Old versus New - That is the Question
In the market to buy a new home and you have no idea whether to buy an older home or a new build? Well hopefully we will be able to assist you slightly with regards to making that decision. Buying an older home or a new build both comes with their advantages and disadvantages. The main question you need to ask yourself is - What are you willing to live with and what are you willing to live without. The answer to this will guide you in the right direction. But if you are still uncertain, please see the advantages and disadvantages of buying an older home.
Advantages of older home
Character
Many older homes still have some of those quant and interesting character elements to them. Even when the home has been renovated, people tend to keep one or two of the quirks that the home came with, to ensure that it is slightly different to those other homes on the market. Newly built homes on the other have slightly less of that old world character and fall into the ultra-modern category. Both features are beautiful in their own right however and choosing a home based on character / style is purely down to personal preference.
Size
With age comes size and space. Older homes usually have more spacious rooms or plot availability. Unlike new homes which tend to be on the smaller side with open plan living. Older homes do not have the open plan feel but do have the potential to be renovated into open plan living. If on the other hand one is looking to buy an older townhouse, the home will not have larger rooms, but will provide plenty of storage space.
Quicker process
When one buys an older home, you are buying a home that has already been built and that is in existence. On average if all goes well with the transfer process the home being bought should register in your name within 3 months. Unfortunately, when buying a newly built home the chances of the process being extended are high, because there are so many extra factors that play a role. Plot and plan are a great way to buy a home because you are able to have a bigger influence in layout and design, however as mentioned the process of eventually obtaining the house and having it registered in your name could become long and tedious.
Established neighbourhood
One of the biggest advantages of buying an older home is that they are situated in an established neighbourhood - meaning that minimal building takes place, schools in the area have been in operation for a while and the gardens have bigger and more mature trees. It is therefore easier to imagine what type of lifestyle you will be able to have in said neighbourhood. Oppositely with a new build, the above mentioned bonuses are not a given and sometimes one will need to drive further to find a school for children, you will have to put up with construction for extended periods of time and most gardens will still be home to young and growing plants. The advantage here though is that you will be able to be a part of the process and forge your own lifestyle.
Disadvantages of older home
Energy Efficiency
Unfortunately, unlike newer homes which have mostly been built with the environment kept in mind, many older homes have no form of energy efficiency technology installed. This is quite a pricy activity to partake in to upgrade your home to be more energy efficient. Pricy but not impossible.
Cost after purchasing and Invisible defects
Owning a home evidently means that you will always be paying money to replace, fix or upgrade elements of the home. This is typically more prevalent when buying an older home for the mere fact that it is older and has been there for quite some time. Newly built homes will also cost you money, but not as much on maintenance off the bat. Homes that have just been built also do not have any current invisible defects, where the possibility of having one or two invisible defects in an older home is quite high.
Other properties
Other homes in the neighbourhood could have a positive or a negative influence on your property value. Homeowners unfortunately have no control over the homes around them and are therefore only able to control the state of their own homes. But if other homes are not kept in a good condition and are therefore sold for a lower price, this will evidently influence your home's resale value. The opposite is also true though.
