NEW YORK CITY, NY / ACCESS Newswire / March 6, 2025 / Buying a house can be a long process, filled with many decisions. Prospective homebuyers have no doubt pondered over the size of their future home, their budget, the amenities they're looking for as well as the neighborhood they want to be located in.
One important consideration is the question of new build vs. older home. Before deciding, it's important to understand the pros and cons of each with respect to important aspects of homeownership.
Repairs and construction
New homes will likely not require significant repairs for the first few years since they're built using all-new components and materials. They've also been inspected multiple times during the building process to ensure that everything is up to code.
On the other hand, with older homes there is no guarantee of this. Homeowners may have to deal with the unexpected cost of new appliances, repairing leaky pipes or replacing the roof soon after purchasing the home. For those whose heart is set on a historical house, home improvement loans are a great way to finance unexpected renovation costs.
On the flip side, some may suggest that older homes are built to be sturdier and stronger while newer builds use cheap materials that deteriorate quicker. Ultimately, this comes down to individual builders and their choices. Buyers with new builds in mind should definitely check reviews of their builder's work before making a decision.
Yards or lot sizes
While location plays a major role in the size of a home's yard, age matters too. Older homes were typically built on larger lots which could mean larger front yards or back yards. An older home is likely to have mature trees or an existing garden which may add to the appeal.
With newer homes, it's still possible to have a large yard, but this might mean moving further away from the city. The result? Longer commutes for work and school and possibly fewer amenities close by. Lot size isn't necessarily a concern for everyone but having kids or pets may influence the choice.
Price point
As far as sticker price goes, new homes do tend to be pricier than older houses. However, this blanket statement does not take into account some of the variables that impact cost. With newer homes, buyers may have to join a Homeowner's Association (HOA) which comes with its own fees. There's also an element of competition - since newer homes are more in demand potential buyers may have to make higher offers to be taken seriously.
Buying an older home may mean saving on upfront costs but spending more on repairs and upgrades as the years go by. Older homes are not as energy efficient, so buyers may spend more on heating and cooling the home. On the other hand, older homes may provide better value as they can offer access to established neighborhoods in good locations. Older homes may also have desirable architectural elements which may help them appreciate more than new homes.
The Bottom Line
When it comes to the choice between a new build and an older home, there's no straightforward answer. Homes are not one-size-fits-all and every buyer will have a different set of non-negotiables. The important thing is to make an informed decision after taking all the relevant factors into account. Talking to a realtor or friends and family members who have bought houses is a good place to get started.
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SOURCE: OneMain Financial
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