Old Home vs. New Home: Pros & Cons
You did it!
You’ve made the decision to be a homeowner. Congratulations! Now that you’ve got that under your belt, it’s time to move on to the next most important question:
Which type of home should you buy? New? Or old?
Don’t let the word “old” fool you. “Old” doesn’t always mean run down or dilapidated. Some things get better with age, like wine.
And “new” doesn’t always mean better. Or, does it?
A home is a big decision, and a major investment. You want to make sure you get it right. Purchasing the right type of home for your family will not only provide your family with the security they need, but with the peace of mind that you need.
New construction is always going up, and old homes are constantly being remodeled. So what makes someone decide between a new build, and an older home? Maybe we can help you narrow that choice down.
Advantages to an Old Home
If you’re an HGTV fan, you’ve probably seen popular shows like Fixer Upper, Rehab Addict, or First Time Flippers where people purchase an old home with good bones, and customize it to their family’s needs. This is one advantage to an older home (if you have the means necessary to make some home improvements): Many older homes are just more durable. Their craftsmanship is unique and solid. If it has a good, sturdy foundation and “good bones,” you’ve got some quality workmanship right there, my friend. These types of homes weren’t pre-fabricated and made of cheap materials. They were built to last!
In addition, older homes often come with a lot of character. If you’re looking for something unique and full of charm, an older home likely has those elements.
Nowadays you may see new construction areas with homes shooting up left and right. These homes are also likely to be tightly packed together, meaning small lots. On the contrary, older homes often have larger lots in established neighborhoods, and often with mature trees and vegetation. Installing your own yard and landscaping can be very costly, not to mention timely.
Disadvantages to an Older Home
Of course not everything is fairy dust and roses. Older homes comes with their own cautions and risks, too. Older homes have had lots of time to cover up some much needed maintenance, and if you’re not someone who has the time or money needed to make repairs, an older home may not be in your best interest. Common “repair work” issues may include mold, outdated wiring, foundation issues, leaky roofs, old plumbing, asbestos, poor insulation, sloping floors, and inefficient windows.
Let us at Northern Title offer you some peace of mind as we can help protect you from unknown complications at a property. We perform title examinations on real estate records and issue title insurance policies for buyers so you don’t have any surprises down the road.
On top of some of the major issues listed above, there may be some other areas that you and your family would like updated as well including:
- HVAC System
- Sewer System
- Replacing old appliances
- Updating floors
- Improving efficiency of home
Older homes often don’t have a lot of storage space either. Garages may be smaller, closets may be nonexistent, and storage spaces may be minimal altogether. If you’re someone who needs more space than what an older home has to offer, be prepared to spend more money and time to renovate.
Advantages to a New Home:
Don’t you just love going to a restaurant and being able to customize a meal just for you? Well, what if you could do that with a house? You can! That’s one of the biggest advantages to buying a new home: personalizing and tailoring it to your family’s needs.
Want 5 bedrooms, 3 baths, and a master suite? You got it! Want a large pantry and a wrap-around porch? You got that, too! Want to sleep on the opposite side of the house from the kids? No problem!
For once everyone can have their cake and eat it, too. Or in this case, have the perfect house and live in it, too.
Another advantage to purchasing a new home is the peace of mind that there’s less maintenance. Because it was built recently, it should be up to code. Sit back and relax! That roof won’t have to be replaced for at least 20 years! And if it leaks, it likely has a warranty with it.
Newer homes also often come with awesome modern-day conveniences like energy efficient appliances, sound HVAC systems, and en suites in the master bedroom.
Disadvantages to a New Home
Just like many other good things, some good things come with a hefty price tag. In this case, if you custom build a home and opt in for several upgrades, your base cost just shot up. It’s best to know your budget and price point, and prioritize what upgrades are just not negotiable. If it’s something that can be added later on down the road when you have more funds, then maybe that’s not such a priority.
Unlike older homes, newer homes sometimes lack character and are often referred to as “cookie cutter houses.” They also sometimes have smaller lot sizes and immature yards. If a large, fully-landscaped yard or uniquely charming house aren’t on your priority list, then press on! A new home may be up your alley!
Lastly, if you’ve ever known someone who has built their home, you know they’ve endured headaches and stress through it all. Although many will say it’s worth it, there are also many who swear they’d never do it again. From securing land, to negotiating prices, to getting approval for certain zoning permits, to meeting deadlines, building a home can cause a lot of anxiety. Be prepared if this is the route you decide to take.
The Final Say
Both old homes and new homes have a lot to offer homeowners. Nobody will all agree on one being better than the other. You have to take into consideration your family’s needs, your budget, and prioritize. We’re confident you’ll make the right decision. Let us at Northern Title help you get into the perfect home for you, new or old. Contact us at one of our offices today by clicking here.