you are contemplating buying a house? If a real estate purchase is high on your priority list in the near future, you may be wondering; Should I buy a new house or an old house? That’s not necessarily as simple a question to answer as you might think, there are many factors to consider when buying a home, new or old. As an experienced real estate agent, I’d like to offer a little advice to help you understand some of the differences between the two.
Most people have a picture in mind when they envision what their home should look like. You may dream of snuggling up in front of a large wood-burning fireplace in a grand old house on a cold winter’s day. Let’s hope your significant other isn’t dreaming of looking out at the bright city lights from a brand new penthouse! Having similar tastes in real estate is really helpful when you start your property search.
Regardless of the type of home you end up buying, you will likely find that owning a home is very rewarding and gives you and your family a sense of security, confidence, and comfort. In today’s real estate market, incentive programs, low interest rates and an abundance of available properties make home ownership an achievable goal for many.
Your home selection will be determined by a number of factors including your space requirement (lots of kids or pets?), your desired location, and of course your budget. It’s almost always a matter of compromise. You may find an older home with the character you love that needs a lot of updating, but if it doesn’t fit your budget or you can’t do the job yourself, it may not be a good fit. Similarly, you may have your heart set on a new home, but keep in mind that you may need to spend more money on things like window coverings, landscaping, and fencing that are often already included in an older home.
Benefits of buying an old house
In general, buying an older home means you can see what you’re getting: any major structural flaws will have become apparent over time (and hopefully corrected!). The neighborhood is likely well established, so you’ll also know what you’ll get there. You’ll often find beautiful mature landscaping that offers more privacy than in a new neighborhood. The home will likely come with basic furniture items such as drapes, blinds, and lighting fixtures, and may also offer appliances, saving on post-purchase costs.
Benefits of buying a new house
If you decide to buy a new home, you may be able to participate in customizing the finishes (flooring, paint, even cabinets and countertops). If you’re building a custom home for yourself, there’s no limit (except maybe budget) to the choices you can make, starting with the basic design of the home. New homes generally have a lot more storage space and larger rooms, as well as being wired and wired for the latest gadgets and technology (home theater, anyone?). Land values typically increase as a neighborhood develops, so you can gain equity by building a new subdivision as it nears completion.
Whether you end up buying an old home or a new home is up to you, but discussing your inclinations with your real estate agent can help you make an informed decision about the types of properties you want to view. An experienced real estate agent can guide you through the entire home buying process to help you find the home that is the best fit for you and your family.