Building a Home vs. Buying an Older One
As global populations grow and more people embrace city living, potential homebuyers are looking into buying older urban homes or building new ones. However, there are several different things future homeowners should consider before deciding to construct or buy a home.
Buying an Older Home
Deciding to buy an older home comes with its own share of positives and negatives. For instance, it may have the design and floor plan a homeowner desires, but it also might need some renovations. Thus, buyers must weigh their options carefully and decide whether the work is worth the reward.
Advantages
If homeowners are looking for character, buying an older home may be the best choice. Past styles like Victorian, Greek Revival and Colonial all have their own unique architecture and charm. Some may have crown molding, stained glass windows and high ceilings. Others may have a wrap-around porch or turrets. These details and styles are less common today. So, to find a home with a bit of character, buyers may have to look for an older home.
Additionally, some older homes were built with higher-quality materials. For instance, many have plaster and lather walls, which are stronger than what's available today. A properly mixed plaster can even withstand 3,000 pounds per square inch. Moreover, many also rely on wood from mature trees for structural support, making them less likely to rot or warp.
Disadvantages
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Even though the building materials of older homes are strong, nothing lasts forever. Houses that are a century old may begin to deteriorate, especially if left sitting empty for any period of time. Thus, they may require more maintenance or remodeling. They also may need updates like A/C installation, a new sewer system or rewiring.
Older homes are also typically located within the city, often within walking distance from convenience stores, schools and transportation. This prime location makes them more expensive than building a new home in the same area. Homeowners may not be getting the biggest bang for their buck, considering the garages, closets and storage spaces may be smaller than those of a modern home.
Building a New Home
If a homeowner chooses to build a new home instead, there are also many different factors to consider. Sure, it may be move-in ready, but it may also lack uniqueness. Home buyers will have to decide whether they're willing to sacrifice certain things for others.
Advantages
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Although some older homes may be built with stronger materials, new houses are generally made to code. Thus, buyers know they are getting a house that is safe and structurally sound. Additionally, some builders are now offering warranties on new homes. They promise to repair or replace things within a certain timeframe.
New homes are also generally more energy efficient. Gas stoves and up-to-date appliances use less energy, and better insulation makes HVACs more efficient. Technology has also introduced green energy design to residential homebuilding. For instance, some houses incorporate a passive solar design to help homeowners save money and energy. Designers consider building orientation, the sun and weather to choose the best place for the structure, allowing it to soak in the sun's heat and light.
Disadvantages
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Although a new home may be up to code, it's likely not to stay that way forever. Over time, houses settle, creating cracks in the foundation and walls and slanted, splintering doorframes. If these aren't covered in the home's warranty, buyers may be stuck with paying to have these fixed. Additionally, many new homes will have a similar exterior design and interior layout as neighboring homes. If buyers want their house to stand out from their neighbors', they might have to search for something older.
If buyers are also looking for city life or a short commute to work, they probably won't find these things by building a new home. Most new developments are located outside the city, since land within city limits is expensive and already claimed. So, buyers are forced to build in the suburbs.
The Future of Housing
In 2005, roughly 1.3 million Americans bought new homes. By 2018, that number had dropped to just 617,000. This tailspin was mostly due to the financial crisis in 2011. However, the housing market is still on the downswing as prices of homes continue to increase and median household incomes decrease.
It's hard to tell whether Americans will lean more toward buying new homes or older ones in the years to come. However, as long as the population continues to increase, one thing's for sure: The construction and real estate sector will always have work to do.
Author Bio: Emily is a green tech writer who covers topics in renewable energy and sustainable design. You can read more of her work on her blog, Conservation Folks.
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