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Thread: Buying a New Home or an Old One: 10 Practical Ways to Make the Right Choice

  1. #1
    Join Date
    Dec 2014
    Posts
    5

    Default Buying a New Home or an Old One: 10 Practical Ways to Make the Right Choice

    Hi,

    If you are considering buying a house, the choice between a newly built home and a previously-owned one might become really baffling. Especially, since the mortgage crisis continues to fill the realty market with sale of distressed houses, house hunters find themselves drifting between the lure of buying a distressed property at cheap rates and an attractively built new house.

    The property experts’ verdict best remains divided, adding further to your confusion. The wisest decision in a case like this comes from a thorough analysis of your own requirements and researching on the kind of home designs that would satiate those requirements best.
    Here are 10 crucial points, based on which you can get closer to making a choice between new homes and old ones.

    1) Customizability-New house

    Houses that are still in construction phase allow you a certain degree of freedom to customize them. You can ask for some design features, material, and a myriad other things to suit your needs. So if you are looking for a personalized den, a new home would in most cases be a better bet.

    2) Energy Efficiency

    Champion: New House
    New standards of energy efficiency come up quite frequently nowadays, and the newer your home is, the more energy efficient design and appliances it is likely to have. Moreover, new constructions also have better insulated walls and tightly sealed doors and windows to keep your heating or cooling bills low. This may save you a substantial amount of money in monthly upkeep.

    3) Size

    Champion: Old House
    As space is becoming scarce with passing years, builders are consistently cutting down on size. If you want a more spacious home, with a larger yard and more garage space, an old house will come in cheaper than a new one for the same budget.

    4) Healthier House Design Features (lead paint, asbestos, electric connections)

    Just as with energy efficiency standards, rising awareness about healthy construction is also leading to higher standards of safety in new buildings.

    5)Storage Space

    Champion: New House
    Although homes built in the previous decades had the luxury of more space, they were not built for the current consumerism mindset! We own way more clothes and personal items today than our mamas or grandmamas did – so you may have to compromise on storage space for the sake of that old-world charm.

    6)Price Negotiability-Old House

    Champion: Old House
    Previously-owned homes allow you more room for negotiating prices, while prices are more or less fixed for new houses. By investing some time in searching, you can find an old home to fit in a lower budget.

    7) Location

    Champion: Old House
    Older residential areas are more likely to be located near city centers with shopping malls, markets, schools, and theatres nearby. New houses, on the other hand, are generally coming up in suburbs and quieter areas away from the main city centers. If you want to save on commute times and expenses, an old house will help.

    8) Landscaping

    Champion: Old House
    An already established neighborhood with tree canopies is a pleasure new home owners don’t get to experience instantly as they move in. If greenery appeals to you, buy an old home, which will also, by the way, have a larger yard or garden to indulge your love for the greens.

    9) Maintenance Costs

    Champion: New House
    Old houses may require a lot of renovation and remodeling before or after you move in. Since fittings and appliances will be old, this may add to regular maintenance expenses even after you settle in. In this regard, new homes grab a victory, as they are very less likely to demand much repairs or replacements for the first few years at least.

    10) Uniqueness and Character

    Champion: Old House
    If you nurture a love for unique architecture and designs that have a lot of character, new homes may disappoint you a bit; this is because most new houses are built many at a time and builders use the same mould for all the houses in the community.

    The above 10 points must give you some idea into making the right independent judgment for yourself. If you are looking for a house in Gold Coast or any other location, check out the best property listings in the area online to find some old and new homes for sale...hope this will be usefulllll....

  2. #2

    Default

    My understanding is that it depends on what the borrowed funds are used for. If the borrowed money is used to invest, then sure.

  3. #3
    Join Date
    Nov 2014
    Posts
    17

    Default

    If I wear to choose and I have enough money I would buy the old house because I want a big yard were I can plant fruit tress and flower's. And also it well be nice if having a gathering. You can do a lot of things once having a big lawn.

  4. #4
    Join Date
    Mar 2017
    Posts
    1

    Default

    Thanks for the Tips.

  5. #5
    Join Date
    May 2019
    Posts
    5

    Default

    Quote Originally Posted by avita View Post
    Hi,

    If you are considering buying a house, the choice between a newly built home and a previously-owned one might become really baffling. Especially, since the mortgage crisis continues to fill the realty market with sale of distressed houses, house hunters find themselves drifting between the lure of buying a distressed property at cheap rates and an attractively built new house.

    The property experts’ verdict best remains divided, adding further to your confusion. The wisest decision in a case like this comes from a thorough analysis of your own requirements and researching on the kind of home designs that would satiate those requirements best.
    Here are 10 crucial points, based on which you can get closer to making a choice between new homes and old ones.

    1) Customizability-New house

    Houses that are still in construction phase allow you a certain degree of freedom to customize them. You can ask for some design features, material, and a myriad other things to suit your needs. So if you are looking for a personalized den, a new home would in most cases be a better bet.

    2) Energy Efficiency

    Champion: New House
    New standards of energy efficiency come up quite frequently nowadays, and the newer your home is, the more energy efficient design and appliances it is likely to have. Moreover, new constructions also have better insulated walls and tightly sealed doors and windows to keep your heating or cooling bills low. This may save you a substantial amount of money in monthly upkeep.

    3) Size

    Champion: Old House
    As space is becoming scarce with passing years, builders are consistently cutting down on size. If you want a more spacious home, with a larger yard and more garage space, an old house will come in cheaper than a new one for the same budget.

    4) Healthier House Design Features (lead paint, asbestos, electric connections)

    Just as with energy efficiency standards, rising awareness about healthy construction is also leading to higher standards of safety in new buildings.

    5)Storage Space

    Champion: New House
    Although homes built in the previous decades had the luxury of more space, they were not built for the current consumerism mindset! We own way more clothes and personal items today than our mamas or grandmamas did – so you may have to compromise on storage space for the sake of that old-world charm.

    6)Price Negotiability-Old House

    Champion: Old House
    Previously-owned homes allow you more room for negotiating prices, while prices are more or less fixed for new houses. By investing some time in searching, you can find an old home to fit in a lower budget.

    7) Location

    Champion: Old House
    Older residential areas are more likely to be located near city centers with shopping malls, markets, schools, and theatres nearby. New houses, on the other hand, are generally coming up in suburbs and quieter areas away from the main city centers. If you want to save on commute times and expenses, an old house will help.

    8) Landscaping

    Champion: Old House
    An already established neighborhood with tree canopies is a pleasure new home owners don’t get to experience instantly as they move in. If greenery appeals to you, buy an old home, which will also, by the way, have a larger yard or garden to indulge your love for the greens.

    9) Maintenance Costs

    Champion: New House
    Old houses may require a lot of renovation and remodeling before or after you move in. Since fittings and appliances will be old, this may add to regular maintenance expenses even after you settle in. In this regard, new homes grab a victory, as they are very less likely to demand much repairs or replacements for the first few years at least.

    10) Uniqueness and Character

    Champion: Old House
    If you nurture a love for unique architecture and designs that have a lot of character, new homes may disappoint you a bit; this is because most new houses are built many at a time and builders use the same mould for all the houses in the community.

    The above 10 points must give you some idea into making the right independent judgment for yourself. If you are looking for a house in Gold Coast or any other location, check out the best property listings in the area online to find some old and new homes for sale...hope this will be usefulllll....
    Thanks for your tips!
    We looked at older homes built anywhere from the 50's-70's, new homes and then newer ones. The 50's-70's homes all were or did need some kind of major upgrade whether it be a roof, furnace, A/C, etc. That translated into a lot of dollars after the purchase, especially to expand or open rooms up over time. Then we saw some new homes that just didn't seem very well built or lacking in a lot of features for the money. They were almost trying too hard to cramp in an open modern floorplan into a small footprint.
    There are a lot of factors in a home than just the age, and we were lucky to find a house from the time period we did.

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