There are many factors one must consider when deciding between the purchase of a new or re-sale home.
To help you make the right decision, we have listed the most relevant factors below:
SAFETY AND PEACE OF MIND
Newer homes must adhere to up-to-date standards for structural stability, energy conservation and general safety, especially with regard to electrical systems, fireplaces and heating equipment. Also on the plus side are the lack of general wear, modern design features, contemporary conveniences, and of course, the builder's warranty.
APPRECIATION
Newer homes are often (but not always) found in upcoming and developing areas, where value appreciation may be more pronounced than in localities where older homes are found. Thus, in many cases, there can be investment advantages with a new or relatively new residence.
ENERGY EFFICIENCY
With rising utility costs, lack of energy efficiency in an old home is also a major consideration, and upgrades in this area can be cost prohibitive. Insulation in ceilings, walls and floors is often substandard or nonexistent, and old-style windows waste heat almost as badly as if they were open. Old heating equipment is typically not designed for efficient use of fuel, requiring more money to produce a given amount of heat. Furthermore, with old heaters, safety problems are more likely to occur.
CRAFTSMANSHIP
People often assume that workmanship in past generations was superior to what is practiced in today's workplace. Given the value denigration in much of our culture, this is probably true in a general sense. But to apply this as a blanket condemnation of current construction quality would be a grave mistake. Good and bad craftsmanship have had their place in every era, and builders with skill and integrity are by no means an extinct species.
AFFORDABILITY
Generally, re-sale homes are more affordable that their newer counterparts. This is simply a function of supply and demand, and the economic realties of the real estate market. It should be noted, however, that the short-term savings in the purchase of an existing home may be lost over time when repairs, renovations, pest control, and lower appreciation are taken into account. These issues are much less likely to concern new home buyers.
OTHER
With many older homes, there are additional advantages, such as proven stability, established landscaping, ambient character, and antique design features. But here also, there is a list of down-side considerations. There are many issues involving deterioration, wear and obsolete design. Many older homes have been upgraded to offset these disadvantages, but such improvements are not always the work of qualified persons, nor is such work always done with a permit.
In many respects, the choice between a new or old home hinges upon individual considerations, such as personal likes and dislikes, long-term objectives, available time and capital for home improvements, do-it-yourself skills, age and season of life, etc. When all factors are considered, the choice should be the one that is most consistent with your practical needs, desires and finances. And as always, it should include the disclosure advantages provided by a well-seasoned, qualified home inspector.
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