Should You Buy a New or Used Home?
A key factor to consider when buying a home is whether you want new or used. Although this may seem like a simple decision, the correct answer isn’t always obvious. Making the right decision is vital because purchasing the wrong house can be costly. So which is better, a new house (new construction) or a used house (resale home) that is older than 10 years? New homes have a modern look and come with many upgraded features. Used homes are more affordable, and they have a lot of character.
Both choices have their merits. It is important to consider the pros and cons of each option to make an informed decision when choosing where to buy a home. The following pros and cons list should help you select the home that will be ideal for you.
The Pros of Buying a New Home
If you choose new construction, you will be the first occupant of that house. Here are some advantages of buying a new home:
Modern Layout
One of the main reasons people choose to buy a newly built house instead of a used one is that a new home often has a modern design. For instance, most modern houses come with a spacious kitchen that is adjacent to the family room. This open kitchen design is not common in older houses. That is why some owners of older properties are remodeling their homes to incorporate the open kitchen design.
Fewer Repairs
Most, if not all, new homes will be in excellent condition. Therefore, it is highly unlikely that you will have to worry about repairs when you purchase new construction. But if you choose a used house, the likelihood of repairing and replacing several things before you move in is very high. If you want to avoid repairs, the ideal option would be a new home.
Better Energy Efficiency
With most new constructions, you can expect to use less energy. The reason is that most new houses feature advanced and energy-efficient pieces of equipment, like state-of-the-art heating and cooling systems. Using contraptions that save energy will help to reduce the energy bill.
Amenities
It is not uncommon nowadays to find new homes with niceties like a pool or a gym. Most of the older houses do not have such amenities. All you have to do if you want such niceties is to inform your real estate agent who will find you a new construction with all the conveniences that you need.
The Cons of Buying a New House
Even though there are benefits associated with buying a new house, new homes also have their fair share of drawbacks. Here are some drawbacks that you need to consider:
More Expensive
The modern design and amenities that come with new houses make them more expensive than older homes. Unless there have been major renovations done to an older house, most resale houses do not have that modern touch. Of course, the price of a home will also be determined by other factors like the total square footage.
Less Charm
There is a certain charm that is lacking in a newly built house, which you can only find in an older home. And, some people would not even consider buying a house that lacks that appeal. New neighborhoods usually have houses that look quite similar. But, most of the older houses in older neighborhoods have detailed work and a certain charm which you will not find in new construction.
The Pros of Buying a Used Home
One of the main reasons some homebuyers prefer older constructions is that they have an undeniable charm. But there are also some other benefits associated with an older home. Buying a used home has these additional benefits:
More Affordable
Because older houses typically require some repairs and updates before moving in, there is more wiggle room to negotiate a lower price. This makes used homes more affordable when compared with new constructions.
More Design Choices
If you decide to purchase a used house, you will have more designs to choose from. This is because older neighborhoods rarely have houses with the same cookie-cutter look generally associated with new constructions. So, you are more likely to find a house with a unique style if you focus on older homes.
Established Neighborhoods
Some people prefer living in established neighborhoods with a strong sense of community. And, this strong sense of community is typical of older neighborhoods with older homes. Therefore, an established neighborhood with older houses would be the ideal place for you to look for a home if you want a strong sense of community. Bend and the surrounding areas have several such established communities.
The Cons of Buying a Used Home
Most used homes do not have modern features typically found in new houses, unless, of course, the owner of that house did major renovations before putting the house on the market. Consider the following disadvantages of buying a used home before making the final decision:
Less Energy-Efficient
Most new homes are built with energy efficiency in mind. They are properly insulated, which means less energy is used. The opposite is usually true for older homes. Although owners of some used homes are updating their homes to make them more energy-efficient, you are likely to come across those older houses with dated windows and insulation. Lack of proper insulation means that keeping the home adequately cool in summer and warm during winter requires more energy. And more energy consumption means a higher energy bill.
Repairs and Upgrades
The older the house, the more likely you will have to make major changes after you buy a used home. And, major repairs and upgrades, like upgrading the roof, replacing wooden floors, and upgrading staircases, are quite expensive.
At the end of the day, both options have their pros and cons. Make sure that you determine precisely what you need in a home before choosing the type that you want. Considering the benefits and drawbacks discussed above should help you make an informed decision. As always, we recommend reaching out to an expert.
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