Old Home vs New Construction

Why do some buyers prefer older homes while others prefer new construction?  Here are a list of ideas for determining whether to buy an older homes vs newer homes.

Older Homes

1. Established neighborhood
2. Established landscaping
3. Window treatment is already in place
4. More character
5. The cooling system is usually in place
6. School systems are already ranked
7. You could see settling or cracks due to poor quality construction - time shows the flaws
8. Usually no HOA or metro district is in place - less monthly cost
9. You may run into older wiring or plumbing
10. Maintenance is an ongoing thing from day one.
11. Most homes are unique
12. Lot sizes are usually bigger

Newer Homes

1. You are starting out with everything new
2. While everything is new there may be some additional expenses such as: window coverings, A/C units, landscaping (back or possibly both), fencing
3. More than likely there will be an HOA - added cost monthly and when you go to sell (transfer fees)
4. Everyone is new in the neighborhood so your chances of connecting with the neighbors are better than in an established one.  
5. Everything is to code or should be
6. Everyone in the neighborhood has the 3 - 5 floor plans (cookie cutter development)
7. Schools may not be established yet or ranked
8. Prices are usually lower at the start of the development.  Each construction phase will have an increase in price, so get in early.
9. You may purchase early in the subdivision development but then the builder stops building.  It could be years before the rest is finished
10. You will experience noise and construction mess during the building up of the neighborhood - dust and extra contractor vehicles.

While there is a home for everyone, not everyone's tastes and buying power are the same.  There is a house for everyone.  You just need to determine what you like.  Whether it is a new build or an existing home from 1920, HAVE AN INSPECTION done on the property.  I've seen cracked sewer lines in new construction.  Just because it's new doesn't mean it's better.  

Utilizing a REALTOR®   can help you make the right decision for you.

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