10 Things to Keep in Mind When Making the Decision
It’s time for a new place to call home, but the first step is sometimes the toughest. Deciding whether or not to build new or look for an older home is something many buyers mull over -- as they both have their strengths. Here are 10 quick tips to consider when you’re ready to make the move.
- Taxes: Tax Prices on a home are based off of the sales price, so if you find a good “Fixer-upper,” there is potential to save big (if you buy a house for a lower price).
- Customization: If you’re building new, you can meet with an architect and build that dream house you’ve always wanted. Open kitchen? Media room? Massive patio? With a proper financial situation, you could really have a blank canvas to work from.
- Transition: If you decide to purchase a move-in ready home, transition will be simple. No re-painting, no taking out walls, or worrying about water or plumbing. You can enjoy your home as soon as you unpack.
- Character: Older homes can offer unique details that some cookie-cutter, new homes lack. Older homes can offer rustic brick walls, laundry shoots, and crown molding or wall designs.
- Investment: Building a new home can offer the latest and greatest construction and appliances throughout the house. If you plan to re-sell in the near future, a newer home may make it easier to recoup your investment.
- Go Green: During the design period of your new house you have the option to implement more sustainable and eco-friendly options into the home. These additions could possibly cut down on your monthly water and heating bills and may be better for the environment. Newer homes also often mean all new appliances, furthering your potential for a green household.
- Costs: When moving into an old home, upgrade cost can be delayed until the right time. If you’re tight on cash, the kitchen doesn’t need granite countertops right away; the patio doesn’t need a redesign. You can save up, and then make those renovations. One note to remember: always check how renovations can affect your homeowners insurance.
- Less Sweat: With a new home, tailored to your liking, it will often stay that way. No major renovations should be needed right away, or even for a few years. The upfront money needed for the new house may be greater, but that can come with some peace of mind.
- Community: One often overlooked benefit of building a home in a new neighborhood is the community aspect. If everyone in the neighborhood is generally new to the area, long-lasting friendships can be formed with your neighbors.
- Neighborhood: One comforting thing about moving into an older home is the chance to thoroughly investigate the established area. This includes neighbors, types of houses, and how many nearby homes are up for sale.
When it comes to building new or buying an older home, as long as you do your research, you should be able to find something that meets your needs. If you’re thinking about moving or preparing for construction, it’s best to start with speaking with a qualified Mortgage Professional. For more information on homeownership, please feel free to contact the Housing Buzz Team.