Royal LePage Maximum Realty Brokerage

Is It Better to Buy a New or an Older Home?

It is usual to find a new home costing more than an older and previously used one. But the tag price doesn’t carry a complete picture. See, the purchase price a new house carries does not always comprise the landscaping, window embellishments, and elaborate upgrades that drew your interest in the sample unit model. No, with those you may need to pour in additional payments. Nonetheless, a brand new house complies with the prevailing building code requirements such as energy efficiency. Additionally, they don’t present deferred maintenance issues that result in old ones due to neglect and wear and tear.

Indeed, a well-built abode ought to be free from maintenance issues for the initial decade or more. But that doesn’t follow that you won’t face problems with a new house. Your new roof may leak if a vent pipe or skylight fail to install properly and things like that. You must also be ready for several items to need fixing in your first months of stay.

It is quite certain that a home’s quality can only be as good as the one who built it. It is important to be diligent in your study and prospecting of a new home. Check builders for reputation, history, and product quality before securing a home from any one of them. You would want to go with a builder who can show forth a good, verifiable record for handling construction matters promptly and rightly. Minor problems will be unavoidable but you want to stay away from those with known major problems with construction and problem handling.

Let’s cite one couple’s previous experience with a builder. They bought a new home from a small developer and soon after they’ve moved into the new home, serious problems arose. The builder refused to handle and resolve those problems and didn’t do anything about the leaking windows, the poorly working drainage and plumbing systems. Water was actually seeping through the wall. The buyers had to end up suing the builder but by that time, the builder went bankrupt already.

First Time Tip:

Whether you plan to buy a newly built home or a previously owned one, exercise thorough inspection and investigation. Why not hire licensed professionals to assess the prospective home before you settle the purchase? And even if the house is very much new, don’t shortcut the processes so you can avoid ending up with a lot of regrets and complaints. Make inspections while construction is ongoing and visit for another inspection when everything’s laid and done.

Purchasing an old home may seem to have its drawbacks. Refurbishments may be required and if you are not careful, what you initially bought cheaper may turn out costing you higher than acquiring a new residence in the first place. Make proper evaluations before buying an older house. Know the condition of the roof and the state of the fixtures and appliances. Check the condition of plumbing and drainage, and other systems like cooling, electrical, and heating systems. Get a complete estimate from an official inspector as to the true costs that you need to shell out for replacements and repairs on top of the purchase price.

Get home sellers for papers on major works done on the property. Secure the drainage plans including the job order and paid receipts. These prove useful for you personally, especially when it’s time to sell. Get previous utility bills so you can find out how costs vary between seasons.

An older home does require more care and maintenance when compared with new and newer models. You need to spend time and money. But there’s a certain architectural uniqueness and character to these older constructs that cannot be matched at times, making them well worth the buy. It can be the distinct design, the mature landscape, the strong build, or the special location. With older neighborhoods also come more established facilities like better shops, schools, and clinics.

The Closing:

Taking it from an investment aspect, a most wise and satisfactory choice lies between a high-quality newly built home or a highly-maintained older home.

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