(Newswire.net — November 6, 2021) —
Recent years have brought a bustling economy and home sales are up across the country and around the world in many popular places. But, if you are thinking about buying some real estate, then you will have to decide whether to buy a brand-new house, or purchase an older home to fix up like new?
What a quandary!
There are many things to consider that you probably haven’t thought about before. What is the benefit of buying a brand-new home, vs one that needs fixing?
Let’s break this down and see.
What Are the Benefits of Buying a Brand-New House?
When you choose to purchase a brand-new home for sale by the builder, there are a few important things to consider maximizing your benefits. First off, everything is new! Living within an environment that was recently built provides you with a clean, fresh, and positive environment.
Just like when you buy a new car, and it has that new car smell and feel. This is the same, only better!
The builder will most likely use the most up-to-date and cutting-edge building materials, that are up to the most recent building codes, and safety measures.
Not to mention that brand new construction homes allow you to add in all the new tech and gadgets that you want to make life easier and more comfortable over-all. Some examples of these would be:
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Installing Wi-Fi into the ceiling during the construction phase
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Hurricane resistant impact windows and doors
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Alexa integration
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Smart appliances
And many others.
New homes also come with builder warranties. You can expect to find builders warranted for 5 to 10 years, that cover all the major construction aspects of the property like the roof, foundation, walls, and plumbing.
Lastly, new homes provide you with a blank slate that you can customize with upgrades and options to meet your lifestyle needs. This also extends to the colors you choose for the interior and exterior spaces. Even landscaping is customizable if you get approval from the Homeowners Association (HOA) if needed.
Cons of New Construction
The biggest downside to new construction is typically price. The purchase price of a new construction home will usually be higher than an older home would cost.
You need to weigh the pros and cons of each to see what avenue will benefit you the most. Remember, the initial cost of buying an older home may be less initially. However, if the property needs rehab the cost can skyrocket higher that you thought it would, very quickly.
What Are the Benefits of Buying an Older House?
Since buying new homes has many benefits, let’s take a closer look at the potential benefits from buying older homes. If you are in the construction industry or simply good with your hands, you may want to rehab your own property.
If that’s the case, then you are in luck because there are many properties around the country to choose from. There are some great incentives to rehab yourself like the following:
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Lower initial cost
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Complete control over the rehabilitation of the house
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Allows you to take your time with fixing up the house
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If your rehab is high quality, then your home value will rise!
Everyone knows that real estate can be a great investment. Your house will go up in value after your finish fixing it up. This will be even better if you are within a bustling economy and rising housing market too.
People who buy an older home and fix it up the way they want it are happy people who love their homes.
Other people called investors who buy, and flip properties can make a healthy living doing it, while making the neighborhood or area more beautiful and more valuable as well.
Cons of Buying Older Homes
Of course, there are going to be drawbacks to purchasing older homes to fix up. There will undoubtedly be challenges that arise. Whenever you are dealing with older homes there will be construction issues and problems like bad plumbing, rotted woods, crumbling foundations and more.
Making sure you understand construction or hiring a professional will ensure you don’t make costly mistakes. Or at least make fewer of them!
Conclusion
Hopefully you can see that there are some great benefits to buying new construction homes, or older properties too. You can find something of value in either option. The challenge will be picking the best option for you and your family. Remember once you buy the property it is yours.
So, if you don’t have the time, patients, or money to invest in an older house that needs work, maybe buying new construction is right for you.
Either way, now you have the pros and cons of each and can make a more educated decision, based on facts and the dream you have of home ownership!