Should You Buy A New or Used Home?
Once you make the decision to buy a home, there is a second obvious question to ask. Should you go with a new home or something already lived in?
When it comes to buying a home, there are plenty of decisions to make. Certain styles are going to be more attractive to you than other ones. Location, location, location of course will be front and center in your decision making process. A more basic question, however, is whether you should purchase a brand new home or something older. The answer depends on what you are after.
At first glance, the cost of buying a new home may seem to outweigh that of a used home. After all, a new car loses a significant amount of its value when you drive it off the lot. Well, this isnt really true for a new home. It should retain nearly all of its value. It may actually end up being cheaper in the long run as well. A new home tends to be built with more energy efficiency in mind than those ten or twenty years old. Also, the fact that everything is new means you will not have to replace out worn items for some time. When you buy an older home, you are often buying whatever is wrong or about to be wrong with it. A home inspection can often catch such issues, but sometimes it will not.
When it comes to actual lifestyle issues, a new home often presents a better option. New homes are built with your current needs in mind. Electronic gadgets from computers to TIVO and so on are pretty standard these days. They were not 15 years ago. As a result, a new home is usually planned out to provide space and electrical outlets for such things where as an older home is not. Of course, you can always stick with the 50 extension cords, but it is a point to take into account.
Landscaping often makes a home. If you prefer a home with large, towering trees, an older home is probably your best bet. Newer homes tend to have landscaping that is all about potential. The trees are small and stubby, but have the potential to be big and towering in 10 years or so. If landscaping is important to you, you may be disappointed with what you see with new homes. Some new homes are even sold with no landscaping. Yep, the lots are dirt and you are expected to handle the landscaping. This can be annoying and expensive.
There are obviously a number of issues you need to take into account when evaluating homes. These represent a couple worth considering when making the choice between new and older houses.
Raynor James is with FSBOAmerica - get a free one month listing when you sell for sale by owner.
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