Buying A House - Should I Buy An Older Home
It's time for buying a house. Let's compare new home buying with purchasing a resale. When it comes to older versus newer, taste is the all-important qualifier. The easiest way to decide is to get out and compare. Once you look around, who knows. You may surprise yourself.
Most of us consider both of these options when buying a house.
Is buying a new home a better value than buying an older home? Perhaps you have been wondering the same thing.
By the time you finish reading this, you'll will have learned how easy it is to answer these questions. Let's compare new home buying with buying an older home.
A word of caution, there are many decisions to make when it comes to finding the best home for you and your family. There are questions regarding location, affordability, and space. But when it comes to the question of buying a newer home versus an older home, taste has a lot to do with your decision.
All in all your tastes are neither right nor wrong. You can't put a value on perception and it can't be measured. You develop these preferences through experience over time.
Here is a case in point. A newly built home may appear ideal to one person and to another person less than perfect. You may love the architecture of older homes and somebody else loves the modern conveniences of a new home. Pay close attention to what catches your eye.
The bottom line then is this. When choosing between buying an older home or a new home, let your taste rule.
For instance older homes offer distinct advantages and disadvantages. Some of the advantages may include neighborhoods that are better established. They have stood the test of time. The residents may have lived there a long time and turnover is less likely. An established neighborhood often leads to a stable community environment.
Again some older homes offer architectural and landscaping character that new homes don't provide. Certainly, these qualities are again a matter of taste according to the eye of the beholder. Ask yourself this question, how does this neighborhood make you feel? Many people surprise themselves when they answer this self-imposed question.
Another feature of older homes is that taxes are often lower than a new home. Although taxes are not a matter of taste they are an important consideration. Have you discovered yet that your Realtor can find tax information quickly for new construction and resale homes.
Are you caught up with the thought of owning a vintage house full of character. This being the case, the obvious upkeep and repairs will not deter you.
Overall older homes are going to require more maintenance. Services of an electrician are required. Appliances may not have been updated. Plumbing is older. Exterior painting, roofing, and landscaping will require upkeep.
Be sure, when you are going to buy an older home insist your Realtor request a Home Inspection by a qualified and licensed home inspection service before closing. Prepare yourself for deferred maintenance. The price of a home inspection is small compared to the confidence it instills.
Selecting a new home offers obvious and clear advantages over older homes too. Most new homes are now required to be built according to higher efficiency standards than older homes were. So utility bills could be significantly lower than the utilities of an older residence. However, watch out for taxes on new construction as they may not have been determined yet. This may be a trade off.
Put simply, if you like more modern architecture you will prefer the look of a new home more than an older one. Again taste is the all-important deciding factor here. Are you attracted to the crisp and clean lines of new construction? If so follow your preferences.
One clear advantage that most new homes offer versus older ones is up-to-date heating, air conditioning, electrical, and plumbing systems. In addition, most home builders are likely to provide a warranty on these systems for a specified period of time. If a warranty is not offered or the warranty period is too short you can ask the builder to pay for a better one.
When it comes to older versus newer, taste is the all-important qualifier. The easiest way to decide about buying a house is to get out and compare. Ask a Realtor to recommend neighborhoods for older homes and new homes.
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ABOUT THE AUTHOR
Kate Ford, author and mortgage translator for more than 20 years, invites you to visit Get Your Best Mortgage Rate for more homeowner and home buyer articles like this one. Do you want to know how to improve your credit rating with amazing success? For real-time answers to your credit questions, you can ask Kate.