Should You Buy A New Home Or An Older One?

Getting a few answers before you begin looking for your new home can eliminate many of the options on the market. Learn more about it here.

Should You Buy A New Home Or An Older One?

28 September 2015
 Categories: Real Estate, Blog

Home buyers have two main choices when looking for a place to put down roots: move into a new home development or look for something in an older, established neighborhood. The purchase you make today is an investment in your future since you'll want a home that appreciates in value. While no one has perfected the crystal ball, you can make an informed decision when you consider these points.

School District

Schools in new neighborhoods are, well, new. They've been built to accommodate families moving into new home developments. They are constructed to the latest building codes, have the newest computers and equipment in the classroom, and are attractively decorated.

Schools in older neighborhoods might be in need of repair, depending on the school district's finances. Moreover, some schools have a serious problem with overcrowded classrooms and not enough textbooks or other materials for the students. Some older schools have an excellent reputation but this actually drives up the cost of homes within the surrounding area. You could pay more for an old house with problems than for a new home.

Age of Construction

New homes are built to accommodate today's lifestyle. Most have open-floor layouts so you can converse with family or guests in the living room while standing in the kitchen cooking dinner. Moreover, the homes are snug and energy-efficient. Your heating/cooling costs are less in a new home since it is constructed specifically with energy efficiency in mind.

Older homes frequently need expensive updating to make them energy-efficient. For example, you might need to insulate the roof and walls, replace the windows, or update the HVAC system. Additionally, you might run into unknown problems with the plumbing or flooring. Unless the roof is fairly new, you'll also need to budget for its replacement.

Age of Appliances

You get to choose the color and style appliances when buying a new home. The kitchen, indeed the entire house, reflects your tastes and personality. Construction companies generally offer several packages from which to choose. Additionally, new kitchen appliances come with a warranty should you have a problem. Equally important, the expensive HVAC system will be brand new.

Some sellers of older homes will purchase a one-year warranty on their appliances if they are fairly new. Please be aware that the warranty period is generally only for one year as opposed to several years on new appliances. A new furnace can easily set you back $2,000 plus the cost of labor.

Owner-Occupied vs. Rentals

Neighborhoods in decline tend to have a larger percentage of rentals. Investors buy these houses for the income they produce. Since their goal is to earn a profit, they invest the least amount possible in property upkeep.

New home developments tend to be owner-occupied. They are in a desirable location and without the problems plaguing older neighborhoods. A new home is a good investment in your future.

With these points in mind, search for new homes for sale today.

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what is your perfect home?

What is the perfect home? What is perfect for one person may be too small or large for another? Do you want a home made of brick or do you want one made of wood? Do you want a condo or do you want a house on a nice big piece of land? Getting a few answers before you begin looking for your new home can eliminate many of the options on the market. This will help to decrease the time it takes for you to search for the home that you find perfect for yourself and your family's needs.