Buying an Older Home? Things to Consider
Filed under: Home Tips
As real estate prices and interest rates remain high, many home buyers are wondering about ways to achieve affordability with their purchases. If a new home is out of your price range, then you might consider purchasing an existing home instead.
It’s important to think about your priorities with this decision. Here are a few things that might sway your decision when comparing old homes with newer homes:
Benefits and Drawbacks of Buying New
Everyone loves the idea of moving into a brand new home. If you are working with a contractor, then you don’t have to compete in the heavy competition for existing homes. Plus, you have the opportunity to select the finishing touches for your living space, and can install energy-efficient features and technology as desired.
But, the biggest drawback of buying new is the high price tag you will pay. Additionally, some people feel like newer neighborhoods don’t have the same character and charm you can find in existing neighborhoods.
Should You Buy an Older Home?
If you aren’t as picky about the floorplan and features in the home, then buying an existing property might be your best bet. The price will likely be a little lower compared to a brand new home. Plus, you can always invest money into home improvement projects to update your living space.
These upgrades and renovations not only improve your home, but they will also have a positive impact on property value. So, when you decide to sell in the future, you will be able to ask for more money.
Other benefits of older homes are that you can move into an established neighborhood, they often have mature trees, the architecture is unique, and you can choose a location based on the best schools for your children.
Keep in mind that older homes often require a bit more maintenance and repair work – it’s part of the experience. When the utilities and structure has been in place for many years, there’s a higher likelihood that something will go wrong (compared to a new build). For example, you might need to replace the roof, HVAC system, water heater, and/or windows at some point.
So, set some money aside to ensure that you are ready for maintenance and repairs as needed. Planning ahead helps to reduce your stress when the inevitable projects come up.
Call the Real Estate Experts
If you are ready to buy a home in Temecula for your family, then call text, or email me anytime. My team is always here to help: (951) 473-0390 or [email protected].