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Buying a New Home vs. Buying an Old Home

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Buying a home is an exciting adventure, but the journey comes with plenty of questions. One of the decisions you might encounter is whether or not you should buy an older home, that others have lived in, or a brand new home that has recently been built. Each option has its own set of pros and cons that should be taken into consideration while you choose the home that is best for you, including price points, styles, design, and interior issues.

What’s the financial bottom line?

You might be inclined to think that buying an old home will save you money. This is true in a lot of cases, especially because older homes are often less expensive than new ones – in fact, they can be up to 75% less expensive than a home that was just built. Old homes might also lack the features and modern amenities that new homes have. But, while you might be getting a lower price, you could be missing out on everything you want in a house. Also, it’s not uncommon for older homes to have more issues that need to be fixed, like plumbing problems or electrical wiring that needs to be brought up to modern code.

However, newer homes are not without their problems. Since the home has not been lived in and the new wiring or plumbing has not been used on a daily basis, new home buyers can experience some issues with various working parts of the home. The good news is that many aspects of a new home are under warranty soon after moving in.

How does my taste factor in?

You might love the charm and attention to detail that is often found in older homes, or you could prefer the modern and simplistic design of many newly built properties. While a house’s price point and functionality are important aspects, you can’t overlook the importance of loving the way that your home looks. The design of a house can be the deciding factor of the property that you choose to purchase.

So, should I choose a newly built home, or one that has been lived in previously?

There is no right answer that applies to every hopeful homeowner. Your best option is to look at what you want out of a home and share your desires with your real estate professional, while still going into the home searching process with an open mind and waiting to fall in love with the perfect house.