Are you looking to buy a new home but don’t know where to start? One of the main things to decide when looking to purchase a home is if you want to buy a new home, or one that is older and may need a little work.
If you’re unsure of what you want, here are the advantages and disadvantages of buying a new home versus buying one you’ll have to put more work into:
No one else has lived in it. One of the perks of buying a new home is that you will be the first to live in it. You don’t have to worry about paint scuffs, dents in the floor, or used showers. Everything in there is brand new, and it’s for you to use first.
>Move-in ready. Buying a new construction home means you can move in right away since everything is finished or close to being finished. You don’t have to worry about storage units or living with your in-laws. Your home is ready as soon as you are. You can move right in and get settled into your new home without the hassle of renovations.
More modern design and layout. Since the home has recently been built, the floor plan and design elements should be similar to the current trend of homes today. Most homes will have an open concept floor, stainless steel appliances and hardwood floors as opposed to separate rooms and carpet. Everything down to the sink faucet knobs are new, so odds are the home will fit with current market trends. http://www.hollandhomesllc.com/images/portfolio/living_room.jpg
There shouldn’t be any problems with air, pipes, or electrical for a while. Since the home is new, the electrical work and plumbing should be new as well. One of the problems with buying an older home is that the electrical work or plumbing system can be worn out and malfunction frequently. Buying a new home saves you from those issues - at least for a little while!
You can’t personalize it like you can with a fixer upper, unless you purchase the house prior to building. One of the problems with buying a new construction home is you can’t put your personal taste on the details or layout unless you purchase the lot before it’s built. You technically could if you wanted to do some renovation work, but usually, if you’re buying a new construction home, it’s because you want it to be move-in ready. It may take longer to find the perfect new build since you will be looking for the finishing touches that match your style. Small things can be fixed, such as knobs and paint color, but it’s harder to customize your floorplan, flooring, and cabinets.
Can be pricey. Since the home is brand new, and since it does have a lot of advantages, the price ticket for new construction homes are most likely going to be higher than an older home of around the same size. But, keep in mind your total budget. If you don’t have to do any renovations, it may work for you. If there are things you are looking to change, that will increase the cost.
It doesn’t have the architectural details that an older home may have. New construction homes are built to fit with the current market trends. Since they are more modern, they most likely won’t have the architectural details that an older home may have. For example, the railing on the staircase in an older home is probably a thick, round edge wood, whereas a newer home might be thin and iron. Small details that give older homes their “charm” are probably not existent in a new home, so it all depends on your personal taste.
You can customize it to match your style and wants. Buying an older home that needs renovation means you have a lot of freedom with design options. You can customize it as much as your budget allows, from the flooring to the light fixtures. If you have a specific taste that newer homes may not match, a renovation property may be for you!
You can design a floorplan to match your needs. If you like open concept, you can tear down some walls to open up certain rooms to connect with each other. If you like closed-in sections, you can move some walls around to fit your needs! The best part about a renovation home is that you can make the floorplan fit your style, depending on what you and your family need. http://www.hollandhomesllc.com/images/made/images/portfolio/ArchivePuckettH32_930_620.jpg
The price is usually cheaper for older homes that need work. Since older homes usually require at least some renovation, the prices can be much cheaper than that of a new construction. You do have to take into consideration the renovation budget, and a contractor should be brought in to estimate the total renovation cost. However, if you budget wisely and get a good price on the house to begin with, you could end up with quite a bit of equity on the home.
It’s not move-in ready and requires a lot of work. If you’re planning on renovating an older home, depending on the amount of work, you most likely won’t be able to move in right away. Construction zones are not a good environment to live in, so if you are doing a large overhaul, plan on finding a temporary living situation. Renovating a property requires a lot of time and effort. It’s best to get outside help, as most people cannot do it alone, nor do they have the time.
You could run into problems that come with older homes. With older homes comes older appliances, pipes, and electrical units. Having someone inspect those prior to moving in is very important. Foundation and structural issues should also be looked at as those problems would need to be addressed immediately. They could cause major dents in the budget, so keep that in mind when looking at older homes.
Certain things aren’t customizable. Sometimes, there will be parts of the house, such as structural elements, that can’t be changed or will be very costly to change. For example, a load-bearing wall can be removed, but the supporting beam needs to stay in place. The beam can be removed and the weight distributed elsewhere, but that costs thousands of dollars. Though much of the house will be customizable, certain things you won’t be able to change without a huge hit to the budget.
You have to be prepared to budget your money. It can be easy to get carried away with design elements. Since you have such an open slate to make it your own, you have to keep in mind how much money you can spend on each room. Budgeting during a renovation is so important. Keeping and sticking to a budget and cutting costs where you can will be extremely beneficial.
So, whatever route you choose, there are going to be pros and cons. The good thing is you don’t have to go through either process alone. Whichever way you decide to go, consider Holland Homes as a partner. We specialize in both new construction builds as well as home renovation.
Whether you decide that you want a new home or to renovate an existing home, we can help. Contact us today!