Buying a home is a big decision, and with it there are loads of issues to consider. However, one particular issue that I’ve seen pop up recently is, “Is it better to buy a new or old home?” Which you decide to settle on will be dependent on your personal tastes, but here are a few pros and cons to both.
The Pros Of Old Houses
- Quality. There is something to be said of the construction quality of older homes. Things truly were built to last, and it shows in older constructions. In newer homes manufactured wood may be used, as opposed to the solid wood in old houses. This can make a huge difference when it comes to standing the test of time.
- Neighborhood. Older homes tend to be found in historic neighborhoods, and due to this fact you can expect it to be well maintained and preserved. Additionally, you won’t have to worry about someone erecting a new construction right next door, and can expect peaceful surroundings.
- Taxes. Historic homes have an added financial bonus as well. Owners of homes that are officially recognized as ‘historic’ may receive tax breaks from the state and federal government, provided they are taking steps to keep the house in a preserved state.
Cons
- Maintenance. Older houses are a labor of love, and they do require more maintenance than a new construction. If the electrical wiring has never been replaced, or there was previous water damage, you can expect some hefty repairs in the future.
- Rules. Houses recognized as historic may have strict guidelines in place that prevent a homeowner from making drastic changes. This is in place to preserve the homes aesthetic as best as possible. For buyers who want a home they can truly make their own, this can be a major hang up; however, for those who love history, it can be a positive aspect of living in an older home.
- Insurance. Homeowners insurance could be higher than a new construction. This is due to the insurance company having to account for potential issues that can arise with older homes.
The Pros Of New Houses
- Maintenance. A newly built home will need less immediate maintenance than an older home. Because they’ve been recently built you can expect at least a couple years, if not decades, before anything major needs to be done.
- Up To Date. If you’re someone who likes a modern aesthetic, you can expect all the fixtures to be up to date, and without the need of renovation.
- Space. Newer homes tend to have more space and more open floor plans. If you’re someone who doesn’t like tight knit spaces, modern designs may be more your style.
- Customization. New homes don’t have the same strict rules in place that prevent customization. This means you can fix it up however you like, and make it a place that is truly your own.
Cons
- Character. A new construction is a blank slate, and as such can lack a certain charm to some buyers. Additionally, many modern constructions tend to ‘blend it’. If you’re someone who wants a unique design, older homes may be for you.
- HOA. Many times new constructions require non-negotiable HOA fees. However, these fees go towards the upkeep of the neighborhood, which keeps your surroundings looking neat and tidy.
- Price. For initial buyers, the price of a new construction is usually set in stone. That being said, paying more for a new construction initially means you save money on repairs and maintenance later. For older homes this is usually the opposite.
If you need additional help deciding, speaking with a real estate agent can help point you in the right direction.
