Buying New Homes vs. Old Homes

October 7, 2021 0 Comments

1. “Necessary Repairs” Increase Home Value– In general, you can expect to see an increase in the value of your home when you do things like replace the air conditioning unit, furnace, or roof. You will get a higher offer on your home with these things than without them. So while the idea of ​​buying a home with an old water heater that you’ll need to replace sounds like a slaughter, you’ll pay less than if it had been upgraded for you (Always use this as your bargaining power! request that they do it or include it in the value of the house). This combination can be a great way to buy a good home for a good price.

2. “No Regrets” Design Changes – That parquet floor has been there long enough to put aside any regrets about ripping and replacing it. Those 80’s tiles, feel free to rip them out. Trends expire and it is better to tear off tiles that are past their prime than new tiles that are hardly used. And you are free to replace it with whatever you want, whereas constructors usually have a selection that you can choose from.

3. “Old House” charm – It is more expensive to buy new “charming” details. Like the old tile and parquet floors, the crown molding and carved wood accents that you will often find in older homes have “paid off” and are cheaper to buy in that older home. You will find that decorating with these details is a pleasure, as they are visually interesting and beautiful.

4. Cheaper to buy in advance: Older houses can be cheaper to buy in advance for the same square footage in the same area. This has a lot to do with the labor costs involved in new construction. You are paying people’s wages when you buy those houses, while you are only buying the property’s value from a seller of an older house.

5. Established Neighborhoods – Older homes are in older neighborhoods and this can mean beautiful shade that provides mature trees, grassy patios, parks, and more. Drive through an older neighborhood and you will see the benefits with a mature landscape and the variety of people who live there.

6. Remodeling potential – Because houses tend to be cheaper, lots are typically larger, and houses are not as close together, there is usually plenty of room to remodel an older home. Go ahead, match that with No. 2 and you’ll be in this to win it, right?

7. Energy efficiency: Yes! Surprisingly, I am going to tell you that buying an older home can benefit your bank account. Smaller houses are less expensive to heat and cool. As long as you have or upgrade existing insulation features, smaller rooms and lower ceilings will be noticeably cheaper to maintain comfort. And on the other end of things, older homes weren’t equipped with modern cooling and heating, so they were built with features that kept them cooler (no electricity, yay lower electricity bills!)

8. Problems already discovered and solved: As long as the previous owners were not total D-bags, any problems that have arisen from the construction of the houses will have already been addressed. Things like the settlement have likely already happened (true story: my parents bought a new construction and they have huge patches around the doors on one side of their house from where the cracks in the new house settlement were fixed).

9. Variety of options / styles / designs / layouts – When you buy from a builder, you get options. These options are consistent with all other homes the builder sells. When shopping in an older neighborhood, you get a variety of styles, options, and finishes to choose from.

10. Location: Older houses are usually closer to desirable parts of town. My old house is located near the beach, other old houses in our city are located in beautiful neighborhoods right next to the city center. Newer build houses are typically built on old tree-filled grounds and are quite secluded (and if you want to be out of the way, there are usually lovely old country houses!)

11. Faster Move: It makes sense that an already built house is quicker to move in than one that doesn’t exist yet, right?

For more information – Mantri Developers

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