Darin and Christina Cunningham | Re/Max Elite
278 Franklin Road Suite 190 | Brentwood, TN 37027
Office: 615.661.4400 | Fax: 615.661.4115
Christina: 615.394.4168 | Darin: 615.456.4086



Buying New Homes Vs Older Homes

When buying a home, there are a lot of decisions to make. One of these is deciding whether to buy a newly built home or an older one. Both have advantages and disadvantages and it’s up to you to decide which one to go with. We have come up with some things you may want to consider before making that important decision:

How much can you afford?

New houses are nice own, but you have to pay for the beautiful and untouched look. The median cost of a new home in the US is $335,400 as compared to the median cost of an existing home which is $240,500. This means you have to produce 30% more when buying a new home. That’s a pretty large amount of money.

When you opt for an existing home, the money might not stay in your pocket for long. Older homes sometimes aren’t energy efficient and cost more to heat and cool. Also, something is bound to need repairing soon.

Maintenance

The need for repairs, upgrades and replacements is inevitable in an older home. This is different in a new home because everything is brand new with “zero mileage”. New homes are typically worry free when it comes to replacement for at least the first few years.

If you opt for an older home to save some cash, it’s good to get a full home inspection. You will get some idea of how long repairs will take and how much they will cost you and if it’s worth the hassle.

Proven track record

A home is an investment and with an older one, you can see for yourself on paper what the property has been valued at over the years. That might not predict the future market precisely but you have something to go on that shows you the historical property value in case you would want to sell the property.

For a new home, it may be more of a gamble. It has no history to look back on and you do not know for sure how the property has been valued in the market.

Design

Home designs change with time. Some of them are outdated while others still have that unique and desirable look. It’s up to you to decide whether you want a vintage or modern design. New homes have the latest and greatest designs like wide accessible hallways, open living spaces, bathrooms and kitchens with modern energy efficient amenities.

For the old homes, some people like the vintage look and design. If you are lucky, you can get a house with real hardwood floors, a secret back staircase and crown molding.

The decision mostly depends on the taste and preferences of the buyer. If you can’t afford a newly built home, then you may have no choice but to buy an older model.  A more recently built home may be the way to go if you can afford it. It generally has less wear and tear on it. How well the home has been taken care of can be a factor. Get the advice of a good realtor and home inspector.

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