Buying an Old or Newly Built Home

The housing market offers a variety of options, both old and new, for potential homebuyers. Once a buyer enters the market for a house, one of the first decisions he/she has to make is whether to buy a newly built house or a previously owned home. Both the options have their own pros and cons, and almost all of them have been listed below. The advantages and disadvantages of new and old homes listed below will help you decide whether you should buy a newer home or go for an older one.

New Home Advantages

• Customization:

Many home builders allow potential buyers to help design their new home, which allows them to create a living space tailored to their tastes and preferences. For example, as a new homebuyer you can choose your favorite flooring or select the exterior paint quality and color.

• Little maintenance

Newly constructed structures are meant to last for a while so new home owners are not likely to face maintenance and repair issues at least for the first 3 to 5 years.

• Energy efficient

Most of the newly constructed houses are built for energy efficiency with greenhouse appliances fitted in them. Energy efficient systems, such as solar panels, are being installed in most of the new homes, which help reduce utility bills for the new homebuyers. New homes also include modern conveniences such as built in dishwashers, microwaves, clothes washers and dryers etc.

• Neighborhood

Usually your neighbors will also be new to the area and this common situation can help you make more and more friends in your new neighborhood

New Home disadvantages

• Long commutes

A vast majority of new homes are being constructed out of the city limits, which means long commutes to work and education from your new home. If you do not like long travels, or want to save fuel expenses then a new home might not be what you want.

• Cookie cutter homes

Most of the newly constructed homes are built on the same plan and they are identical to each other in their appearance as well as in their design. If you do not want your neighbor’s home to be just like yours, you should opt for an old home.

Older Home Advantages

• More variety

In older homes you will have much more variety not only in the designs but also in the areas to choose from.

• Front lawn

When buying a previously owned home, you typically don’t have to worry about growing the front lawn from scratch.

• Location

Old houses are usually located in more convenient metro core areas, where you will have the luxury to enjoy popular schools and other amenities.

• Neighborhood

Older homes give you an opportunity to enjoy a well settled neighborhood, with a strong sense of community.

Older Home Concerns

• Maintenance cost

Your old home may need some maintenance.

• Less spacious

Old homes are usually less spacious with smaller closets and storage space. The master bed room might not be very large either.

• Expensive

Classic and vintage homes usually cost more, since they are located in the metro core areas, closer to conveniences such as commercial hubs, schools, shopping arcades, mass transit and urban amenities.