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How Old Is Your Home?

How Old Is Your Home?

There are Pro's and Con's to older homes and new builds that you'll take into consideration when buying a new house. Whether it's a vintage look, garden in the yard, or cozy reading nooks there is a perfect home out there for everyone!

Who Wins, Old VS New?

How Much Does it Matter?-

When looking for a home does its age really matter? The answer is yes depending on what you as the new owner wants to deal with. Older homes may have hidden mold or need bigger renovations. Newer homes may not be in an established enough neighborhood or have unique features. It all depends on what you want to deal with and spend on once you move in, so yes it matters!

 

Old Homes-

An older home is subjective but usually "old" means built over 50 years ago. Older homes were built on different codes and depending on the amount of owners may have had different renovations. Many buyers prefer older homes because of the materials used may be made to last longer or they prefer the unique styles.

 

Pro's:

  • Diverse layouts and styles
  • Lower prices
  • Established community and schools
  • Major repairs already made, inevitable disasters have already occurred
  • Landscaping established
  • Faster buying time

 

Cons:

  • Smaller than new homes
  • Less environmentally friendly features
  • Less disabled accessibility features
  • Old appliances
  • Hazardous materials such as mold and asbestos

 

New Homes-

Newer homes which are built in the past few years, have their own benefits. New codes, new trendier layouts, less renovations and better original condition all factor into this. Sometimes new builds may be in areas that are new and just starting out which means you have to grow with that community and it may not be as established. The good news there is that there is a enough demand for new build so the area may be up and coming!

 

Pro's:

  • New layouts for the modern family
  • Amenities such as pools, smart home devices, etc
  • Fewer repairs in the begining
  • Environmentally friendly features and appliances
  • Warranties new and cover longer
  • Resell value higher

 

Con's:

  • Higher initial price
  • HOA Fees
  • Cookie cutter styles
  • Commute longer since new homes often built outside of cities
  • Need for new and extensive landscaping

 

 

Additions/Renovations-

Most homes call for renovations whether it is an issue with damage or style changes. Even newer homes that aim for minimalism and simplicity to allow homeowners to personalize have features that don't suit everyone. Also, as time passes many things become irrelevant, for instance most homeowners don't use their fireplace as much as they did 50 years ago. So if a home has a large fireplace and set up area for fireplace materials then a homeowner may find a better use for the space.

 

 

(P.S) If you are buying a new home and deciding between a new or an old home make sure to account things besides the home itself such as location, neighborhood, school and community assets in the price.

 

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Many people consider their home their biggest investment and of course who doesn't want a higher return on that investment. No matter the price you bought it for, you always want to improve your home for you and your family and for when you sell! Renovations from small DIY's to full renovations can add a lot to the value of your home when selling.

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  • New builds cost about 30% more

 

  • Renovations done on old homes take that damage factor out of the price when selling

 

  • Nowadays amenities such as a pool or high-tech kitchen add more to the price than amenities of the past
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