Life is full of exciting moments, especially purchasing your first home. Whether you are ready to move out of your parent’s home or ending your rental lease, purchasing your first property is a big step. You want to get it right. The one big decision you are facing is whether you should get a newer or older home.
So, should you buy an old or new-construction home?
Age considerations tend to be the least of the home buyers worry. However, they naturally focus on the price and location of the home they want to buy. Here are advantages and disadvantages to consider when trying to decide which is best:
Old home benefits
the benefit of buying an older home is that they are going to be located in established neighborhoods and ideally near local stores such as shops, restaurants, parks, and public transportation.
Advantage of buying an older home:
- It’s ideally in a more central location
- Can buy in an established school district
- Old house might have new upgrades
- Older homes have more character, custom design
- Possibly Cheaper
The disadvantage of buying an older home:
- Harder to find your dream home
- Financing could be tricky
- Possibly be more expensive than buying a new home based on location
- Might have to settle for a smaller ideal home to live in the right location
New home benefits
The benefit of buying a new construction home is it’s never been lived in, meaning everything in the house is in good working order and nothing needs to be repaired.
Advantage of buying a new construction home:
- Move-in ready (no wait or work to be done)
- Updated technology
- Ability to customize
- Able to finance additions into mortgage
- Less Competition more choices on floor plans
The disadvnatge of buying new construction home:
- More expensive than buying old home
- Location might not be ideal
- Construction nearby (hearing noise)
So, what do you think?
In the end, there’s no easy question. It really depends on the first-time buyer’s situation and goals. I believe it comes down to personal preference. Once you have your down payment saved up, you will be ready to go and know exactly what you’re looking for. Owning a home is the best thing that can happen. What is the right choice, for you?
Additionally, why not learn all about mortgage loans for the first-time buyers while saving for your house? If you want a full team of experts, we’re happy to help you make the best decision. Please don’t hesitate to reach out to us for more details: 770-552-1000.
We look forward to hearing from you!
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