Should You Buy Old or New?

 


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You are looking to buy a home. You don’t know whether a new home or an older home is good for you. Which is best for you?

Whether a brand new home or one that has been broken in is best for you depends on your preferences. A homebuilder will tell you that you need a new home. Real estate agents will tell you an existing home is the best way to go.

Both are right. Both new homes and existing homes have a lot of pros and cons. You have to determine what you want.

Let’s look at the disadvantages and advantages to buying a new home. A new home will cost more, but you are getting what you pay for. While a new home will be much more expensive than a 20-year old home, you are getting a lot more amenities.

A new home will have newer features. New homes usually have more square footage and more bathrooms. New homes are usually wired to accommodate multiple telephone lines for your communication and computer needs. These needs weren’t around 20 years ago.

You can pick and chose what features you want in a new home – you aren’t fixing someone’s bad decorating decisions.

But keep in mind, you are paying for it. If money is tight, or you want more home for your money, you should look to an existing home. There are advantages and disadvantages here as well.

Existing homes usually have all of the appliances already in place, so you don’t have to go shopping for refrigerators, stoves, dishwashers and freezers. Often, an existing home has been updated to give the feel of a newer home. Landscaping and décor has already been added. If it fits your tastes, you have little work to do.

The purchase price is much less than for new homes. There can be a character and charm to an older home, and neighborhood, that is very different from a new development. Neighbors know each other and there is a community feeling already in place.

You can also negotiate the price more of an existing home. But you have to expect an older home to require more maintenance. There will be problems due to older appliances. You will have to look at the age of the roof and carpeting. You have to consider that there will be hidden problems that are waiting to pop up once you move in.

Either way, buying a new home or an existing home can be very rewarding. Each takes a lot of research and shopping around. Each will have surprises and rewards. You have to consider that no matter if you buy new or old, you will have to improve it over time to keep it at current market standards. Buying a new home gives you a home that you have picked out that is ready to move into. You could save money and buy a fixer upper. This can be rewarding in knowing you’ve done it yourself.

It all depends on your preferences. Shop around and decide what matters most to you. It can be exciting either way.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com , a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

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