The Money you Save on Your New Home will make up for the Loss of Your Old Home
When going from one home to another, there are always expenses: moving vans, packing, closing fees, utility transfer fees etc. Yet, in the long run, the new home will save you money.
In general, an older home needs more repairs. You have to improve the electrical fuse box and system so that your home has enough amperage to handle your power needs. Over time, the roof will wear out and need to be patched and/or replaced; with a very old home, the roof will no longer under warranty, which means you face the prospect of paying for the repairs entirely. Also, years ago people didn’t know that fiberglass insulation was hazardous to your health or that lead pipes could be too. Older homes tend to have many such building materials, and they can all pose a health risk.
In the case of newer homes, they don’t contain any hazardous construction components that you’ll have to pay to remove and replace. Any work you do need will generally be covered by warranties and/or insurance. This will save you money in day to day expenses, and your home insurance. Another factor that will aid in saving money with a newer home is that they tend to have components that resist burning, and even have security system elements built into them. These also get you a savings on your insurance.
As for long term costs, older homes are subject to cumulative damage from storms and seasonal changes. There are also insects – carpenter ants, termites etc – that can gradually eat a home from the inside out. Not only do newer homes have less trouble with such things, but they’re often built with materials that have been treated to repel insects. Also, the ground under the foundation of a new home is treated with insecticide to prevent the pests from burrowing into you home.
With older homes, over time, neighborhoods can change. What was once a nice bedroom community might now be the heart of the downtown business district, or maybe right next to a highway or airport. For that matter, perhaps the community has gone into an economic recession, and now crime is an issue and the street is full of empty or dilapidated homes. By buying a newer home, you can avoid all of these negative aspects that tend to reduce a home’s value, and increase the insurance premiums and other costs associated with an older home.