What is the Pros and Cons of buying a New home vs. Old home?

Question

Older home being at least twenty years old.

Answer 1

The biggest advantage of buying a new home (or rebuilding an existing home to new condition) is that the home has been built to the latest codes and standards. So, it is very unlikely that systems like electrical and plumbing will have problems. That then makes them cheaper to insure, because there's less likelihood that things will go wrong and result in damage (like a fire).

The disadvantage to buying a new home - especially in cookie-cutter housing tracts - is that they are usually not very unique to a neighborhood. There's also CC&R's for newer neighborhoods about decorating, paint colors, etc., that ensure you will always have a house just like your neighbor's. I also don't like how they cram pack new houses together, where you can practically reach out and touch your neighbor's house.

The biggest advantage to buying an older home is styling. Older homes can have a unique architectural style that would be very expensive to replicate in a new home. Older homes are also usually in established neighborhoods in the best parts of town (that's why the house was built there a long time ago). And, the better ones are spaced well on larger lots.

The disadvantage for an older home is the opposite of the advantages for a newer one. They require more repair and upkeep, may be made of inferior materials (like asbestos or lead paint), and are not built to today's building codes and standards. They're not energy efficient either, unless you remodel them to be.

Personally, though, I prefer older homes that have been fixed up. I recently remodeled a home built in 1946. It now has an effective building date of 2007 and is in a great location (in the hills overlooking Mission Bay and the ocean in San Diego). I get the advantage of the older architectural styling with the peace of mind of basically a new house. And, I couldn't imagine living anywhere else.

Answer 2

When a home reaches about 15 to 20 years old you will find that the home may be in need of a lot of replacements. Usually the furnace, the roof and the exterior siding will need to be replaced. These are big ticket items. Most folks however do the repairs and renovating before they put the home on the market. Another big ticket item would be the kitchens and baths.  The up side to the older home is that most of them do not have the high ceilings and open space that will cost you money to heat and cool.

The brick on older homes is usually real while in the newer homes if you choose a brick exterior you may have to settle for brick veneer or pay a bunch of money!

New homes have higher taxes, are not as energy efficient do to their openness, lack the architectural features and quality of older homes. It just cost too much to use stain grade real wood trim and doors along with hardwood floors throughout the home today. Most homes built from 1998 to the present have very little real wood in them. The trim and doors are usually a type of PVC or MDF particle board and can not be stained. New home prices are rising again because of the fuel and builders are no longer offering top quality interiors and exteriors.



When purchasing a new home you get to pick the colors for paints the flooring, and sometimes other items. However it can be very costly to upgrade a new home. With an older home you can renovate as you live in it a redesign it the way you like but not all at once.

Older homes are in established neighborhoods. You can ask your neighbors about the home and the neighborhood. New home develops are a risk. You don't know who or what will be your neighbor later on. The surrounding area also is something that needs to be considered. What is it zoned for. What else could be built there. If there are wells how is the water?

Basically what it boils down to is in either case before you decide you must do the research. It is all about personal preferences also.

Here are some articles that may have other answers--

http://www.gordoninman.com/main_sublinks...

http://www.selfgrowth.com/articles/New_h...

http://www.jennifermolleson.com/?cat=11

Good luck to you on whatever you decide!:)