George Campolo Weighs in on New vs. Old Homes for Sale: Which Is Better?
Originally published on abilogic.com
One of the first decisions you must make when looking at homes for sale is the itype. Would you prefer a newly constructed home or do you like the character of old homes? Once you make this key choice, you can focus your home search on properties that meet your needs and avoid wasting time looking at homes that aren’t a good match. George Campolo, an experienced Associate Real Estate Broker with RE/MAX Distinguished Homes and Properties, shares tips to help you make the best decision.
Pros and Cons of New Homes for Sale
A new home is similar to a new car — there’s something pleasing about that shine and smell. You know no one has lived in the space and it’s all yours. Just as with a new car, you’ll pay a premium for that newness and the seller likely won’t be motivated to offer a discount.
Although new homes cost more, you’ll know the home systems are brand new and everything was built to code. Home systems should last a long time, meaning you won’t have high maintenance bills in the near future.
Additionally, many contemporary homes offer modern layouts and energy-efficient features, which may appeal to some home buyers. Energy-efficient homes offer long-term cost savings — owners will pay less for heating and cooling costs over time.
New homes vary by location. Sometimes, a new development goes up in the middle of a thriving neighborhood, offering the chance to join a vibrant community. In other cases, development is sparse. You’ll need to decide whether you prefer a bustling community or a peaceful, private location.
The one downside of purchasing a new home is that the home systems are untested and you don’t know the quality of the workmanship. If you end up with a poor quality new home, you’ll likely need to pay a large sum to repair flaws that went unnoticed.
Pros and Cons of Old Homes for Sale
Old homes have unique appeal and style; this character can be an incentive for some home shoppers. Older homes may also have a lower price point than new construction, and potential buyers are often able to save money by making an offer below asking price.
When you buy a home that’s cheaper, you can often purchase a larger one than you would otherwise be able to afford. Alternatively, you could put the money saved into home renovation and have the freedom to customize your home with the features that are most important to you.
The downside of purchasing an older home is that something will need replacement sooner or later. Unless the home has been updated, older homes usually lack energy-efficient features. They can be drafty, and large air leaks will inflate home heating and cooling costs.
When considering pre-existing homes for sale, always ask when home systems were last updated. This way, you’ll know if a costly repair — like a roof replacement or a new boiler — is in the near future. It’s not all bad news, however; in a buyer’s market, you may be able to negotiate a discount in anticipation of these repairs.
Both new and old homes can work well for home buyers. Once you know your needs, look for an experienced real estate agent like George Campolo who can work with you throughout the process and help you find your dream home!