PricingGenerally speaking, newer homes cost more per square foot than older homes, unless you’re buying into a fashionable neighborhood or purchasing historical property. However, the higher price tag means that you won’t have to deal with outdated materials or pre-existing issues. You can also customize a new home to your specifications, rather than go through the costly process of remodeling. In addition, builders may have an advantage over buyers when it comes to securing financing.
Older homes often cost much less, but you’ll need to set aside an additional portion of the purchase price - usually 10 to15 percent - to cover any renovations or repairs that may be needed. If after a thorough inspection your newly calculated price still falls quite a bit lower than the cost of a new home, you may be better off buying an older place. Don’t forget that quality counts too. A well-maintained older home has already weathered the test of time.
What You See...The adage “what you see is what you get” isn’t always true. A new show home may feature a beautifully landscaped yard and driveway or a lovely deck, but that doesn’t mean those features are included in your purchase price. Be sure to read the fine print and take into account anything that’s not considered part of the house.
Previously owned homes should always be inspected to uncover any issues that might be hidden. For a few hundred dollars, you can have an expert take a good look at the home to get an idea of what may be needed to bring the house up to par. An inspection is well worth the cost, and can save you thousands of dollars or more.
Safe or Ecofriendly MaterialsToday’s building codes are designed to create occupant-friendly homes, making those houses easier to navigate than some of their older counterparts. Many codes also have requirements for the use of ecofriendly or low-emission materials that can be better for your health.
Speaking of health, a variety of materials used in older homes can pose health hazards. Lead-based paint was commonly used in homes until the late 1970s, and can cause severe health problems or death if ingested or inhaled during renovations. Asbestos is a known carcinogen that was used for insulation and texture as late as the 1990s. Removal of either substance can be quite expensive.
MaintenanceWhile newer homes are often under warranty for major structural defects for up to a decade, you should still take the time to look for any potential problems. Our ancestors built homes with the predetermined notion that it would be a generational dwelling, not just a temporary residence. On that note, if you’re buying new, be sure your builder is reputable and takes pride in their work. Construction crews under pressure may cut corners that will cost you long after they’re gone.
Now that you’ve learned more about the differences between older and newer homes, put your newfound knowledge to work for you. Contact me today! What features would you like to see in your home?
**Article provided by Wingwire