When you picture your dream home, chances are it bears a considerable resemblance to the house you grew up in. A brownstone townhouse straight out of your favorite 80’s or 90’s sitcom. Then again, maybe this is a far cry from what you have in mind. Perhaps you are looking for something fancier. A home with a contemporary style, modern amenities and with a lot less maintenance from the word go.
Or maybe you are still not ready for that whole ‘4 bedrooms, 3 bathrooms and 1.5 kids’ kind of house at all. When it comes to buying a home, the ‘one size fits all’ approach does not work. However, it does pay to know what you stand to gain or lose when it comes to choosing between a new and old construction.
A new house, a whole new you
Unless you have a custom built house in mind, most new houses are built in developments that have a unified style and are made to the latest construction codes. They also tend to be contemporary styled with a high energy efficiency. As a result, these houses tend to be more expensive compared to resale houses of similar specifications.
The cons of new housing include: they have little negotiating room on the price, they have a typical ‘cookie cutter’ design, there’s a high potential for homeowners association fees and the association can set limits on how you use your home.
Old is gold
With new homes springing up seemingly overnight, there is no question about the popularity of new housing. And yet, there is still a good percentage of people buying resale homes – a home that someone has lived in but wants to sell it.
Generally speaking, resale homes are more available, have an established neighborhood, have larger negotiating room on price, contain more character and are also less expensive compared to new houses but they can also be full of surprises.
Some of the cons include: most tend to be less energy efficient with dated designs. Resale houses also call for more maintenance, and they have also been lived on.
The bottom line when buying your home is; don’t purchase another person’s problems unless you already have the solutions. Find a home you like and consider all its pros and cons then logically think of the compromises you are ready to make.
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