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Wendy Gimpel

Should You Buy an Older or Newer Home?

Not sure whether an older or newer home is right for your upcoming home purchase? That’s understandable because there is a lot to consider, and both types of homes offer pros and cons. In this post, we’ll help you compare the two.

What is an Old vs. New Home?

An old home would be one built fifty or more years ago, while a new home would be one built within the last few years. Homes in between are a little harder to categorize. You would need to consider the individual home’s pros and cons. There are many homes that may not be new enough or old enough for many of the points in this post to apply, but you might still be able to understand the home’s individual characteristics better by considering the points on this list.

Some old homes are registered locally as historic homes because they have been deemed to have historical significance. These homes have their own pros and cons, such as being amazing to own due to their historical value and significance, being more expensive to purchase, having a lot of competition for buying or selling, receiving tax benefits to purchase, potential remodel limitations, and probably having a very stable neighborhood.

Buying an Old House

Old homes have a certain charm that appeals to many homeowners. The architecture, little details, and sense of history are huge selling points. If you are one of these people, then you have a strong emotional draw toward older homes. You might even prefer ones from certain historical periods.

Pros:

  • Architecture – Popular architectural styles from the past stand out among a sea of more modern, minimal, and often very similar-looking homes. Any older home can provide a sense of the past that you may cherish.
  • Lower cost – The average older home is usually less expensive to purchase than comparable new homes. Old homes that need some TLC can offer big savings in upfront costs.
  • Paper trail – Older homes have been around longer, and what has happened to them over the years has sometimes been documented. This can give you a picture of the potential future of the home, which newer homes can’t provide.
  • The yard – Older homes often have large yards with big, beautiful trees, and some lawns may have complex and well-maintained landscaping. 
  • Location – These homes may be closer to downtown, offering convenience and less likelihood of zoning changes.

Cons:

  • Maintenance – The older a home is, the older its materials. Maintenance, which can potentially be costly, could likely be a part of your future.
  • Smaller rooms – If open floor plans and large rooms are important to you, most older homes don’t have them.
  • Safety regulations – Over the years, we’ve adopted safety standards that offer peace of mind. These are often absent in older homes, and this is why home inspections are even more important for older homes.
  • Utilities – Energy efficiency has also improved over time, and utility costs are usually higher in older homes.

Buying a New House

Some homeowners want everything new. The styles, along with modern priorities like safety regulations and conveniences, are more in line with how you live your life. You may also just like the idea that no one else has lived in a home before you.

Pros:

  • Larger spaces – Open floor plans, large closets, and bigger rooms have been the style for a while. You may not be happy without the space or that open feeling.
  • Less maintenance in the near future – Owners of newer homes may spend a fourth of what the typical homeowner spends on maintenance. Of course, this only lasts as long as everything is still new, but it buys you years of savings. It may also be easier for you to get a home warranty.
  • Safety regulations – With a new home, you get a home built to modern safety expectations. Not only does this give you peace of mind, but it can lower your insurance costs and increase your home’s value.
  • Utility costs – New homes are more energy efficient than old ones, so that you will save on utility bills.

Cons:

  • Upfront cost – While buying a new home can save you money in the future, it costs significantly more upfront. The upfront cost might change what other home benefits you can afford.
  • The yard – The yards with newer properties are usually smaller because the land is more expensive. This decreases room for indulgent landscaping and children’s activities, as well as puts your neighbors closer to you.
  • Landscaping – Newer homes will also usually have less landscaping because there has been less time to develop any. Trees may be nonexistent or immature.
  • Commute – Newer homes are usually built on available space farther from the city center, making your commute longer.

Call Wendy Gimpel Real Estate

When choosing your new home, consider your budget, your must-haves, and your nice-to-haves. You will need to determine how to get the best home from both an emotional and a practical angle with your current and future budget. Wendy Gimpel can help you find that home. Contact her today to get started.

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