If you’re ready to take the first steps to buying a home, you may be wondering whether you should purchase a new construction orolder home. New construction homes tend to be larger and have a more modern layout. In comparison, older homes may be located in more established and eclectic neighborhoods.
There are pros and cons to consider with both old and new properties when you’re searching for the right home – it all depends on what you’re looking for and your lifestyle. Are you looking to move into a home that’s ready as-is and doesn’t need any major updates? Or are you looking for an older home with character, and are willing to invest in real estate that requires some fixing?
Creating a checklist of your “must-haves” may help you work through the old house versus new house debate once and for all. Let’s look at a few pros and cons of each to help you get started.
New construction is any home where you’re the first person to live at that residence. For instance, you may purchase an already built home directly from the builder. There are many advantages to new builds:
While there are a lot of great features that come with buying a new home versus an old home, there are trade-offs as well. Here are some of the downsides to consider first:
Let’s be honest – there’s a certain charm that comes with buying an older home. You may find a spiral staircase, black-and-white tile floor and other features that are nearly impossible to find in new construction. Let’s look at some of the advantages of buying a resale home.
There’s no getting around the fact that older homes come with features that you won’t find in new construction. Buying a resale home could be the right choice for you, but there are certain downsides to consider:
Regardless of whether you buy a new home or an old home, buying a home will require plenty of research, patience and compromises. Making a checklist of your must-have features can help you identify what you can’t live without in a house.
Ready to start the home buying process? Check out our mortgage calculator to have a clearer idea of what your budget is, before starting your house search.
Kevin Graham is a Senior Blog Writer for Rocket Companies. He specializes in economics, mortgage qualification and personal finance topics. As someone with cerebral palsy spastic quadriplegia that requires the use of a wheelchair, he also takes on articles around modifying your home for physical challenges and smart home tech. Kevin has a BA in Journalism from Oakland University. Prior to joining Rocket Mortgage, he freelanced for various newspapers in the Metro Detroit area.
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