If you're in the market for a home, the first decision you'll need to make is whether to buy new construction or an older house. Listed below are a few pros and cons to both to help you narrow the search to the one that best suits your needs.
Character
An older home, especially one that's more than half a century old, tends to have more character than new construction. This provides you with a unique layout and often a conglomeration of smaller bedrooms, parlor rooms, large kitchens, and grand living areas. Today, many of the new homes are predictable and cookie-cutter. This is especially true in newly developed neighborhoods where a single construction company developed the land.
No Immediate Repairs
One of the perks of purchasing new construction is the ability to move in without having to spend any money on repairs. In fact, you can count on having five years or more before you'll need to invest any money into the home. Whereas an older home generally has outdated electrical wiring that can't handle the demands of a high-tech, plugged-in era. Plumbing is another area that can cost many thousands to do a complete overhaul. Of course, with a product design degree and a wealth of knowledge in lighting design, you can change out the existing structures and bring in additional lighting as well, to suit your needs.
Energy-Efficient
One of the biggest downfalls of owning an older home is the lack of insulation. Most older homes are cold and drafty in the winter and warm in the summer months. To add insulation to every room and to replace single-pane windows and less than efficient doors can end up costing you a bundle. One the other hand, if you purchase a new home, the walls are insulated, the attic has insulation, the windows are double-paned and the doors are new and heavier.
Updated Appliances
When you buy new construction you acquire brand new updated appliances. This can help you to save a lot of money when it comes to cooking, washing dishes, and doing the laundry. New appliances will also help you to save money on your home's heating and cooling costs. On the other hand, an older home generally has outdated appliances, which in the end can ramp up your utility bills.
Making Changes
A new construction, especially during the building stages, brings with it choices. For instance, you can choose things such as what type of countertops you want in the kitchen, the grade of flooring, how many light switches in each room and the materials for cabinets. An older home is already complete, so while you can make changes, everyone will cost you additional money.
The Price Tag
If there's one benefit to purchasing an older home it’s the price tag. By comparison to new construction, you're talking about a significant difference, often to the tune of tens of thousands. If your budget is tight, purchasing an older home might prove to be a better fit, at least initially.
Settled
An older home has already weathered the storm and settled. You won't have any additional cracks in the walls over the next few years. Whereas a new home will need to settle and it can cause you to have to make minor repairs to ceilings, floors and walls.
Easier to Get a Mortgage
New construction home sites generally have a single builder who, in many cases, has a direct connection with an exclusive lender. This can make it very easy to not only know the requirement for a mortgage ahead of time but to actually get an approval as well.
Before buying a house, make sure to weigh the pros and cons that come into play when buying a new home or an older home.
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