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Old House vs. New House: Which One is Best to Buy?

Old House vs. New House: Which One is Best to Buy?
by Kevyn Pitts - March 28, 2022,

Buying a home can be one of the most tasking activities. Many decisions go into the process, and there are so many questions you need to ask yourself.

Although each house is unique, maintenance, cost, location, and size are a few factors that homebuyers look out for when comparing prospective homes.

But at the end of the day, there’s always the big argument of old house vs. new house. Which is the right house for homebuyers?

New homes are more likely to be bigger and have a more modern layout, while older homes are usually already in established neighborhoods. 

This article will highlight the pros and cons of old and new houses and which type of house will better fit your taste and budget.

What to Consider Before Buying a House 

Buying a home is an investment, and like all investments, you need to take a careful look at key factors before making that payment. 

And in an area like Pace, you need to scrutinize your options. Not to worry, here are some factors to consider before you buy a house in Pace, FL:

  • Consider your debt-to-income ratio as sellers usually request them, and knowing it can help you determine your spending limits. 
  • Find out the down payment requirements. 
  • Do you buy a new home or an old one? 
  • Your duration of stay will help you choose between renting, buying a new home, or an old one. 
  • Find out where the house is located and how close it is to your work, schools, and malls. 
  • What are your preferences and lifestyle needs? 

Pros and Cons of Old Houses

1. There are More Styles to Choose From

One big benefit of going for an old house in an established neighborhood is that they come with more variety in floor plans and home styles. However, this will mean that you have fewer chances for personalization.

2. Established Neighbourhood

Older houses are usually located in more established areas and neighborhoods, and these areas may already have a strong sense of community and togetherness. Zoning changes in older areas are less predictable, meaning the surroundings are predictable. Some neighborhoods are sometimes historic and will have a high value on preservation.

3. Relatively Lower Prices

Older homes require a little touch here and there than new homes, and sometimes these changes can be major updates to keep up with the times. For this reason, buyers can negotiate lesser prices with sellers, or they can even negotiate for sellers to foot some of the closing costs.

4. Mature Landscape

One of the perks of buying an older property is that it will likely come with mature landscaping and won’t require too much time and effort to set up a new landscape, and there is no need to spend time on extensive upkeep.

5. Quicker Buying Time

You are more likely to buy an older house faster than you are likely to buy a newly-built property. As a buyer, you can close on your dream home and get settled in quicker than someone buying a new home.

The Cons Of Old Homes

Older homes undoubtedly come with existing features that you might not find in newly constructed houses. However, while buying an older home can be a good choice, it does come with some downsides:

1. More Maintenance Needed

Older homes need more repairs and renovations, and these factors can increase the home's total cost. While these costs exist, they should be minimal and realistic when time and money are considered.

2. Older Homes Might Be Smaller

The Census Bureau says the median single home size was 2,333 feet in 2020 compared to its 1973 single-family home figure of 1,525. This shows that the average floor plan size increases over time, but older homes may have less storage space and smaller bedrooms.

3. Less Energy-efficient and Outdated Appliances

Old homes are built with older materials, meaning that most parts of the house might be outdated. If these homes aren’t completely updated, you will be replacing many useful appliances that can help resale value.

4. Hazardous Materials

Lead and asbestos are just some of the hazardous materials that you can find in an old home. These materials can put your family's health at risk, so a thorough inspection before buying old homes is advised.

Pros and Cons of New Houses

1. Built for Modern Convenience

New houses come equipped with a spacious kitchen with refrigerators, wine cooler, dishwashers, microwaves, and other features like networked wiring systems and workout rooms.

2. Fewer Repairs

Newly constructed homes have fewer repairs or renovations than older homes. This is a huge relief considering the time and costs to effect these repairs before moving in.

3. Customizable

When you buy a new home, you can often make some changes as much as you can, or as much as codes allow you to. Buyers can customize according to their preferences and personal needs while choosing things like types of appliances and paint colors.

4. They’re More Energy-efficient

New homes are generally more energy-efficient than old homes, including new and modern appliances, insulation, and windows. These homes are perfect in any season or weather. 

5. Warranties 

Newly built houses come with new appliances that have a warranty, and some builders will even offer extended warranties on newly constructed homes giving first-time home buyers ease.

Cons Of New Homes

New homes come with the latest gadgets, technology, and features that you might not find in old houses. However, while buying a new home can be a great choice, it does come with some downsides:

1. Higher Prices

Modern convenience and layouts that come with new homes don’t come cheap. Buyers get to pay more when compared to old homes.

2. Little or No Room for Negotiations

There’s little or no room for negotiating the price of a new home. However, buyers can request upgrades, but the prices won’t change much.

3. Much Longer Commutes

Newer homes are built in spaces outside a city and in the suburbs to save costs for the builders. This means a longer commute to school and work.

4. Homeowners Association Fees

New homes might have amenities like gyms and pools, and buyers may have to pay extra in terms of HOA fees to maintain these amenities.

5. Immature Vegetation

It takes years for healthy and beautiful green trees to grow and make your new home look and feels comfortable. Newer homes have to rely on quick-fix landscapes like cactus or shrubs.

Conclusion

New houses or new build homes have never been lived in, but old houses have had at least one owner. Both have their appeal, and homebuyers choose them for several reasons. 

There are also many pros and cons to buying houses, whether new or old and depending on what you’re looking for, this article can guide you in making the right choice.

Author

  • Kevyn was Rory's first protege and has proved himself worthy of his title as a real estate expert through his years of working in the company. He makes sure we get the latest real estate updates and shares his insight to our readers on which investments they should keep an eye on.

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