Buying Newer Homes Versus Older Homes

First time home buyers often are faced with many questions concerning their home purchase.  Some of the many questions I get from first time home buyers is whether it is better to purchase newer homes versus older homes.  In the past, newer homes were priced higher than older homes but that is no longer the case.  As land value have increased over time, newer homes have normally smaller lot sizes.  It is very rare to purchase a newer home with an acre parcel unless it is zoned with a one acre minimum zoning.  Most newer homes are built on 1/8th to 1/4 acre lots wheres most older homes have larger lot sizes.  This is due to the scarcity of land and because land value is expensive.   With smaller lot sizes means less privacy.

Older Homes For First Time Home Buyers

First time home buyers should also consider buying an older home versus a newer home due to the many advantages an older home can offer.  Most first time home buyers automatically come to the conclusion that newer is better and that can be the case most of the time, however, there are advantages of buying an older home as well too.

Benefits Of Buying Older Homes

Here are some of the advantages of buying an older home versus a newer home for first time home buyers.

  •  Quality hand crafted construction. Many older homes were built more articulately than newer homes.  Some older homes were hand built by genuine craftsman.  Many older homes have been built decades ago and still are standing strong.
  • Larger lot sizes than newer home.  It is rare to see a newer home being built on an acre of land these days due to the scarcity and value of land.  However, years ago when land was abundant and not so expensive, older homes were built on larger parcels.  You can always find older homes on larger lots unlike newer homes.
  • Mature landscape and mature trees.   One of the main advantages of buying a newer home versus older homes is the fact that there is mature landscape and mature trees.  It takes years for trees to mature and you can find some aged beautiful large trees on the landscape of older homes.

Disadvantages Of Older Homes Versus Newer Homes

For every advantage there are disadvantages.  Some of the disadvantages of buying older homes versus newer homes are listed below.

  • Maintenance intensive for older homes.   Common sense dictates that older homes will age and more maintainance is required.  Some of the maintenance include tuckpointing, roof replacement and/or repairs, foundation problems, and other issues that can occur with age.

 Advantages For First Time Home Buyers Buying Newer Homes Versus Older Homes

There are many advantages of buying newer homes versus older homes.  Some of the advantages are that newer homes require less maintenance than older homes.  You can rest assured that you will most likely not have to replace your roof, windows, doors, and other high ticket items with a newer home.  Other advantages for first time home buyers buying newer homes versus older homes is that newer homes will come with modern appliances and fixtures such as built in dishwashers, washers, dryers, microwaves, refrigerators, and other features such as walk out closets, wine coolers, and modern wirings for internet, alarm, and electronics.  Newer homes are also generally more energy efficient than older homes.

By Gustan Cho

www.gustancho.com

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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