New Home Vs. Refurbishing: Which Option Could Work for You?

Whether you are buying your first house or seeking to expand into a larger home, the question that always comes to mind is whether to buy a new-build property or refurbish an old home? There are many factors you need to consider before making that choice, and we can help you get on the right track.

We have all dreamed about building our ideal home, directing every inch of the design and decoration to match our taste and personalities. Yet, is it possible to do the same with an old house?

Remember that old house around the corner that you used to walk by on the way to school or the classic townhouse across from your favorite bookstore? If those properties become available at affordable prices, would you consider making an offer?

Let’s take a look at some of the pros and cons of both options, so you can make an informed decision on which option works for you.

New Properties

Pros

• You can decide on design and decoration
• More energy efficient
• Updated amenities
• Easier to install new high-tech appliances and features
• Access to financing through the builder
• Active guarantees
• Fewer maintenance costs

Cons

• More expensive than resales
• Fewer choices when it comes to the location
• Other construction activities on-going in the area
• Higher taxes
• Cookie-cutter design

Older Properties

Pros

• Prices are more reasonable and tend to be negotiable
• Variety of locations with nearby facilities (schools, hospitals, shopping malls, etc.)
• Lower taxes
• Easier to get a feel of the neighborhood dynamics
• Older houses designs tend to have more character than new-build homes
• The property market is better established so prices can be estimated

Cons

• Competition among buyers tends to be more aggressive
• The neighborhood might be in decline
• Fewer financing options available
• Extensive repairs and renovations might be necessary
• Older amenities and appliances

Evaluating Costs

There is much more you need to consider than mere property prices when you are comparing an old property with a new one. If time allows, you want to perform several surveys on older properties to assess the status of plumbing, flooring, roofing, etc. There could be some expensive surprises lurking and you don’t want to take that risk.

According to Dominion Roofing Company, a roofing specialist “When it comes to your home, it is important to make sure that you have the right protection for your most important asset – your roof.” They couldn’t be more right about this, and you need to take this seriously. If you have problems with the structure of the roof in your chosen property, it could be the tip of the iceberg. Take time and expert advice to make sure you don’t lose thousands of dollars to repair costs.

Final Thoughts

Deciding where you will grow and develop as a family is one of the most critical life decisions. The need to find a space that suits your specific requirements will present you with many challenges. Staying on budget is one of them. Considering both new and older homes could help you to find your ‘forever home’ in a place you might not have expected.