Should I Buy New?

Should I Buy New?

If you are getting ready to buy a home, you might think it’s a good idea to buy a new property. After all a newer property has a newer structure and newer appliances and is likely to have less repairs in the short term.

Old homes are less expensive. There is more potential for you to fix them up and increase the value. They can also have charming architecture and other features that you won’t find in modern builds.

Here are some things you should consider when making your decision.

Budget

Older homes have older fixtures and appliances that can break down over time making up for any money you saved when buying the home. They are also less energy efficient so you will be spending more on heating and cooling unless you update your home to add eco-friendly features.

Maintenance

Maintenance on an older home can be quite costly. If you are handy and can do some of these repairs yourself, but you need to have money set aside for “projects” that will come up.

If you are buying an older home, it’s important to get a home inspection in advance. A home inspection will reveal any problems the home has to give you an idea of what you can expect moving forward. You also may be able to negotiate the price based on any repairs you will have to deal with.

Builder Warranty and Customization

Builders (on new homes) will often let you customize finishes and certain design elements. Building new allows you to personalize your house to your needs and tastes.

Builders and supply manufacturers will often warranty their products and work. As a new homeowner, this will give you piece of mind for the short term that you are covered and will have limited costs.

Condition of the house

Not all old homes are in bad condition and not all new construction is well built. It is important that you know what you’re buying, age doesn’t mean everything!

Modern vs. Vintage

The design of your home will be another deciding factor. With a vintage home, you may enjoy features like crown moldings and attention to detail. However, a modern home will have interiors with open living spaces, accessible hallways and eco-friendly appliances.

The one you prefer will be a matter of personal tastes and there is no saying which is better or worse.

There are pros and cons to buying old and buying new. Once you start the search, you may fall in love with a property and forget about how old it is. Just be sure to take repairs into consideration when calculating your budget.

Good luck finding the home that’s right for you!