When it comes to purchasing a home there are a lot of questions people have. One of the most common questions asked is whether you should buy a new home or an older one. It’s a valid question. Some people find themselves firmly in the new camp. Others are staunch defenders of buying an older home. But who is right? Should you buy a new home or an old home?
Let’s take a look.
Maintenance costs can be a significant expense for homeowners. Different homes have different considerations in this field. Homes that are more recently constructed will also have newer appliances (refrigerators, water heaters, air conditioning, etc.). The newer these items are, the longer it is likely to be before you have to pay for repairs or replacement. Older homes, on the other hand, are likely to have older equipment, roofing issues, and other items that may require maintenance sooner rather than later.
Purchasing a home can be a great way to invest. Property can appreciate, increasing in value and allowing you to make a profit on the future sale of a home. This appreciation isn’t guaranteed though. There is no guarantee an area will increase or decrease in value. That said, older homes have a demonstrated record of their value, whether increasing or decreasing. While there are no guarantees, this can give you a better idea to make an educated decision.
It’s no surprise that older homes tend to be less expensive than new homes. Nationally, a new home can cost 28% more than an older one on average. That’s a significant amount of money to pay for that new home smell.
When it comes to your home, people often have specific aesthetics they’re looking for. Maybe it’s a style of porch or architecture, but whatever it is, there are some things we just want in our home. Newer developments tend to have very similar-looking homes in terms of design. Older homes are more likely to be unique and offer those design touches we want.
Ultimately, it’s your decision. There isn’t one correct answer. Our best advice is to weigh the information with what you want and decide from there.
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At Drew Sineath & Associates we strive to provide you with service unmatched by any other real estate team. We aim to build lifelong relationships with all of you, making you more than our clients. Making you neighbors, friends, and family. If you’re looking for your dream home, we want to help. Contact us today!