Build Or Buy Your Home: A Comparison of Old And New Homes

Buyers on the market have three main options: building from the ground-up, old, or new homes. All three are very different and should be considered carefully. Your budget will likely have the biggest influence on your choice (this generally knocks out first builds immediately), followed by your homeowner goals and current availability in the market. Here is a comparison of the three options to help you narrow down your choices.

New

If you are buying your first house, there is nothing quite like knowing that everything you do, change, or add will be all your own. New homes are untouched and fresh, which means they can be tailored to suit your individuality and you know exactly where all of the materials were sourced and how they can be obtained again if repairs arise. If you decide to make additions or alterations, new homes won’t hold many unpleasant surprises such as weak foundations, poor soil quality, or other damaged areas that were undiscovered during the initial inspection. Most of these modern dwellings are also far more eco-friendly with future modifications being just as easy to make. Buying new is also a great way to boost the economy, and you may find a great deal since many developments are still left empty.

Old

The appeal of something with a bit of age is more character, an engaging history, and potentially lower prices. Some buildings, such as those that are of rare architecture or in certain areas, are better guaranteed to retain and continue building value over the years. Certain dwellings such as craftsman bungalows or ornate Victorian designs will always have a reliable niche market of interested buyers, while new homes may suffer from lack of that rarity. Sometimes it is the history that draws buyers into older residences. A famous person or historical figure may have lived there, or an important event may have taken place in the house. This may not add any intrinsic value to a house, but it can add to personal appeal. You’ll be more confined by current layout of the house and there may be more repairs necessary, so before you think you’ve found a great bargain, be sure to get a thorough inspection. You won’t save much if you have to shell out for a brand new roof in two years.

Scratch

For the very brave, new homes aren’t even fresh enough and there are those that prefer building from the ground up. Creating your own house can be a very rewarding, frustrating, and expensive experience. While people have many expectations regarding planning and building their own abodes, one thing is guaranteed: it will take a while. There are almost always setbacks and holdups during construction, so always add extra room in your timeline, not to mention the budget. Delays can add up as well as materials. Estimations of expenses are always rough, so plan accordingly. Building is a good option for those with a specific vision in mind or needs that traditional architecture can’t fulfill.