There is no one-size-fits-all when it comes to real estate property. Deciding whether your next home should be a brand new property or an older one comes down to personal style and taste. Design appeal and wanting a residence that’s modern and chic versus traditional and historical plays a large role in the final purchase of a home. But there are additional factors that can come into play when making your decision. As a buyer here are some things to consider. Plus, as a seller, it’s important to note what your potential buyer may be pondering.

Cost of Investment.

Buying a home is a financial investment, not just a place to live. Choosing between a brand new home and an existing home involves many variables. Location, yard size, schools, floor plan, amenities, and more all play a factor in your choice. There is no “one size fits all” answer. I can help you make the right decision.

Upfront Costs.

Purchasing an old home often means acquiring an additional level of work and repairs. Some properties may not be as up-to-date with modern amenities, like being very energy efficient, and will require more money to offset the added cost. It may be tempting to go for the older model when it’s priced at an average of $340,000* compared to a new home priced at $450,000*. Debating if the difference is worth it depends on the amount of work you’re willing to put in. (*Reflects regional numbers. Some areas will be higher and national figures are lower.)

Maintenance.

Speaking of work, homes will always require some level of repair and construction. If you’re on a fixed budget, going for a new home is a wise choice as to avoid an unexpected repair or hiccup. With a new home, you know that everything is brand new and under warranty. If you’re leaning toward an existing home, getting a home inspection is a number one priority. Upon finding out what may need to be repaired, the inspection report can also help with price negotiations. Finally, getting a home warranty on an existing home can protect you from something unforeseen happening in your first year of ownership. Home warranties can also be renewed.

Best of Both Worlds.

Why decide between one and the other when you can do both? Renovating an old home that is in a neighborhood you love may be the solution you’re looking for. This process also allows for more personalized customization. For sellers, participating in the exclusive Select Refresh & Refurbish program means updating your home while also increasing your home’s market value with a no-interest loan of up to $30,000. This is a win-win situation for both buyers and sellers: the buyers find a move-in home they love at a price that they can afford, while sellers sell at a faster rate.

Source: – Crystal Vagnier – Select Group – Writer/Editor

If you are an owner of an older home who is thinking of selling, our Select Refresh & Refurbish program provides you with a loan of up to $30,000 for renovations to yield a higher sales price. Contact us today for more information!

Call 916-536-4221