Old Home vs. New Home: What’s Right for You?
Whether your next move will be to a larger home or a smaller one, there’s one decision that always has to be made: Do you prefer a freshly built home or older one? As each have pluses and minuses, there are no right answers. It all boils down to what you prefer.
The Case for Existing Homes
With an older home, you have a better idea of how your investment will fare. The neighborhood is settled and has a track record of appreciation and market appeal. While past performance is not a guarantee for the future, it is a helpful indicator.
Older homes are typically closer to a community’s center, which can mean shorter commutes and lower gasoline costs. They also are far more likely to have mature tree and added features as fences, landscaping, and window treatments – all of which reduce the over-all costs of moving in. Despite these additions, existing homes tend to be less expensive per square foot, depending on the neighborhood.
Of course, there are degrees of age as well. Existing homes covers everything from those built just last year to homes over a century old. And, there are definite differences in homes according to when they were built. Homes built in the last 15 or so years, will have more generous closets, baths and kitchens than those built 50 years ago. It all depends on what home features are most important to you.
The downside of purchasing an existing home is maintenance and repair. As appliances, plumbing, electrical and HVAC systems age, they all need repairs. A professional home inspection can alert you to any immediate concerns, which can then impact price negotiations. The older a home, the more maintenance and repairs you can expect over time. However, you can request a home warranty in your purchase contract to protect you from unexpected repair bills.
The Case for New Homes
Walking into a sparkling new home, with no nail holes in the walls or smudges around the light switches, has great appeal. It’s a clean, blank canvas that you can make your own just by moving in. No one has painted the kitchen bubble gum pink or pasted cartoon cutouts to the walls in the upstairs bathroom. There are no mistakes to undo.
In a new home you can also expect the latest in energy efficient appliances, modern fixtures in kitchens and baths, and a more open layout with touches like flue-less fireplaces and media niches.
The materials used in new homes tend to require less maintenance, insulation is usually more effective, and heating and cooling systems meet the newest efficiency standards. If you select a house before it is finished, you can even pick many of the details yourself – from wall colors to cabinetry to light fixtures.
All this efficiency and modern architecture comes at a price, however. But, since everything is brand new, you can expect fewer repair and maintenance bills.
So, which will it be – new or old? The choice is yours to make. And the only right answer is what’s right for you.
CLICK HERE to see The Schacter Team's guide to new home construction.
The Schacter Team - Your Langley Real Estate Experts.