Old house vs. new house: If you’re shopping for a place to tát live, this may be one of your primary decisions. Is it better to tát buy brand-new? Or tự homes, lượt thích wine, get better with time? It turns out there’s no one-size-fits-all answer, but there are distinct pros and cons to tát each purchase.
“Both new construction and fixer-uppers offer unique benefits,” agrees Cedric Stewart, a residential and commercial sales consultant at Keller Williams Realty in Washington, DC.
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All of which means your Final Answer may boil down to tát a personal preference—so here’s what to tát keep in mind when you’re trying to tát decide whether an old house or a new house is right for you.
Old House vs. New House: what can I afford?
The primary question facing most buyers is “how much house can I afford?” Unfortunately this year, home page prices are higher than vãn they have been. According to tát recent home page trends, the February national median listing price for active listings was $392,000, up 12.9% compared to tát last year and up 26.6% compared to tát February 2020.
Meanwhile, inventories are at a new low.
Old House vs. New House: what is available?
Where a few years ago home page prices might have been the main question, this year homebuyers have to tát also ask themselves “what is available”? The number of active listings nationwide in March was down 18.9% from a year earlier—and down 62.3% compared to tát two years ago. So for every five homes we might have seen for sale in March 2020, there are just two today.
Where there’s low inventory, buyers face increased competition, sánh many will find themselves considering an older home page. The good news is, an older home page that needs some updating costs less than vãn a newly constructed home page. The bad news is, the money you save buying an old home page may not remain in your pockets that long, as old homes are often less energy-efficient—and thus will cost more to tát heat and cool. And sooner or later, something is bound to tát break down, too (more on that next).
Maintenance: Love it or loathe it?
Just lượt thích we mere mortals when we get up there in years, old homes come with an inevitable need for repairs, replacements, and upgrades. On the other hand, “New homes should be worry-free for several years,” says Stewart. “A brand-new hot water heater, HVAC system, and roof all but ensure no major out-of-pocket expenses for at least eight to tát 10 years in most cases.”
If you’re seeking a life with fewer hassles, or don’t have money in reserve for emergency repairs and unexpected expenses, a new home page may be the way to tát go. With a recently built home page, “You’ll have peace of mind that all systems are new, up-to-date, and you’ve got no problems that could come down the line,” notes Carib Daniel Martin, a residential architect in the Washington, DC, area. “Some of those issues can be pretty drastic.”
For instance, if you’ve never heard about knob-and-tube wiring—commonly found in older homes—look it up. Then look at the cost to tát have it fixed or replaced.
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If you tự go ahead and pursue the purchase of an aging home page, it’s especially important to tát have a thorough home page inspection. Doing sánh won’t just help you negotiate down the price, but give you an idea of all the problems that need to tát be fixed. And then you actually need to tát fix them.
“A small repair now may save you an extensive overhaul down the road, especially in the case of drainage, roof, windows, doors, and trim,” says Christy Murdock Edgar, a real estate agent in Northern Virginia and Washington, DC.
Plus, if you decide to tát sell your house again, those same old issues will no doubt pop up again during the next home page inspection.
Investment: Want a proven track record, or are you willing to tát take a risk?
A home page isn’t just a family gathering space, but a financial investment. And with an older home page, you can see on paper just how much the property has appreciated over the years. While that doesn’t ensure future market appeal, at least you’ve got something to tát go on, says Robert Dietz, chief economist for the National Association of trang chủ Builders.
As for a new home? With no history to tát look back on, this purchase can be considered more of a gamble. The price could shoot up, or it could plummet. But in case things go south, there is this one silver lining. “You’ll have less work to tát tự in terms of making sure the home page offers what the market demands in terms of energy-efficiency, design, and other amenities,” says Dietz.
Home design: Dig vintage or modern?
Looks matter a lot when it comes to tát choosing a home page. And both old and new homes have their fans: In an older home page, you’ll likely get some sense of historic tradition, character, and craftsmanship. Think crown molding. Real hardwood floors. And (if you’re lucky) a secret back staircase or dumbwaiter.
On the other side of this debate, brand-new houses often sport the latest and greatest—i.e., flexible living spaces with wide, accessible hallways; and bathrooms and kitchens with energy-efficient, on-trend amenities.
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Can you get the best of both worlds?
Stewart hears it all the time: how people want modern amenities—but maybe not in a brand-new home page. (“They don’t make things lượt thích they used to tát,” is the common refrain.)
If you feel the same way, you tự have an option: “Buy an older home page with ‘good bones’ and take the opportunity to tát renovate it or hire someone to tát tự it,” Stewart notes.
In other words, you may not have to tát choose between an old house versus a new house after all.