Should you buy an old home or a new home? There’s so many factors, and this post has many of the points you should be considering!
Laura Ingalls Wilder once said, “home is the nicest word there is.” I couldn’t agree more. The purchase of your home will likely be the largest purchase you will ever make. If you choose correctly, it’s also a purchase that could last you a lifetime.
One of the most common questions people have when they are buying a new home is whether they should buy a new home or an older one. It’s a big question, and is one of the many things you should take into account, alongside cost, location, condition and features.
Today, I’m sharing all about new homes vs. old, and the advantages and disadvantages of each! After perusing this list, you should be a bit clearer about which home is best for you and your family.
Advantages to Buying an Older Home
The Charm factor. As far as charm and unique details go, old homes definitely have an advantage over new homes. The unique details and character in an older home are usually the main reason people choose older homes over new.
Larger lots. Older homes tend to be on larger lots than newer homes. The homes in my older neighborhood, for example, sit on lots that are at least half an acre. In newer neighborhoods, as everyone tries to be cost effective, homes tend to feel like they’re on top of each other. Many newer homes are on lots much less than half an acre, making the lots feel more cramped.
More cost-effective. Often, you can get a better deal on an older home, as you have room for negotiating. When you’re purchasing a new home directly from the builder, there may be less wiggle room to get a better price.
Disdvantages to Buying an Older Home
Repairs. As is probably obvious, the older the home, the more repairs that will be needed. Foundations may need work, walls and ceilings may start to crack, appliances may start to break, floors may show their wear. Repairs can be expensive, as well as time-consuming, as you need to hire someone to fix the problem, as well as be at home to supervise the repairs.
Outdated design and floor plan. Older homes tend to have a less-desirable floor plan and smaller rooms with more walls dividing them. Buyers these days tend to want a more open floor plan with less walls dividing the spaces.
Less energy efficient. Older homes tend to be less energy efficient, and, therefore, costlier to maintain. Older appliances and older windows and doors are a definite disadvantage to an older home.
Advantages to Buying a Newer Home
Better laid-out floor plan. Newer homes tend to have a more desirable floor plan, with large, open rooms that flow into each other. Because of this, newer homes are also easier to entertain in. You can definitely take down walls in your home, creating more open spaces, but it’s definitely a large project to undertake.
More windows and natural light. Natural light is often near the top of home buyers’ wish lists. Newer homes tend to have more windows, letting in lots of bright, natural light.
Amenities. A lot of newer neighborhoods offer amenities such as a clubhouse, a pool, or play area. This is a great draw, especially for families with younger children.
Disadvantages to Buying a Newer Home
A lot of newer homes, especially homes all built at around the same time, tend to have very similar floor plans and layouts. Newer homes often have a “cookie cutter” feel to them, which can be a turnoff to some buyers.
Possibly more expensive to purchase. This isn’t true all the time, but new homes, partly because they’re seen as more desirable, and partly because there’s little room for negotiation, tend to be more expensive to purchase.
Less DIY opportunity. Love to Do It Yourself and make your mark on your home? Enjoy the challenges of a fixer upper? A newer home is ready to go, which may mean less ability to customize it to your tastes and less opportunity to make it your own.
Obviously, this is just the tip of the iceberg of things to consider when purchasing a home. Hopefully, though, we’ve given you a place to start as you begin to think about whether an older home or a newer home is best for your family.
What did I miss? Feel free to leave your thoughts in the comments!
Thanks for reading! Have a fantastic day!