Why should there be a debate between buying an old home and a new house? They’re both worthy investments. What you need to ask yourself is if you have the money for a new property. If you don’t, better lower down your expectations and find out why investing in old homes might just be the best decision you’ll ever make.
Older homes are, of course, a lot cheaper compared to new models today. Although you have to call a plumber and electrician to make sure these two systems are still working properly, it’s a lot cheaper to buy an old property. You can renovate it according to your budget. A new home will force you to apply for a housing loan that you may not qualify for. If you look at your budget, the price tag of the old home is more probable.
Older homes are also better-built. They have sturdier materials compared to their counterparts. Although they aren’t made with energy-efficient materials, you can install these with ease. Think about it. These homes have stood the test of time. The original homeowners built them 50 to 100 years ago, and they are still standing. If that is not sturdy, what is? These homes also have better designs if you’re into classic architecture. Construction materials were a lot cheaper back in the day, so homeowners can spend more on intricate designs.
These old homes have larger yards, too. Do you remember your grandparents’ house? Don’t you love playing in the backyard? Homeowners these days want bigger homes because of the amount of stuff they own. But back in the day, homeowners want bigger yards because they tend to the garden. Also, land is cheaper during those times, so they can buy bigger properties with the same amount of money you have now. Or, if you want a bigger home, you can simply extend the existing old house and still have a small garden in the yard. You cannot get this kind of deal with newer properties.
People love living in established neighborhoods because they have all the things they want—big trees, parks, public playgrounds, and community centers. You cannot get these in newer developments. Those tend to be near construction sites, so the noise is deafening. Older neighborhoods are more desirable to buyers because of the sense of community. If you plan to sell this property, too, in the future, picking an old home is the more practical route to take.
Perhaps, the biggest benefit of buying an older property is your ability to customize and redesign it according to your wants. You cannot do this with a new home because you already spent your money on buying it in the first place. But with older homes, you have more flexibility to recreate rooms, restore architectural designs, and reinvent the layout. This is something you will miss doing in newer homes.
When choosing between an old and new home, think about what you want. If you don’t have time for renovations, a modern home is your best bet. But if you love home renovation projects, you’ll do better with older properties. They are cheaper, charming, and allow for a lot of changes.