It's a question you’ve probably asked yourself in your home-buying journey: Is it better to buy an older home and renovate it, or build a new home? Maybe you’ve looked at a few used houses already and saw the costs of updates stacking up. Or maybe you’re concerned about the amount of time it would take to wait for a new build. We looked into it so you wouldn’t have to.
Renovate or Buy New: Cost
The initial price tag on a new home is higher than an older home. But that doesn’t mean the cost savings of that older home will stick with you for long. By the time you add in all the things you need to change to make that home suite your style and lifestyle needs you may not be saving any money.
Older homes tend to be less energy efficient, so they’ll cost more to heat and cool. And, depending on the state of the older residence, you may be reaching into your pocket to pay for updates sooner than you expect. When we dug into the numbers, we found that buying new makes more financial sense than buying a home that needs serious remodeling. That’s not even taking into account unplanned upgrades or issues. Which leads us to…
Buy New or Used: Repairs, Replacements and Upgrades
Here’s a big pro of buying a newly constructed home: No need for repairs or upgrades for the foreseeable future. That’s because you picked the layout, the flooring, the colors, everything ahead of time. Your bathrooms and kitchen are in pristine condition.
The same can’t be said about older homes. You might need to think about replacing the hot water heater, HVAC system, or roof within the first few years of living there. Or you might need to do some serious renovations early on to fit your family’s needs. If you’re not a lover of home projects – and don’t want to deal with living in a construction site for a chunk of time – then you may want to seriously consider buying a new home.
Buy New or Used: Does Your Home Match Your Lifestyle?
Some renovations are doable, such as replacing your kitchen countertops or even adding a half bathroom. But others aren’t so easy, like adding on bedrooms or expanding a living room. When looking at homes, you need to make sure you pick one that fits your lifestyle. That means a house that can easily support you and your family (no matter the size).
A new home is the clear winner when it comes to finding a match for your lifestyle. You can design the perfect home to fit your family’s needs, whether it’s an expansive kitchen for entertaining, enough bedrooms for everyone in the house, and a backyard big enough for all the activities you love. No compromising needed.
Building a new home is the less expensive long-term option. There should be no hidden costs or unexpected repairs for years after moving in. That means no move-in renovations, no “dealing with it” for a while, and no frustration trying to fit your lifestyle into your older home. We did our research on buying an older home and remodeling it, but honestly, building a new home is the better option to fit your needs, your budget, and your expectations.