The Pros and Cons of Buying Older vs. New Homes

Buyers have different tastes when it comes to buying homes. Some want to buy homes that resemble the ones they grew up in while others want contemporary homes with new amenities. Both old and new homes have their pros and cons and it is important for buyers to be aware of them. If your buyers are torn between old homes and new homes, here’s some information you can share with them.

Pros of Buying Older Homes

1. Great Locations

Most old homes are built near town centers making it easy for people to access shops, eateries, schools, and other amenities. Even those that are not built close to towns are within walking distance of the local amenities. Some old homes are located in established neighborhoods which have a sense of community and are perfect for buyers with children.

2. They Can be Cheaper

Many old homes cost less than new ones. While their price tag usually depends on their location and condition, contemporary homes in the same area and of the same size will most likely cost more.

3. Availability

Buyers don’t have to wait for developers to put the finishing touches on old homes. They are not affected by delayed schedules and can move in as soon as they finish paying for the house.

Cons of Buying Older Homes

1. Keeping Up with Maintenance or Remodeling

Older homes require a lot of maintenance. Some have inefficient plumbing and old heating systems which do not adhere to modern building codes. Therefore it is important for buyers to have old homes inspected before buying them. Replacing electrical wires, heating equipment, air conditioners, and plumbing materials can be very costly.

2. Storage

Some old houses lack modern closet measurements and have fewer cupboards and shelves. This may be frustrating for buyers in need of excess storage. Some older homes may have sloped floors and imperfect edges which make it hard to install new shelves and cupboards.

3. Tree Roots

Old houses usually come with old trees with long, strong roots. These roots can grow in towards the foundation and plumbing system of the home and cause a lot of damage.

Pros of Buying New Homes

1. Little Maintenance

New houses are built according to current standards of home building, using approved parts and materials to address consumer safety issues. They are also larger than most old homes on average.

2.Energy Efficient

New homes are cheaper to run. They have well insulated floors, walls, and ceilings. Most come with energy rating certificates while some have solar panels that help reduce utility bills. The homes have new appliances which use less energy and double glazed windows which retain heat in cold weather and cold air in warm weather.

3. Safe and Secure

New homes are safer than old ones. They have smoke alarms which give signals in case of fire. Some have fire retardant materials and fire doors which help slow down fire. New homes are also more likely to have safety features like burglar alarms, security locks, and security lights.

4. Modern Conveniences

Buyers love new homes because they have amenities which make their tasks easy. These include dishwashers, microwaves, refrigerators, and wine coolers. Some new homes even have media rooms, master suite baths, and networked wiring systems.

Cons of Buying New Homes

1. Expensive

New homes are usually more expensive than older ones as they are built from the ground up at today’s prices. While many of them have been affected by the slump in the housing market, they still are not as cheap as old homes. Builders prefer to maintain the base price and to offer upgrades and closing-cost assistance.

2. Snags

New homes can be riddled with minor defects, and if they are not reported to the builders during construction, they may become permanent. Small flaws can make buyers frustrated and disappointed as most do not expect to find defects in a new home.