Should I Buy a New Home or an Old Home?

December 23rd, 2013 by maureen

As you embark on your venture to buy a home, one of the first decisions to make is whether to buy new or to purchase an existing home. Each choice has its advantages, and there is no single answer that works for everyone. Existing and new homes each offer many considerations for potential home buyers. Existing Homes Here are some existing home considerations:

Maintenance and Repair. If you're considering an existing home, be sure you have a good handle on the working status of all major systems. Hire a professional home inspector to check out the house. As appliances and systems age, they naturally require repair and replacement, something which may be reflected in a purchase price.
Existing Features. When you buy an existing home, you typically don't have to worry about buying the extras, such as blinds for the windows, fences, built-in cabinets, a security system or a landscaped back yard.
Land. In most metro centers, existing homes have more land than newer properties. Why? Because of changes in land-use patterns.
Location. Existing homes are often found in older, more convenient metro core areas rather than outlying suburbs.
Remodeling. In some cases buyers may prefer an older home in a particular location which can be modernized or expanded. In effect, they use the existing home as a base to build a unique property over time.
Price. In general terms, existing homes tend to be less expensive than new ones.
Traditional Layout. If you like formal living and dining rooms, an existing home will likely satisfy you.
Warranties. Existing homes are often sold with limited warranties provided by owners.

New Homes On the other hand, new home considerations include:

Warranties. Many home builders offer 10-year warranties from third-parties who will be there if certain problems develop over time. In additional, there are manufacturers' warranties for such items as stoves, clothes washers, etc.
Modern Architecture And Design. If you prefer a great room (an over-sized family room), bigger closets, more bathrooms and media niches over formal dining and living rooms, a new home is likely to better accommodate you.
Options. When you buy a new home, you get to decide the particulars of what you want. You can also select any of the upgrade features the builder may offer, choose the right paint for each room, select the cabinets you want and do much to customize the property itself.
Price. As we saw above, new homes are typically more expensive than existing homes. But new homes are likely to need fewer repairs or replacements because everything is, well, new; warranties are in place and normal wear and tear has yet to begin.
Safety Features. Most new homes now have hard-wired smoke detectors on every floor. They are usually interconnected so that if one goes off, they all go off.
Energy Efficiency. Over time, homes have become better insulated, and energy costs for given purposes have been reduced. With better windows, more efficient heating and cooling equipment, better control of air infiltration and greater use of insulation, new homes consume half the energy of homes built prior to 1980, according to the NAHB.
Less Maintenance. New homes are often made with materials that require less maintenance, such as aluminum siding, vinyl windows and trim that never needs painting, and wood decks made with pressure-treated wood that resists rot and insects.

So which is the better choice--new or existing? There's no single, objective answer that's right for everyone. We each have different preferences, and the values that best suit Jones may be all wrong for Smith. Moreover, terms such as "new" and "existing" are among the many factors to consider when looking for a home. All homes are unique--they each offer a combination of factors that no other home quite duplicates. There are trade-offs with every property. The real question is not which is "better"--new or existing--but rather which specific property best meets your needs. The only "correct" answer is unique to you: it's whatever you prefer. Dickerson & Nieman Realtors 6277 E. Riverside Blvd Rockford, IL 61114 Phone: 815-227-5900 Email: Send Email Rockford area Real Estate Company

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Should I Buy a New Home or an Old Home?

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