September 27, 2011

Buying New or Used?

In today's market, when one goes to purchase a house it means they have done their research and have wrestled with all their options. Countless aspects are to be considered when taking this step, but besides finances and family matters, deciding what to buy is just as big of a decision. Three or four bedroom? Bigger yard or bigger house? Two car garage or one?

Even before those questions arise, you should decide whether you are going to look at a old properties or new ones. Each has its advantages and disadvantages - once you've processed both sides of the spectrum, it's up to you to decide which areas you are willing to cope with and which areas you're set on.

Advantages to buying a older home
  • Old world construction by a genuine craftsman
  • Larger yard
  • More character
  • Longer-term neighbors
  • Established neighborhood, no zoning changes
  • Mature trees and vegetation
  • Closer to downtown entertainment and restaurants
Disadvantages to buying a older home
  • More periodic maintenance
  • Expensive to replace wiring and plumbing
  • Smaller closets, storage space, garages
  • Might require updates
  • Often more expensive due to location and walkability
  • Smaller square footage on average
Advantages to buying a new home
  • Little maintenance
  • Modern conveniences
  • Builder's warranty
  • Energy efficient
  • Built to code
  • Emotional factor of newness
  • Less expensive (if not custom)
  • Greater square footage, on average
Disadvantages to buying a new home
  • Tract homes have similar floor plans, little individuality
  • Immature vegetation
  • House settling may cause foundational cracks
  • Longer commuting distances to downtown
So when thoughts of purchasing arise in your head, make sure this is one of the first choices you shuffle through. It will narrow down your options by a world and will make your desires clearer to your REALTOR®. 

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