There is a common misconception that model or new ready homes are more expensive than older homes. However, things in the real estate market have changed, and that’s not relevant anymore. The cost of land has increased, and the size of an average new home lot became smaller, especially in crowded cities, where homes are attached.
There is another factor that makes new homes sometimes cheaper than old dwellings. The 2×4 pine framing or engineered wood is cheaper than the 2×6 redwood, and the plaster is more expensive than drywall. If you take a look at inner-city homes in popular neighborhoods, you will mostly find properties with large size lots. These homes usually cost more than starter homes in subdivisions around the city.
When trying to determine whether you should go for an older or newer home, there are several factors you should take into consideration :
1- Pros :
- Old House Means Good Construction :
There is a reason why older homes are still standing ’till today. Most of them have stood up against many storms and unfortunate events. But since they were built by talented craftsmen who pay close attention to details, they are still competing in the real estate market. If you have ever heard the expression “, they don’t make them as they used it,” it’s probably true.
- Bigger Yards
In the past, the land was cheaper, so people used to build houses with larger yards and enough room for separate detached garages and alleys. This is something you won’t find in new homes.
- Stronger Character
Today’s homes are more minimalistic in design compared to old houses. In the past, Victorians, Greek Revivals, Tudors, and Colonials were the dominant architectural styles. Old homes still maintain the details that were abundant back then, like arches and stained-glass windows. Such features give your home a unique aesthetic appeal.
- Everlasting Neighbors
Some old houses have been passed down from one generation to another. In old neighborhoods, people usually know each other. If you buy an older home, you are more likely to have long term neighbors.
- Settled Neighborhood
Significant Changes are not likely to happen in old neighborhoods. Old residential areas remain the same.
- Old Trees and Landscape
If you live in an old home, it’s not uncommon to have a 100-year old mature tree in your backyard on the streets.
- Closer to Downtown, Entertainment, and Restaurants
Most old houses were built before the cities expanded. Therefore, they tend to be within proximity to downtown and popular spots in town. Residents of old homes can walk to coffeehouses, stores, and restaurants. This is a perk that is uncommon in newer homes.
2- Cons :
- Maintenance :
Old things require more maintenance and care in comparison with new things. If left unmaintained, things around old homes will start falling and crashing periodically. If you consider purchasing an old house, be ready to paint the walls and fix doors and chimneys.
- Plumbing and Wiring are more expensive
Old homes have a different sewer system, where several problems can occur. Tree roots can break the pipes, and they disintegrate and collapse over time. It’s essential to inspect the sewing system very thoughtfully before buying an old home.
- Less Storage Space
People in the past had less clothing and fewer items to store. Closets, cabinets are usually smaller in old houses, and garages have space for one vehicle only.
- Renovation and Updates
To turn an old house to a place that satisfies today’s needs can be quite pricey. You need to remodel baths and kitchens and install new appliances.
- More Expensive
Classic old homes are usually located in the center of the city or close to downtown; therefore, they might cost more.
- Less Square Footage
Even though families used to be larger, the square footage of an average old family home is smaller than new homes’, except for estates.
1- Pros :
- Less Maintenance
New construction homes require less maintenance as the roofs, paints, and sewer systems are still new and in good shape.
- Modern Comfort
New Homes usually contain built-in appliances like refrigerators, microwaves, and dishwashers that are considered necessities. You can also find a media room and an indoor gym.
- Builder’s Warranty
In Florida, homes have a 10-year building warranty. If you buy a new home, you won’t have to worry about any construction issues for a decade.
- Renewable Energy
Many new homes have solar panels that can save you some cash on electricity. Not only that, but modern appliances use less energy.
- Building Codes
The consumer’s safety is taken seriously nowadays. Building codes are constantly changing to guarantee that.
The great feeling of owning something new is irreplaceable. Residing in a place where no one has lived before is an advantage of its own.
- Lower Price
Non-custom new homes in suburban areas usually cost less per square foot than older homes.
- Bigger Space
Multiple-story homes are common. If the builders can’t build out, they will build up and create more space.
Most tract homes are too similar to one another. With new homes, there is usually a lack of individuality and uniqueness.
- Immature Trees
Trees don’t grow overnight. New residential areas’ nature scene is not the best. Also, many people in the suburbs can’t afford to maintain a beautiful lawn.
- House Settling
As homes are settling, there could be some sort of cracks in walls and door frames. This is a disadvantage as builders may not respond quickly to repair requests.
- Long-distance from downtown
New homes are usually located in the suburbs far away from metropolitan areas, restaurants, shops, and other amenities.
When viewing home options, there are many factors to take into consideration. Having to choose between an old home and a new construction home can be an overwhelming decision. It would be best if you reflected on your preferences and what you are looking for in a house.
While some people are drawn to vintage and classic, others prefer shiny new homes with modern designs and lines.