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Is It Better to Buy a New Home or an Older One?

It always pays to be extra particular when it comes to selecting a home to buy. After all, this is one of the biggest investments in the lives of most people. We come across many buyers who face a huge dilemma – they cannot decide whether it’s better to opt for a new home or one that’s already established.

The solution to this can be derived after careful consideration of individual priorities and preferences.

The irresistible charm of older homes

If you’ve often imagined yourself residing in a historical Victorian style home on a classic looking street with tall trees on either side, an older home is what you’d like. Ah, how much you’d enjoy walking downtown to visit the stores, coffee shops, and restaurants!

You can get these benefits and many others if you decide to buy an established home. Few things can compare with the architectural aesthetes, distinctive characteristics, and attention to small details that are seen in older homes. Can new homes ever have the decorative arches and stained glass windows that exist in earlier homes?

Most houses constructed in previous eras display genuine craftsmanship which never seems to go out of style. The designs have been appreciated over the years and there’s a probability of the same trends continuing.

More often than not, people residing in established neighborhoods are very community conscious, maybe because they were attracted to the area for compelling reasons or because many past generations lived there.

Such neighborhoods are generally located near interesting downtown places and feature mature trees, bigger yards, and natural vegetation.

Yes, old homes are charming, but if you’re moving into one, you need to get prepared to handle the responsibilities associated with being the owner of an older home. You do get a home with “character” but this can sometimes translate into inconveniences ranging from sloped floors and small closets to an endless cycle of maintenance problems.

The convenience of modern homes

If you’re a person who must have the latest technologies, gadgets, and gizmos; you’ll probably want the best modern conveniences in your home too. Then you’re likely to go in for a new home.

Many prospective buyers look forward to surprise-free ownership of their homes. With new homes, there’s a lesser probability of unanticipated expenses in the initial years and many builders offer warranties as well.

The latest technologies such as energy efficient glass, heating and cooling systems, and insulation, lead to significant savings on utility bills and give increased comfort. Though some buyers are of the opinion that newly-built homes appear too “cookie-cutter”, others enjoy having customizable options for floor plans, countertops, cabinets, and paint colors.

As with older homes, there are some downsides associated with new homes as well. These range from commuting for longer periods to problems associated with the home’s foundation settling. So it’s somewhat incorrect to assume that new homes are completely hassle-free.

The bottom line

You could say that the home buying endeavor can never be a one-size-fits-all process – no choice is right or wrong. Simply following your heart may not be the ideal way to decide, but make sure to involve your head as well. Homebuyers who can realistically assess their own needs ultimately make the best decisions.

Whether you ultimately decide to buy a new home or an old home, you need to know the value of theproperty.  You can obtain a free home valuation report from Neighborhood IQ to find out how much your home is worth. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.

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