Getting ready to start looking for a new house? Have you considered moving into a brand new home or are you just looking at houses that have already been lived in? Well, did you know that it might be worth your time and the extra money to move into a new house rather than an older one?
Sure, buying a newly constructed home may cost more money, but it might actually be a better investment for many people. According to the National Association of Realtors, the median price for existing homes last year was almost $160,000. The median price, according to the U.S. Census is about $222,000. That’s about 33% higher. This gap in pricing might actually help explain why new home sales are at an all-time low.
But, why should you even think about spending even more money when you want to move? There are some really good reasons why you should consider moving into a brand new home over an old one. Let us lay them out for you:
Home Repairs Made by the Owners
Not every homeowner is a handyman. In fact, many people who own homes simply don’t know much more about home repairs than hanging a picture and patching that hole! Unfortunately, many people have taken home repairs – some of them major – into their own hands. This can definitely affect the quality of the home and its value. So buyer beware!
Weatherization
Homes built years ago just weren’t built with the same standards that we have today. Newer construction usually comes with better technology and is more prepared for severe weather. For example, newer homes might have double-paned windows, which can help keep your home warmer (or cooler) throughout the year. Think about what you might have to spend to update an older home.
Lead Paint and Asbestos
You probably already know that exposure to asbestos and lead paint can be quite dangerous. So, why would you want to move into a home that might have both things throughout it? Many older homes were insulated with asbestos and it was only outlawed in 1978.
The Irrigation System
Older homes weren’t designed with adequate drainage, which can cause lots of problems later down the road. Water can get inside the home, flood the basement, and cause mold to grow. Don’t move into a house that can make you sick! Plus, water damage can often cost a pretty penny.
Roofs Don’t Come Cheap
Replacing the roof can be very expensive, especially if you live in the desert or in a particularly wet region. Remember, many home inspectors don’t actually get up on the roof and only take a quick look. Moving into a new house may reduce the risk of buying a house with a bad roof.
While the decision to buy a brand new house is entirely up to you, we suggest that you weigh your options before limiting your choices to just new or old homes! Good luck!
Jon Huser
