Often, first-time buyers get into a predicament of buying a new house or investing on an old home. There are numerous home buyers choose used homes due to a variety of reasons. Most importantly, it is really becoming harder to meet the excessive construction costs. New homes are costlier than old homes.
Advantages of Buying an Older Home:
The best advantage of buying an old home is its construction. Built with finest quality of wood by genuine craftsman, older homes have withstood the test of time, where every minute aspect has been attended with meticulous diligence. These homes are usually filled with beautiful architectural features like arches and hand-carved decorations. Another advantage is the space these homes offer. The size of new homes being constructed these days has greatly decreased due to increasing land costs. Older homes are spacious and built on large tracts of land. Other advantages of buying a new home include presence of long term neighbors, well-established neighborhood that has sustained several years and serene backyards and boulevards filled with large canopies of trees and lush green vegetation. Older homes are usually located nearer to downtown areas filled with restaurants and shopping centers.
Disadvantages of Buying an Older Home:
Although, older homes come at a cheaper price, you might have to spend more towards maintenance costs. Depending on the requirements, you would have to invest money towards renovation and repair. Things like chimneys, stone foundations, floors, bathrooms, sewage systems and electrical connections need to be refurbished so as to avoid any major accident. Many times, these maintenance costs might end being little expensive.
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Oh great Post!!!!!!
ReplyDeleteIt is really very nice post.I think buying old home has more disadvantage then advantages.It is really very expensive and much more need is to be required for maintenance.
Definitely, maintenance is needed once you buy an old house. You must also consider your budget renovations and pre-inspection costs can be considerably higher than if you were buying new home.
ReplyDeleteBy the way thanks for sharing those advantages and disadvantages.
Good post.. Many get a confusion about this.. A good layman's explaination.. Thanks for the post..
ReplyDeleteMany get a confusion about this.. they have answer now thanks for sharing
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see, i really dont agree with you on this. i think new is new and new has better value
ReplyDeletei some how agree with you on this coz, however whatever you save on older homes, taking care of it and maintaining it in the longer run, it becomes a costly affair!
ReplyDeleteyes, new is something but currently the real estate prices are zooming again, so probably we have missed the chance of getting them at lower costs
ReplyDeletebut still if you will look around you can get some real good deals still, the market hasnt recovered fully
ReplyDeleteNice points of consideration. Older homes have both advantages as well as disadvantages. Plus is that Older homes are mostly situated near the centre of the city and markets and the minus point is that older home require a lot of reparing and alteration from time to time.
ReplyDeleteStill i believe buying older homes are never a bad deal. Though it has some disadvantages but overall it is beneficial. Thanks for the explanation on both side of the story.
ReplyDeleteBuying Old homes is very good deal, we can make it as we want means, modification. Thanks for sharing advantages and disadvantages of property.
ReplyDeleteThe main disadvantage is that older homes have more maintenance costs.
ReplyDeleteSometime older house makes happy to buyer but becareful, before buying think on its location and construction.
ReplyDelete