Buying a home – old or new – is a big deal, almost like both emotional and financial investment in your future. However, it is definitely not an easy task and a lot of things needed to be considered to decide whether to buy a brand new home or an used one. Check out the pros and cons of both new and old homes that may help you to make a decision.
Ready to move into a new or pre-owned home?
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New Homes
Pros – The great advantage of a new home is probably the feeling that you are the first to live in this house and no one else’s feet have been on the carpet. It also gives you the opportunity of personalizing everything by picking out all the things from the beginning. New homes also require less maintenance than a used one.
On the financial side, builders generally offer plenty of incentives to buyers and a 2-year or more warranty on the newly purchased home. In addition, a new home purchased today will hold more value in 10 years.
A new home has a warranty, while older homes have character
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Cons – More or less, new homes are more expensive than the old ones because they have to be built and you have to buy everything to furnish and decorate them. Builders will rather offer upgrades and closing-cost assistance instead of reducing the base price.
You cannot move into your new home just after buying it. The construction of a home normally takes 3 to 6 months. Even if you buy a readymade brand new home, you still have to wait until the panting, plumbing, wiring, furnishing, decoration, and some other minor construction works are complete.
See the pros and cons of buying an older home vs. new
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Pre-Owned Homes
Pros – Older homes are naturally less expensive than brand new homes. You will have a move-in-ready home with clear ideas about your neighborhood and available amenities in the community.
Cons – You may want to renovate the old home because not everything in the house may appeal to your taste and renovation can get costly. In addition, a home warranty might not be offered if the home is much older.
Apart from these things, other factors that you should consider before buying a home are your budget, the size of the home, the neighborhood, community, etc.
Thanks for visiting our real estate blog. Do you need assistance with buying or selling a home, relocating for a new job or considering an investment property in the Champaign-Urbana area? Call Josh at CU Realty Group, LLC today at (217) 202-0571. Our team of trusted advisers will provide you with the expert counsel needed to make a more informed decision.