Buy New or Buy Old?

Out with the old and in with the new? Last week we decided now is the time to sell in this seller’s market. On the flip side of that revelation is the realization you have to move on from your old home once it sells.

Early in your quest for a new place to make memories, weigh the positive and negative outcomes of each situation. One of the more important questions to ask yourself is whether you’re looking to buy new or old. There are upsides and downsides to both, but your preference in the end is all that matters. While new homes are exciting and shiny, older homes have a quaint charm that is unlike any other. We’ll let you figure the rest out on your own!


Location

  • Pre-owned homes come surrounded by an already established community while new builds are surrounded by construction while to neighborhood is being developed.
  • Construction is constant in a new neighborhood until it’s completely developed
  • Newly developed neighborhoods are more likely to be located on the outskirts of hard to reach urban areas
  • The sense of community does not currently exist in developing neighborhood
  • Newly built homes don't have the initial landscaping to build from with features like flower beds, big trees and bushes like pre-owned homes do.
  • Newer homes have a better curbside appeal when you are looking to sell again (if you don’t plan on staying for the long haul)
  • There's a waiting game associated with a new build whereas the process of buying a pre-owned home can take half the amount of time

 

Energy Saving Appliances

  • New homes have higher standards to live up to than an older home that hasn't been renovated
  • New homes must be up to code making appliances and features more reliable
  • New technologies that are not in older homes allow for higher appliance efficiency
  • You won't have to begin worrying about appliances as early in newer homes because they often come with all new appliances that are under a 10-year warranty. this saves costs in the long run
  • A pre-owned home has tired products that could more easily break down adding expenses earlier on

 

Design

  • The obvious is that newer homes can look more modern with higher ceilings and larger kitchens whereas older homes were built with a charm that often doesn't include these features
  • What you see is what we get when walking into pre-owned homes
  • You must pay more to fix up an old home if it's not in your desired condition
  • Newer homes allow you to personalize more features
  • You have the flexibility of designing the houses layout to fit the function of you and your family's day-to-day activities

 

Costs

  • Newly built homes come at a premium price, but they are untouched before you move in
  • According to a Trulia survey, it’s 20% more expensive on average to purchase a new home than an older home
  • There are more after-purchase costs associated with older homes like appliances and renovations, but the cost of a newer home is likely more expensive

If you choose a newer home, we hope the new home smell stays with you forever. If you decide to go the pre-owned route, call an agent today to find that unique charm you’re looking for in your next home.