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If you thought we'd answer "It all depends" you're absolutely right. So, lets take a look at the upsides and challenges of old and new homes.
Buying an Older Home or Condo
If you fall in love with an older home or condo, your real estate professional will guide you through the inspection process and help you estimate your costs for indispensable repairs. Electrical outlets, for example, must be up to today's standards... Safety first! Request the necessary fixes as part of the sale or ask the seller to prune the asking price.
Compare homeowner's insurance estimates and taxes before making an offer, too. A more up-to-date property might be cheaper on both counts.
For buyers with chemical sensitivities and allergies, old homes can be attractive. There won't be as many new materials in the older home.
And some prefer a traditional aesthetic. Some of the most beautiful and well-made homes are older homes. As long as you have the home thoroughly inspected, and a plan to handle the needed upgrades, a home with history and character can be yours to enjoy for many years to come.
Buying a Newer Home or Condo
New homes are made with state-of-the-art materials. They're usually energy-efficient. So are their appliances. Expect lower electricity bills with a newer house.
For buyers considering condos or townhomes, monthly homeowners' association fees are often at their most reasonable when the property is of recent vintage.
New homes are becoming increasingly safe and supportive, thanks to new technology. Smart homes can be a little pricier – perhaps 5% more than a traditional residence. Highly desirable technology could add as much as 10% to the price, but rarely more.
Smart Home Technologies: Evolving From Options to Standard Features
Across age groups, buyers appreciate smart home lighting and thermostat systems, as well as high-tech AC and kitchen appliances. Owners like security systems hard-wired into the home, and video doorbells. Devices that show visitors at the door and alert the owner if someone's on the porch are big draws in the era of home grocery and package delivery.
So, be on the lookout for smart technology when touring houses and condo properties. A special mention goes to the innovations that make greater independence possible for homebuyers. New features include a wide range of security sensors, and devices that notify homeowners of medication times or help visually impaired people navigate daily errands, desires and needs.
Need Support Finding Your Perfect Home?
Let us know! With an expert real estate professional on your side, your home can have the character and features you value. You'll also have support in negotiating a price. And that can help you update a new-to-you home just as you wish.