If you feel you are now ready to buy a house, you may be torn between buying a second-hand one or a new one. You evaluate what you need and want to gain from your home, which is a vital step when buying a house. Among the most critical factors when buying a home is age. It is advisable to compare these two options to know which one suits you best. Here, we will discuss the pros and cons of each option to help you understand the right choice.
Buying a Fixer-upper
Despite the modern houses in the market, there is a certain charm about an old place. You can enjoy the different features and robust fixtures that you may not get in modern houses. Let us look at the pros and cons of this choice.
- Lower Costs
Fixer-uppers require a lot of repairs now that other people have been living there. It is for this reason they are sold at a low negotiable price. It can be good to buy a fixer-upper at a low price and set aside some money for renovations in Wellington.
- Numerous Styles to Pick
Older houses tend to have great styles you can choose from. Even though you may realize that most neighborhoods have almost similar homes, the options you get are enough to find a suitable type.
- Mature Landscaping
The good thing about buying a second-hand house is that you enjoy a mature landscape. The previous owners might have been maintaining the landscape, which comes as an advantage.
- Established Neighborhoods
Old houses are located in established places. Therefore, you get to join a community and resume your life with people around you.
- Small Sizes
Older houses were built with small floor plans. So, if you are looking for a big home, this might not be a good option.
- Less Energy-Efficient
Fixer-uppers don’t have energy-efficient features. Therefore, you may have to forgo this benefit.
- Old Appliances
There is also a high chance that the appliances in the house are outdated. That means you may have to replace them with modern ones.
Buying a New Home
Buying a new home means you are the first to reside there. Therefore, everything from fixtures to appliances is new. Here are the pros and cons.
- Fewer Repairs
The best thing about new homes is that they come with few or no repairs. So, you do not incur extra costs.
Modern houses are fixed with energy-efficient features. Therefore, it is easy to save on energy consumption in a new home.
- Updated Amenities
Modern homes have new developments like a swimming pool or gym. So, you don’t have to worry about paying for these amenities.
New houses come with new appliances and fixtures. These items have warranties, which gives you peace of mind.
- High Price
There is no doubt that you will need to pay a high upfront cost for a new home. The modern layouts and conveniences are expensive.
- HOA Fees
If there are social amenities like gyms or pools, you may have to pay HOA fees to maintain them.
These are the perks and downsides of buying an old or a new home. Please go through them and evaluate to see what suits you best. While at it, try separating needs from wants.