New Homes vs Older Homes

Older homes can be more affordable, however you may also be faced with costly repairs, such as replacing old equipment so that it‟s up to code. Older homes often carry higher insurance rates because of an increased risk of repairs.
On the other hand, older homes can make for great starter houses, if you have the ability to do a lot of the repairs yourself. And in many cases, you can end up buying a larger house at a fraction of the cost in comparison with a newer home. In addition, many people prefer mature properties because of the history surrounding the property, as well as existing vegetation, trees, and greenery, which provides privacy, while often giving buyers the opportunity to purchase more land for future development, than with a newer model.

But there are many pro‟s and con‟s to both a new and older home and it‟s important that you fully understand everything about the properties that you are considering. Get as much history on the property as possible.

Ask the realtor for information about the home, talk to neighbors, check out sale history by searching online. Reviewing the history of sale transactions on a home can often give you a good idea as to whether there were problems with the property, especially if it‟s been sold multiple times over a short period of time.

Also keep in mind that newer homes include a warranty, protecting you from unforeseen costs in repairs (such as roofing or flooring), while older homes will typically be sold “as is”.
When purchasing an older home, you want to make sure that you pay an inspection company to thoroughly inspect the property, including roofing, heating, electrical outlets, and whether the property is up to code including the type of wiring found throughout the property. While it‟s important to have a home inspection on both new and older homes, if the property is aged, you will want to make sure the inspection includes elements that may not be typically included in an inspection process for a newer home.

Moving into your new home should be an exciting and memorable time in your life, and if you really give yourself enough time to evaluate different properties, and you keep an open mind with both newer and older homes, you‟ll be in a better position to get the most „bang for your buck‟, while ending up with a home that you are happy with for years to come.