The homebuying process can take a lot of time and involves a lot of decision making. It is after all a really big investment that you’re making. At Mighty Peaks Realty, we want to help you as much as possible with the homebuying process. We’ve compared buying an older home vs a newer home to help you determine which is the better option for your investment.
Buying an Older Home
Older homes have a lot of character, but that character can come with some home repairs. Some people love the vintage look so they are set on purchasing an older home. The best thing to do is look at your options and weigh the pros and cons before you purchase a home that has been around for awhile.
Pros
- Lots of character: If you’re into the vintage look, then an older home will definitely catch your eye. The architecture of older homes is often unique compared to what newer homes look like. For old souls, you will immediately fall in love with the old school architectural features.
- Established neighborhood: Most of the time older homes are in neighborhoods that are already established. You won’t have to worry about new construction around your home.
Cons
- More maintenance: When you buy an older home, there is a better chance that home will need repairs. There are a lot of people that enjoy buying Fixer Uppers, but there are also people that do not. It all depends on what you’re willing to do.
- May require updates: Sometimes older homes will need updates to the air conditioning system, plumbing, etc. The best thing to do if you’re going to buy an older home is look at those things before you decide to buy.
Buying a Newer Home
New homes are sleek and usually don’t need repairs or updates. If you can find a home that has been recently built, then it might just be the perfect option for you and your family.
Pros
Modern features: When comparing an older home vs a newer home, you’ll notice that newer homes include modern features. You won’t have to update the built-in dishwashers or any of the other features that come with your new home.
Brand new feel: Much like buying a new car there is just something about buying a new home. You feel better knowing that your house has been recently built.
Cons
Similar look: A lot of newer homes will have a similar look to each other. If you move into a neighborhood where all the homes have been recently built, then chances are they will have very similar looks. You won’t see as much character as an older home would have.
Higher cost: New homes are usually high in demand which means they initially cost more than older homes. However, once you factor in maintenance and update costs, then an older home might end up having a higher price tag.
When comparing an older home vs a newer home, you just have to look at the pros and cons. The best option is one that meets the needs and budget of you and your family. At Mighty Peaks Realty, we want to help make the homebuying process stress-free. Check out our site and see how we can help you buy a home in Gatlinburg.
