It is a question faced by all prospective homeowners, by the most sophisticated and those with the least experience alike: "should we purchase a newer home or an older home?" This question may come across as a "necessary nuisance", a pesky errand on top of an already immense pile of other tasks and considerations. After all, buyers have plenty to worry about when scouting for property: financial matters, the neighborhood, the local culture, the local economy, and various other issues and concerns. Ultimately, settling the issue of selecting a newer home or older home will hinge on one query: ‘which type of home best meets our needs of taste, function, and long-term investment?’
When Older Properties are Better
An older home is the best choice for those who place an emphasis on refinement and taste. This is true across the entire real estate market. Older homes possess stylistic features which are often not found among newer homes, and many of these features are preferred by prospective homeowners. For instance, many people prefer the look of classic ‘old brick’ houses, and for this reason their possible choices are almost exclusively older homes. Others may desire certain niceties, such as classic fireplaces, which have become less and less prevalent among modern homes. In short, for buyers whose foremost concern is outward appearance there is a near limitless supply of reasons to prefer older homes.
When Newer Properties are Better
Newer homes are usually better for buyers who value function and low maintenance costs. This likewise applies to the whole real estate market of new homes. Modern homes are often composed of materials which surpass older homes in terms of quality; plus, newer homes also have the advantage of less exposure to the natural process of aging. Both of these factors typically translate into lower maintenance costs and better functional performance. These factors, in turn, usually put the buyer in a financial position superior to the one which he originally started off with. So, if you have little desire to conduct repairs and remodels to the home you are planning to purchase, your list of possible choices should probably contain few older homes.
Consider your Needs
The issue of selecting a newer home or older home is filled with difficulties, both on its own terms and in its tendency to add complexity to an already complicated situation. For prospective buyers in the real estate market, the issue can at least be made slightly easier if the right question is asked. And, regardless of whether you are is looking in the real estate market, the question always focuses on your unique home ownership goals.Kevin Hughes