Old Versus New: How to Choose the Right Home for You
The average price of a home in the USA is $188,900. That’s a huge chunk of money so when you’re choosing your new home, you need to get it right.
One of the biggest questions that you need to answer is whether you’re going to go for a new build or an existing home. Unfortunately, there’s no one right answer and it all depends on what your priorities are. These pros and cons of buying a new build should help you to decide where to spend your money.
Pros
The cost of home maintenance is one of the biggest advantages of owning a brand new home. The average cost of home maintenance comes in somewhere between 1 and 3 percent of the cost of the house, every single year. That’s a significant amount and the older the house is, the higher that figure will be. Conversely, a newer house will require less work. So, while it may be more expensive initially, you’ll make savings in the long term.
Flexibility is another huge benefit of a new build. If you buy a property that is still being constructed, you have a huge say in the design and decor. This guide to buying off the plan apartments can help you with the process of buying an apartment that is yet to be built. Once your deposit is down and you’ve secured a mortgage, you can work with the construction company to build it exactly the way that you want it. That means deciding on the kitchen and bathroom fittings that you want to put in, the flooring, and how it will be decorated. If you were to buy an existing house, you would have to make these changes after you move in. Even a fairly basic kitchen and bathroom will cost you more than $1000 to put in.
Energy efficiency is far greater in a new build compared to an older house. Your annual energy bills could be up to 55% lower in a new build which is a staggering saving to make.
Cons
A new build can sell for as much as 40% more than an existing property which is a turnoff for some people. However, that extra money is balanced by the savings that you’ll make on reduced maintenance and energy bills. It’s a long term investment but you’ll be better off overall.
Families in particular find space is an issue with some newer properties. New housing estates tend to pack as many houses into the space as possible, so although you’ll have the same amount of rooms, the floor space will often be less than an older property in a similar price range. If you’ve got a large family, you’ll need lots of space for hosting birthday parties and playing games, so it might be an issue for you. That doesn’t mean it’s impossible to find a new build with decent floor space, but you’ll have to shop around and you might end up paying a bit more than you’d originally budgeted for.
Overall, buying a new build is better if you plan to live in the house for a long time. Even though you’ll pay more to start with, you’ll make that money back in reduced running costs over the next few years.
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This is a contributed article written for WhimMagazine.com