While the concept of having to compete with builders to find a lot to build your own home might be daunting, you can save that work by buying an old home. However, buying an older home comes with its own set of complications, costs, and stress factors. When considering buying a new home vs old home, you need to think about the financial, emotional, and time demands that it will put on your life.
Here are a few things to help you figure out which home to buy.
Start With Your Dream Home
One of the reasons to consider a new home over an old home is that you don't have to wait to move into your dream home. While you can spend thousands of dollars and month after month on renovations, starting off on the right foot can save you lots of headaches.
When you move into a preexisting home, you're stuck with someone else's choices. You put your dishes in someone else's favorite cabinets, walk one someone else's favorite flooring, and light the home with someone else's fixtures. While many of these things can be changed, wouldn't it be better to live in a custom home?
This way, your home will reflect your style and tastes. Your friends and family will feel close to you when they come to visit your home, knowing that it's designed for your precise tastes.
Space Makes the Place
Your floorplan and layout determine more than the look and structure of your home. It determines how you and your guests feel inside your home.
Some people want to reserve their entire first floor for entertaining. Others want to get home from work and walk right into the master bedroom. Some may need massive walk-in closets to help decide how to start each day.
These choices are all yours when you have a custom home. While buying an old home means that you might find a good fit, it could take years of searching to find the home that exists in your head. It's unlikely that someone else has the needs for amenities and space that you need in a home.
Will You Have a Warranty?
When you move into a pre-built older home, it's unlikely that you'll enjoy the benefits of a warranty. Usually, the HVAC system, the appliances, and any work that's been done is years from holding the warranty that it once may have had. You could be buying an old home right when several issues are about to pop up at once.
It's not uncommon to have to replace the HVAC system, plumbing, or electrical systems in an older house. When you call a professional to look things over, they'll often stand behind their work for a year or more. However, if you sell the home or buy a home that that person has worked on, the warranty may not transfer over to you. '
The components of a new home are not only going to be better designed than older components but they're also going to come with a warranty. Consider what a custom home can offer when it comes to long-lasting value versus buying an older home.
Are You Looking For a Greener Home?
One of the serious benefits of buying a new home is that you're guaranteed lower energy costs. Not only will your windows be updated to insulate your home from cold and keep out the heat in the summer, but your systems will work more efficiently.
Older HVAC systems tend to be energy hogs. The same thing goes for older dishwashers, refrigerators, and stoves. In fact, many cities now demand that new homes or rental apartments must be built with energy-efficient appliances to qualify for certain tax credits.
Not only will it be standard for a new home to be more green, but you can customize your home to contain all of the energy-efficient systems you want. You can build in areas or appliances for composting, run more efficient hot water systems, or even use water more efficiently.
Save Time and Money on Maintenance
When you buy anything new, you can expect not to have to maintain it for a while. Much like the aforementioned warranties, you have a buffer against doing unnecessary maintenance work simply by buying new. With the software and systems that a custom home builder will use to build and design your home, you can expect it to last for a while without needing work.
The top builders today use the most high-tech and efficient building products. The materials used to build your home will be both cost-effective and more durable than anything ever used before.
These components are also designed to work together easily. Engineers have perfected the relationships between building materials, ensuring that the materials will work to make each other stronger. This allows you to rest easy knowing that a custom or new home is one that will last for years.
While an older home may have charm, it comes at a price. Constant maintenance and tracking down old materials may consume more time than you should have to offer.
A New Home Vs Old Home is a Personal Choice
When deciding to buy a new home vs old home, you need to think about your future carefully. If you're young, haven't started a family yet, and have lots of income, you could spend your time and money on renovations. However, this is a stressful proposition for anyone with a high-demand job, a family, and who doesn't like to take on DIY projects.
Check out our guide to some of the benefits of buying a home early if you're not sure when to make your move.