The decision to leave your current home and look for another to buy is a complicated one in and of itself. Then, you have to decide what kind of home you’ll be looking for. Since there are a lot of differences between old homes and newer models, let’s have a look at the things you’ll be considering.
Older homes are certainly the more affordable option when it comes to the initial investment. You’ll end up paying roughly 30% more for a new home, and in a market that is already expensive, that can translate to upwards of $100,000. Not everyone has the budget for an expensive mortgage and costly down payment, so that fact alone may seal the deal on an older home for many families. However, many older homes come with the fixer-upper denomination, which can increase the overall cost of the home to more than what you’ll pay for a new home in pristine condition. The takeaway here is that older homes are more affordable, as long as you don’t have to invest too much money into getting it livable.
New homes have the advantage when it comes to maintenance requirements. Since all major systems are new (roof, HVAC system, appliances), you won’t have any huge additional expenses for nearly a decade. Older homes, on the other hand, will require more upkeep and repairs, so you’ll need savings set aside for that purpose.
There are significant differences when it comes to both exterior and interior designs on different homes. Older homes were built with a lot of character and unique features, whereas modern homes are often termed cookie-cutter since they tend to have similar designs and floorplans throughout an entire neighborhood. However, these homes also have desirable features like open floor plans and energy-efficient amenities. The best design style for you will be a very personal decision, and there are pros and cons to each age of home.
If you’re looking to buy (a new home or an old one), get in touch with the Terry Paranych Real Estate Group.