Whether you’re a first-time buyer or just trying to get a better deal this time around, you need to have goals that require you to save up some money before you can buy a house. Then, you might be faced with the decision of buying an old house or a new one. Could you use help making up your mind? Here we list a few things that will make it easier.
You surely have a budget for how much you can spend upfront on your home purchase. We advise you to keep that budget in mind. With a new house, you might end up paying as much as 30% more than you would over an old house. Of course, older houses might still make you spend that 30% in the long run, so keep that in mind.
Older houses are more likely to require attention, fixing, replacing or upgrading here and there, and that costs money, time and effort. Are you okay with this? If you don’t mind and can afford to stay on top of all the maintenance tasks, this might be the best option. However, if you just want to save up time and effort, perhaps a new house is better for you.
With homes being such a significant investment, it is important to make sure a particular property is a good one. When it comes to new homes, things get a bit uncertain as no one has taken them for a test drive, so to speak. There are no records of any appreciation or depreciation.
Older homes have the benefit of existing records as to how much money it has earnt or lost to its previous owners, thus you are stepping on solid ground and know exactly what you’re getting your money into.
At first, you might not think it matters much, but design affects property buying too. And while you might have no issues upgrading the water heater, you might be peeved by a too dated design that you can’t modify as easily. If you’re looking into a modern design, perhaps older houses might not do it for you.
Have your Cake and Eat it Too
Maybe reading this list has you more undecided because both old and new houses have many advantages. Well, there is a way to have a bit of the best of both worlds. You can always just buy an old house with excellent foundations that will allow you to upgrade it over time giving it that shiny new set up that you don’t wish to compromise. Now you know, getting a house is all about affordability, time, effort, design, comfort and a bit of compromise sometimes.