Should You Buy a New or Old Home?
Planning on buying a home? Congratulations! This is an exciting step to take, especially if you’re a first time home buyer. As you consider your options, you might be tossing up whether you should buy an existing home or get something new.
The decision you make will depend on your finances, lifestyle preferences, desires and priorities. There are pros and cons to each choice, and we’ll go over the two so that you can make a more informed decision.
Buying an Old Home
Many people choose an old home simply because it can be more affordable than buying new. However, buying a resale home might mean that it needs a lot of work; from fixing foundations and painting walls, to adding energy efficient appliances and building materials. Ultimately, you could be having less freedom to make the home yours.
This may not matter if you happen to have your heart set on that particular home, or the neighbourhood in which the home stands. Some people truly enjoy renovating and transforming old homes, but that could cost you a lot of time and money.
Buying a New Home
There are quite a few benefits of buying a newly built home, so read on for more information:
Energy Efficiency
When you decide to build a new home, you have the option of a green building. This means that you can incorporate responsible energy consumption into every aspect of your home. Homes built today need to meet very strict codes for energy efficiency, from the walls and roofs to the windows, doors and appliances. With a new home, you can find yourself paying far less on energy bills every month, while significantly lowering your carbon footprint.
Flexibility for Space
If you are buying a newly constructed home, you can take part in the design of it. From choosing the size of your open, modern kitchen to requesting built-in wiring needed for high-speed electronics, entertainment centres and security systems. It’s much easier to build a home how you want it, compared to having to go in and change an existing layout.
Save Money on Replacements
Just because you purchase an old home, doesn’t mean that you want all the old appliances. You’ll likely have to spend extra time and money on replacing a number of aspects of your home. Consider the cost of installing insulation after the home is already built, or changing out the heating and air conditioning system. You’d probably have to replace the roof, give the interior and exterior a paint job, and who knows what else!
A Better Investment
Chances are you want to live in your home for years and raise a family. When it comes time to sell, you’ll reap the benefits of a much higher resale value if you construct a home that is built for the future than if you buy a home that was built in the past.
If you’re in the market for a new home in New South Wales, Canberra or Queensland, McDonald Jones Homes can make your dreams come true. See our stunning range of new home designs suitable for every lifestyle, life stage and budget.