Advantages of Buying a New Home

• First owners
• Move-in ready
• No repairs or renovations required
• Typically includes newer amenities and appliances
• Higher quality items such as energy-efficient windows can lead to lower monthly bills

Newer homes have their advantages, one being that they’ve NEVER been lived in. Newer homes usually have the latest appliances and technologies such as digital thermostats, locks, and even garage door openers you can control from your phone! Additionally, newer homes do not come with the need for renovation or repairs. This means you can spend a little more upfront on purchasing the home because you know there won’t be any need to spend on repairs after you’ve purchased it. 

Disadvantages of Buying a New Home

• Property values might fluctuate more
• Increased noise levels if new construction is still being done in the area
• More expensive than buying older/used homes
• The location might not be developed yet

Let’s face it, location will always play a major role when it comes to property value. You can find brand new homes in great locations or you can find one in a less than desirable area. Sometimes you find an affordable price and other times the home is gone before it even hits the market.

When new developments pop up, you typically see them on the outskirts of town where there’s room to expand. Therefore, it might be a while before your property increases in value. 

Advantages of Buying an Older Home

• Typically less expensive than buying brand-new
• You can use extra money from the lower home price for renovations and personalized touches
• Old houses can have designs you don’t find in modern homes
• The housing location could be in an already-established area

Typically, older homes will be more affordable than brand-new houses that have all the newest amenities and technology. An advantage to this is that you can use the money you would have spent on a brand-new home towards renovations.

Disadvantages of Buying an Older Home

• Could have major problems you won’t know about until you have the house inspected
• Might have to settle on the house just for a better location
• The neighborhood could be declining

It can be tough to find a house within popular areas, and when you do, you might have to pay more for prime real estate. It’s always a good idea to have your home inspected before you purchase it. This should be done by a professional home inspector to guarantee you’re not purchasing a home that’s going to require thousands of dollars in repairs.