If you’re someone considering purchasing a home for you and your family, chances are one of the decisions you’re considering is whether you should purchase a new home or an older one. Regarding either option, there are different pros and cons associated with them.
Here are three different things to consider:
How Much Can You Actually Afford?
While purchasing a newer home sounds like a great idea, you’ll quickly discover that you actually have to pay for all of the newness associated with it. Recent figures show that the median cost of a new home is $335,400, while the median cost of an older home is $240,500. This means that you could be paying close to $100,000 more for a new home rather than choosing to invest in an old one.
Modern vs. Vintage
When it comes to selecting the right home for you, one factor that matters quite a bit is looks. In terms of homes that are both old and new, they all have their admirers. For instance, older homes will provide a great attention to detail and historical tradition, while newer homes will always come equipped with the most updated amenities.
Do You Want to Take a Risk?
Regardless of the type of home that you choose to invest in, it’s always considered to be a great financial investment. If you decide to go with an older home, papers will be able to inform you exactly how much the property has appreciated over the years. Newer homes, in the meantime, doesn’t always have a history to look back on, meaning that your purchase is more of a gamble than you might think. Additionally, the price could end up increasing as well.
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