Tips for Home Buyers: Buy New or Old?
So, there are laws that prevents employers from hiring the younger candidate when there’s an older candidate with more applicable experience and demonstrated knowledge/abilities. But, guess what? There’s nothing to stop you from exercising some good old age discrimination when shopping for a new home! But, when shopping for that new home, does the young really prevail? Consider these factors…
Size matters — Old wins! Older homes typically have a larger lot. Some aspects of the interior may be smaller, such as the master bedroom and closets, but overall, inside and out, the older home would typically give you more bang for your buck.
Don’t be a pain — New wins! Older homes will probably have more maintenance issues. They might need a new water heater sooner, new appliances, updated electrical outlets… and the list goes on. Hey, they’re older, give ‘em a break! Just like people, as they age, they’ll need to see the doctor more frequently and have surgeries or drugs to help them stay in tip-top condition. For some owners, this may be viewed as a pain in their behind and wallet.
“You’re standing in my sun!” — Old wins! Don’t under estimate the importance of mature trees. Older neighborhoods and homes should have more mature trees for better air quality, more shade, and (hello!) nice views when you look outside. Sure you can ship in some mature trees to your newer home, but it’ll cost you and it’s doubtful your neighbors will do the same.
Turnkey — New wins! Don’t we all love the idea of “turnkey move-in ready”. When shopping for your home, you need to be thinking, “What will it take to get this home to where I’d be comfortable living here?” Usually the newer homes will fair better on this question. However, there are those one-year-old homes that the owner has painted each wall a different Crayola color (see what I’m talking about here).
Dream big — Old wins! On the opposite end of the spectrum from turnkey, is the idea of taking a regular old home and making it your own… exactly how you want it. Older homes can be less expensive, giving you room in your budget for renovations. How much will it cost? Check a listing of costs (Canadian dollar currently about equal to US dollar) and a sample architect estimate. Will it pay off? Go to Renovation Wizard to see how a renovation affects the value of your home.
Don’t rock the boat — New wins! We can’t escape the fact that we live in earthquake territory. Chances are, newer homes will have better foundations and framing to help withstand the shaking of a 4.0. With better access to building materials and new research/technology, homes today are being built with more stability. However, you do always run the risk of builders taking short cuts which can affect the overall durability of a home.
All personality — Old wins! What results from years of fixing up and little renovations here and there? Personality! Homes built today seem to be five feet apart and from an identical mold, all in one of three neutral colors…. some would even say “Blah!” Older homes tend to be more unique and have personality. Even in an older track home, neighbors have remodeled and there’s a sense of personality and uniqueness to each home on the block. Newer homes just haven’t had the time to make their new digs their own yet.
So, how do you decide what to go after — new or old? It really depends on what you’re comfortable with and where your priorities are. If you look at a small yard as a good thing (less to take care of), then you’re probably leaning toward a newer house. However, if you’re shocked by the size of yards in newer homes and the literal “reach out and touch someone” closeness to your neighbors, then you’re probably better off in older home.
“Some people, no matter how old they get, never lose their beauty – they merely move it from their faces into their hearts.” ~Martin Buxbaum
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