After years of hard work, you have finally managed to save a substantial amount. Now you have decided to give up share house living and no more renting apartments, as you are up for buying your own home. However, you are in a dilemma as you are finding it difficult to choose between a new home and an existing one. Not to worry, as we are here with some help. Mentioned below are the advantages and disadvantages of both the property types, which you can consider for making an informed decision.
Advantages of Buying an Older (Existing) Home
- Quality Construction – Old-world construction was all about the use of high-quality products and techniques, which is why we see so many older homes standing tall even today.
- Large Size – Lands were cheaper in the olden times and other factors also, including constructions and residential property management. This is the reason why old homes have such big rooms and also large yards, garages, etc.
- Interesting Architectural Features – Victorian, Colonial, Tudor, and Greek are the popular architectural styles that you can find existing homes in. Flaunting a variety of interesting architectural features, including hand-carved decorative elements, arches, stained-glass windows, etc., they look a class apart.
- Mature Trees and Vegetation – Yet another advantage of buying old homes is that many of them come with mature trees and vegetation. Besides enhancing the property value, trees and other plantation has endless advantages.
Disadvantages of Buying an Older Home
- Smaller Storage Space – Unlike today, people years ago had fewer clothes and other such personal items to store. Therefore, olden homes didn’t have a concept of walk-in wardrobes and massive closets in every room.
- More Maintenance–Old homes any day require more maintenance than the newly constructed ones. They also require repairs and replacements, so residential property management can often be expensive.
- Updates – You would have to give an old home some trendy updates for making it suitable for living.
Advantages of Buying a New Home
- Modern Amenities – If you buy a new home, it comes fully equipped with state-of-the-art amenities and fittings.
- Little Maintenance – As everything is new, it doesn’t require much maintenance or repairs and replacements.
- Energy Efficiency – Most modern homes have an energy-efficient design due to solar fittings and the smart appliances installed.
- Built to Code – Code regulations keep changing, and new homes are constructed per the latest building codes.
- Convenience – It is much easier to find a new home that has a convenient location, which is closer to the main city, banks, markets, hospitals, schools, etc.
Disadvantages of Buying a New Home
- Small Lots – Most of the new constructions have a small lot size, which means lesser parking space, tiny play area, less space between houses and like.
- Strict Regulations – Making even subtle changes to a new property bought is governed by strict regulations.
- Costly – Buying a new home can be costly, as you don’t just have to pay for the quality, location, and square footage but also for the sidewalks, sewer lines, etc.
Now that you know the basic differences between buying an existing and a new home, you can quickly make an ideal choice.
