Like many renters, you might be tired of paying your rent monthly and not actually investing in anything. On top of that, you don’t have the freedom to make the space truly your own. Sounds like you’re ready to settle down and take the plunge into buying a home. Of course, there are many decisions to make and pros and cons to weigh on this major decision. First thing you need to consider is whether or not you want to buy a new construction or an older established home. We’ve got pros and cons for each to help guide your decision.
Customization and Floor Plans
If you’re looking for a more modern layout and floor plan, especially with an option for customization, then a new home is the way to go. Older homes would require remodeling to open up the floor plan the way you might want. If you are someone who doesn’t mind a fixer-upper, buying an older home will present many fun and exciting projects.
Amenities and Efficiency
New homes likely have more amenities and are more energy efficient than an older home. New homes may come with solar panels, energy-saving windows, smart appliances, USB outlets, electric vehicle charging stations, thermostats, and other exciting features. Not only are these things cool, but they will also likely lead to lower utility bills. On the flip side, older homes don’t include the items listed above, but they do come with the benefit of more charm, unique look, and historical architecture than a new house. Also, the landscaping and trees on the property are likely to be more mature in comparison to a new housing development.
Location, Location, Location
If you are considering an older home, a huge perk is that it likely has a great location in the heart of a city, close to schools, shops, restaurants and more. New houses and developments are likely farther out in the suburbs, which can mean longer commutes to work, school, and other places you frequent.
Buying and reselling
An upside to purchasing a new home is that you’re likely not competing with a lot of other buyers so you can take your time deciding. Another pro is that when you’re ready to resell the home the value is likely to be much higher for your newer home than if you had purchased an older home in the beginning. However, if you are considering a new home, be prepared to see the expense upfront when buying, as much as 20% higher cost than an older home.
After considering these options, remember you’re not just buying a piece of property; you’re buying into a home, a neighborhood, schools, a place to start making memories and so much more!