first step before starting the journey.  I put together these steps that will, hopefully,

Read More

Buying New vs. Older Homes

When buying a home people always have the same question in their minds, “Is it better to buy an old home or a new one?" It may seem like a simple decision but it is a question aspiring

Read More

Should you Rent or Buy a House?

You are probably asking yourself if you should rent or own a house. That is why you are reading this. I will do my best to outline the pros and cons of each to help you make an informed decision. A

Read More

Top 10 Questions you MUST ask Your Lender or Mortgage Broker

 Before I start with the list, let me answer the question, "What does a mortgage broker do?" A mortgage broker can help you connect with potential lenders and assist you to seek out and get you

Read More