Should you buy an old home or a new home?

*collaborative Post*

This is office chit-chat gold. Mainly because everyone who works in the office lives in either an old home or a new home, and everyone is eager to win the argument over whether it’s best to buy old or new. Of course, for most people, it’s a matter of what’s available and within budget at the time. But what if timing and budget were a little more, sort of, not important. What if we had all the time in the world and any budget – then what would you pick? Would you prefer to live in an old or a new home? In this hypothetical dream scenario we can even rule out things like potential health related issues, such as asbestos (although, if you have been affected or find yourself in a future position involving asbestos, you may need an asbestosis claims lawyer).

Let’s begin with price 

We’re going to deal in median values (which are similar to the average cost, but simply means the price in the middle of all the prices – instead of adding all the house costs up and dividing by the total number of houses, we simply look at the asking price in the middle of the list). The ‘median’ cost of a new home can be around $100,000 more than an old home. So, that settles it then. Let’s all buy old homes. Right? But wait. New homes, like new cars, don’t tend to break down as much as older models. Old homes also need inspecting for common issues such subsidence, deterioration of walls and pipe work, and knob and tube wiring, which can be extremely costly to fix or replace.

Now let’s consider design 

In terms of layout and design, they certainly don’t make ‘um like they used to. Older homes were built when space wasn’t so much an issue – people were actually given value for money. Older homes have high ceilings, spacious rooms, hallways, conservatories (sometimes), and gardens with grass and sheds and maybe a little pond or water feature. New homes are built like beehives, making every last inch of space work overtime. You don’t really get the same space, with open plan dominating the downstairs and often only a tiny garden to speak of. Everything is new and shiny and looks very modern, but it’s a toss-up between design, maintenance, cost, and space. Happy house hunting!

 

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