Should You Buy a New Home or Remodel an Older One?

by Editor on October 22, 2013

Olger Fallas Painting works on the Exterior Painting of Maplewood New Jersey Home

While most people consider the location of a home or how much square footage it has, it is also important for potential buyers to consider a home’s age. In some cases, age can reveal quality and function depending on how well it was maintained by the previous owners. If in good general condition, an old house presents owners with lots of benefits and possibilities, however new homes also have many perks such s move-in readiness and newer appliances. Deciding between renovating an old home and buying a new one is a personal, case-by-case decision. Here are some tips and pieces of advice to help you decide if a new or old home is the best choice for you.

Older Homes

If you are considering renovating a older home, you need to ask several important questions beforehand. You need to find out when the home was last updated or renovated. If major appliances or work such as roofing have not been attended to in the past decade, you as the new homeowner will have to be responsible for replacing and fixing these elements. This needs to be factored into your buying price. While this is a lot of work, it can be beneficial if you are able to use these necessary repairs as leverage to lower the cost of a home upfront.

If however, major things like electrical wiring, the furnace and the roof tiles have been maintained properly and regularly, the age of the home really doesn’t matter, and you have a quality home to work with that will also present you with lots of charm.

Either way, you need to determine upfront how much labor, time and money you are willing to put into an old home before you purchase it. Often it is best to set a monetary cap and also be realistic about repairs and renovations that will need to occur. Be sure to get estimates for this work if you are seriously interested in remodeling an old home. If you are able to get an older home for a reasonable price so that you can repair it, the work may be worthwhile in the long run and you may buy your house for a steal!

Newer Homes

While buying an older home has perks, a new home does as well. New homes typically do not need much repair work. The appliances, fixtures, paint, roofing, flooring and other elements are less than 10 years old and will not need to be replaced anytime soon. This means the home will be move in ready. You will not have to wait for renovations or projects to be complete before starting a life in your new house. For many homeowners who need to move right away, this is the best option. While you will likely pay more money upfront for a new home, you will not be surprised later on by unexpected maintenance fees that often come with older homes and can cost more and more money later on than predicted at the sale of the home. New homes provide homeowners with security, peace of mind, and instant gratification.

Choosing between a new or old home is a very personal decision. Either option can be successful if you do your research. With an old home, it is essential that you find out about the condition of the home, get estimates for repair work, check out HighPricePaid, and remain realistic about your budget and expectations. If a new house is more your style, know that the work will be done, but you will not be able to start from scratch with a remodeling project as you would in an older home. Both home options present buyers with benefits as well as down sides, so when deciding it is necessary for you to weigh the pros and cons thoroughly.

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