A Comparison Of Building Vs Buying A Home

When investing in real estate, is it better to buy an old home or build one from scratch? This is the question many homeowners ask themselves, both first-time owners and seasoned real estate investors.

In reality, there’s no one way to answer this. While financial and social factors come into play, the house should, more than anything, support the lifestyle of the residents. Old homes and new homes have specific characteristics, which should inform buyers when it’s time to make the decision.

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Pros Of Buying An Old Home

Bigger land size: Individual lot allowances tend to get smaller every year. As such, buyers of pre-existing homes will find themselves enjoying more space than those who invest in newer property.

Good yard as a staple: Traditional housing has always involved ample yard space. With the landscaping already laid out, potential savings can come into play. All you have to do is maintain and improve the yard you already have, instead of spending money creating one from scratch. It also provides instant curb appeal, even with minimum work done.

It’s closer to commercial properties: Residential homes are typically built around city centers, from the inside-out. If your lifestyle involves actively going to restaurants, the gym, or other public places, the closer properties to entertainment and shopping hubs tend to be older.

Requires little to no paperwork: No building permits required. If you’re buying on the basis of less work, old homes are the way to go.

Less stress: Buyers only have to deal with an agent, who in return hunts for properties on their own. For couples who are looking to buy a proper as soon as possible, an old home is the obvious solution.

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Cons Of Buying An Old Home

History: Old homes have the historic quaint to them. Sometimes buyers base their purchase on a home’s unique history. Unless there are documents to prove anything, it’s hard to verify what the house has been through. This makes it hard to predict possible complications and future repair costs.

Reliability of previous contractors: It’s rare to find old homes that don’t have problems in it. There’s almost always a wiring, electrical, or plumbing problem that needs to be fixed, which directly counters the savings aspect that drives most dated real estate purchases.

Value depreciation/appreciation: Old homes don’t automatically appreciate over the years. Unless it’s a historic site, the older the property is, the less value it will accrue. This is especially true in hyper-urban cities where new developments pop up almost every year.

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Pros Of Building A New Home

It’s immensely rewarding: Investing in real estate is an experience in itself, but nothing is more rewarding knowing that you were able to see through the build process from start to finish.

Complete creative freedom: No old home is perfect. You have to compromise with the space you already have. On the other hand, building a new home allows you to decide exactly what you need. New home builders will be more than happy to install everything you need to make your home uniquely yours.

Less competition: Hunting for real estate is a chore mostly because you have to compete with dozens of other people for one property. As more and more people choose to buy old homes, there is less competition when it comes to buying good value plots at reasonable prices.

Update to modern design: Old homes still carry its historic charm, including the traditional look that goes with it. New homes, on the other hand, can be tailored to fit in with current trends in interior decor and architecture.

Decide exactly where you want to live: You have the freedom to choose where you live. Because you are not limited by budget or lifestyle choices, you are able to expand your search and consider more locations than people specifically tied to buying old homes.

Higher savings potential: You don’t have to worry about gas leaking secretly or a hidden termite build-up. New homes are more efficient and require little to no maintenance cost for several years. They are also able to accommodate new energy-saving integrations such as solar panels.

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Cons Of Building A New Home

You decide everything: This is probably the biggest con about building a house from scratch. Instead of walking into a move-in ready property, you have to dedicate time and effort to ensure that everything is going well.

However, with expert new home builders like Hoek Modular Homes, you can still have the same stress-free experience as most old home buyers. The key is finding contractors that do everything–from filing building permits to organizing inspections with the local council. Hoek Modular Homes has unique inclusions no other contractor is offering to ensure that residents get the housewarming they deserve. Enquire with us today.

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