Buy new houses vs. old houses
one. “Necessary repairs” increase home value– In general, you can expect to see an increase in the value of your home when you do things like replace your air conditioning unit, furnace, or roof. You’ll get a higher bid on your home with these things than without. So while the idea of buying a house with an old water heater that you’ll need to replace sounds crazy, you’ll pay less than if it had been upgraded for you (always use this as bargaining power! request that they do so, or include it in the value of the house). This combination can be a great way to buy a good house at a good price.
2. “No Regrets” Design Changes: That parquet floor has been there long enough to put aside any regrets about ripping it out and replacing it. Those 80’s mosaic tiles, feel free to rip them off. Trends expire and it is better to remove old-fashioned tiles than new tiles that have barely been seen in use. And you can replace it with whatever you want, whereas constructors usually have a selection you can choose from.
3. Charm “Old House”: It is more expensive to buy new “charm” details. Like old tile and parquet floors, the crown molding and carved woodwork you’ll often find in older homes have “paid their due” and are cheaper to buy in that older home. You will find decorating with these details a joy as they are visually interesting and beautiful.
4. Cheaper to buy upfront: Older homes can be cheaper to buy upfront for the same square footage in the same area. This has a lot to do with the labor costs involved in new construction. You’re paying people’s wages when you buy those houses, while you’re just buying a seller’s equity in an older house.
5. Established Neighborhoods – Older homes are in older neighborhoods and this can mean beautiful shade provided by mature trees, grassy yards, parks and more. Drive through an older neighborhood and you’ll see the benefits with mature landscaping and variety of people who live there.
6. Remodeling Potential – Because homes are typically cheaper, lots are typically larger, and homes are not as close together, there is usually plenty of room to remodel an older home. Go ahead, combine it with the no. 2 and you’ll be in it to win it, right?
7. Energy Efficiency – Yes! Surprisingly, I am going to tell you that buying an old house can benefit your bank account. Smaller houses are less expensive to heat and cool. As long as you have or upgrade existing insulation features, smaller rooms and lower ceilings will be noticeably cheaper to maintain comfort. And on the other end of things, older homes weren’t equipped with modern cooling and heating, so they were built with features that kept them cooler (no electricity, yes, lower electricity bills!)
8. Problems already discovered and addressed: As long as the previous owners have not been totally corrupt, any problems that have arisen from the construction of houses will have already been addressed. Things like settlement have probably already happened (true story: my parents bought new construction and have large patches around the doors on one side of their house where they patched cracks from the new house settlement).
9. Variety in Options/Styles/Designs/Designs – When you buy from a builder, you get options. These options are uniform in choice with all other homes the builder is selling. When you shop in an older neighborhood, you get a variety of styles, options, and finishes to choose from.
10. Location: Older houses are typically located closer to desirable parts of town. My oldest house is located near the beach, other older houses in our city are located in beautiful neighborhoods right next to downtown. The newer construction houses are usually built on old wooded lots and are quite secluded (and if you want to be out of the way, there are usually lovely old farmhouses out there!)
11. Faster move-in: It makes sense that a house already built would be quicker to move into than one that doesn’t exist yet, right?
For More Information – Mantri Developers