When it comes to buying a home, most people fit into one of two camps. People either want the features and amenities of a newer home or they want the style and character only an older home can provide. There are huge difference in how you should go about buying each type of home. So, what should you expect?
Homes With Character Could Be A Steal Of A Deal
Homes with character can come one of two ways. They can be perfectly restored and updated while keeping their charm or they can be diamonds in the rough that need some work. Unless you have a big budget and don’t want to earn some sweat equity, then you might want to consider looking for the diamonds in the rough that you can customize to your liking. You can save money on the purchase price and customize your home exactly how you want to while keeping the character that attracted you to the older home.
Character Could Cost Big Money In Repairs And Maintenance
These diamonds in the rough could end up costing you more than you bargained for. If you’re doing any major renovations you could easily run into unexpected problems that would demolish your budget. When you buy a home, you can’t see through the walls to find potential problems with plumbing, electrical and dangerous insulation. That said, if you budget a contingency fund for these problems you could overcome them.
The extra cost isn’t all in the renovation phase of owning the home though. Older homes have older equipment and building materials that could require maintenance at any time. Granted, a new home will have these problems after a few years, but generally you don’t have to worry about a big dollar repair within the first few years of new home ownership.
New Homes Can Provide The Perfect Fit
For the other camp, new homes are the perfect solution to their house hunting adventure. You can customize anything you want in a new home, provided you pick the right developer and neighborhood. You can pick the perfect floor plan for your family, the perfect paint colors on the walls and the perfect flooring for every room. You can even pick out the perfect appliances. Unfortunately, all that awesomeness usually comes with a higher price tag in the current real estate environment. On the positive side, you shouldn’t have to change a thing after your new home is built!
New Construction Isn’t What It Used To Be
Like everything else these days, most homes aren’t built to the same standards as they used to be. In today’s tight economic conditions it’s easy to see how builders would cut corners and use cheaper materials to squeeze a little bit more profit out of each house they build. Not all builders will do this, so make sure you find a good quality builder that has a great reputation. You’ll pay more for your home, but hopefully it will be built better and there will be more time between big repairs.
Whether you like the character homes or shiny new construction homes, be prepared for what challenges might lie ahead. Realize that everything comes with some good and some bad and be prepared to make the best out of the situations that could provide potential challenges. House shopping should be fun! Just go into it with your eyes wide open.
Which do you prefer? The charming home that could use some work, the more expensive, fully renovated house with charm, or the new build made just for you?
Photo by: krystian_o Text added by: Lance Cothern