Most first-time homebuyers will never go for an old abode, while some believe that buying a new home is not always practical.

Regardless of their personal preferences, real estate is one of the biggest investments they will ever make. At the same time, it is also going to be the riskiest. This is why home buyers should be objective as much as possible with their choice.

Prospective home buyers should consider the following factors: the cost of ownership, the neighborhood, the contract, and lastly, their taste on aesthetics. To help you more about your choice, myGreatLoan discusses the pros and cons of buying a new house and going for an older one.

Going for an Old Abode

One of the benefits of living in an older home is having a larger yard. This is because properties used to have extra rooms for garages, sheds, and other external structures. There may be also more grown trees around, which make the property more appealing. When it comes to aesthetics, older homes undeniably have more character.

When it comes to downsides, older homes require high maintenance. Wiring and plumbing can be more complicated. There may also be some risks of asbestos. An upgraded old home may also contain features that may double the asking price.

Buying a New Build

Primarily, one of the greatest advantages of buying a parcel of land and building the house from the ground up is little maintenance. There are many conveniences such as built-in ovens, wine coolers, and extra rooms. There’s also a warranty and a wealth of energy-efficient features. Moreover, the structure is built in accordance with the government regulations, which ensures that you’ll be safe while you’re in it.

The downsides, on the other hand, include the house being a generic structure, as community homes usually have similar floor plans. There are also some risks of settling, a case in which the home’s foundations and other areas start to have cracks due to the condition of the soil.

Buying your first home will require you to be more open in terms of choices. You also ought to be practical.



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