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Buying A New Home vs. An Older Home

Buying A New Home vs. An Older Home

Buying a home offers a lot of decisions to be made. One of these important decisions is whether you should consider buying a new home or an old home. Each comes with its pros and cons that will need to be weighed and considered.

Home design

The look of a home makes an impact on your decision, whether you realize it or not. Unless you truly don’t have any say in the matter, you won’t buy a house that doesn’t somewhat aesthetically appeal to you. For this reason, both new and old homes have their perks. New homes often have open spaces, energy-efficient features, and modern technology options. New homes are typically less charming but are modern, with simple lines and details. On the other hand, older homes have a unique architectural charm that includes meticulous detail and may be considered more charming. 

Repairs And Renovations 

It’s important to take into consideration the repairs and renovations that may be required. New homes most likely won’t need major repairs for years. You may also not feel the need to renovate the home because the layout is more open and up-to-date. In addition, if you built the home, you were able to choose a lot of features during the building process. On the other hand, older homes may need some repairs or renovations to update the home or make it the way you like it. If being busy on home projects is what you love, this may be a benefit. 

Price

Overall, you will more than likely break even with cost depending on your choice of home. New homes are nice, but you will pay for that newness in the upfront cost. So, if you want to save money, leaning towards an older home may be wise. However, the money you save from buying an older home may not be saved after all. Since older homes are typically less energy-efficient and have older appliances, you may have to pay more to heat or cool the home, as well as upgrading old appliances when they come to the end of their lifetime. 

Established 

A pro of having an older home is its established meaning in the landscaping and the neighborhood. You can form lasting friendships with neighbors and feel a part of the community instead of living in an area with high turnover. Also, the landscaping is mature and fully grown. With a new home, you may have to install landscaping which will take time and money. It may also be in a new neighborhood that means many new people that you don’t know the dynamic they will bring.

Whether you want to start a fresh new home or end up finding the perfect home already on the market, we can help you through the loan process. One of our loan officers would be happy to help get started or go over your options.