Are you looking to purchase a house and not sure if you should purchase a new house in that great housing community or scale down and buy a used home that may need some TLC? These questions have been asked for years and the answer is based on your wants and needs. Here are a few tips and helpful ideas to help with your purchase.
The first consideration should be location. Most older homes in large neighborhoods are closer to the center of town, this will generally provide all your needs to be closer. This includes stores, post
offices, and small business needs such as doctors and gas stations. Now the newer homes will generally have the newer schools because their built on the outskirts of your town, but will also cost you more in your daily commuting. This added expense needs to be figured into your decision.
Price is always a big factor when making a purchasing decision. In a new home there is less worry about things going wrong, but the price for anew home is usually much higher and there is much less room to negotiate in the final price, also in new home communities there is an HOA fee that needs to be included in your decision. With the older homes there is a risk of things that could go wrong, always remember to have a home inspection by a professional done to help alleviate some of these risks before making a purchase. Also there is a greater amount of flexibility in pricing and this can lead to more cash in your pocket to make changes in an older home.
Deciding on the neighborhood could go under location, but there are other factors to take to mind. Newer neighborhoods provide you with neighbors looking for the same things in a home purchase as yourself, this could include space for the kids to play, safety concerns in a gated community, or even such small things as noise and traffic. Older homes tend to have more diversity, including a greater number of retired people and more likely less children.
Another thought is landscaping and overall appearance. In a new home you know what your getting and in most cases won’t have a choice in your landscaping due to the HOA. Most of the homes look and feel identical and there is not alot of options for making it personal. In older homes you have more flexibility in design and colors. Most older communities have larger trees, developed lawns and gardens.
If these factors are important to you, they should factor into your decision. There are several other factors to take into account and include such things as taxes, size, and of course price. Take into account all these factors when making your decision and don’t rush into anything. A home purchase is life changing and rash decisions can cause you grief and aggravations.