Buying a Used Home vs. Buying a New Home

If you have plans of finally settling down and buying a house that you can call your own, you will usually be facing the dilemma of either buying a brand new one or buying one that has been previously owned. The differences between these two housing options will be discussed in this short article in relation to certain factors so that you can better decide which one you should go for with the family that you are building.

• Price
The price is the first factor that must be taken into account when on the hunt for a good home for sale. When you look at the current real estate market, short sale homes and foreclosed homes are usually cheaper in comparison to new homes. It might not sound right to know that a brand-new house sells for more in comparison to a home that is several years old in the same neighborhood or location. New houses are not considered comparable to previously owned houses in this regard, that is why you can always expect them to sell for more, most especially that upon appraisal, they do not show any issues at all. However, with the price in mind, it might sound unfair that a previously owned house with a spa or pool, landscaping, window treatments, and ceiling fans will still sell cheaper than a brand-new one that does not have any of these features.

With brand-new houses, you can always expect to pay higher for them with their current condition and being under full warranty. In addition, you will also be securing some things not yet found in this new house as well as have some landscaping or patio done. Nonetheless, a lot of people still choose to buy a new house from a previously owned one, and you can see this trend among builders who sell really well.

• Location
In terms of location, you seldom see houses that are located nearby the place where you work as well as more common amenities such as schools, hospitals, the airport, or the downtown area. For more developed cities or towns, you cannot find a lot homes in their main area, more so, builders of new homes in these areas. When a city develops, the development will be outward. So, for newer homes and commercial establishments, they are mostly fond outward. This is something that you should think about when deciding to get a used home or a new home. As you travel both ways, also consider what effect traveling daily has on your time and the prices of your gas.

                             

• Updates and add-ons
Lastly, updates and add-ons will also have some effect on the overall costs of used homes and new homes. For instance, used homes will most likely be needing some updates that will usually be comparable with adding new things to a brand-new home in terms of total costs. For used homes, you might need to have a fresh coat of paint done, update your granite counters, or change your appliances. So that you can better decide if you should go for a used home or a new home, calculate both the updates and add-ons that you will be needing for them.

Keeping all of these factors in mind, you can say that either buying a new home or buying a used home will have their own advantages and disadvantages. The key to making the perfect choice is to assess your particular preferences and needs and choosing a housing option that can better fit them.

Author: Mario Black