To Buy or Not to Buy, New or Used is the Question
Have you noticed that you can no longer buy a used car? Sure, you can purchase a “pre-owned” vehicle or a “program” car, but not a “used” one. Well, when it comes to a house, I don’t care if you call it an existing home, a pre-owned property, or a used house, it’s not like buying a used car. For starters (and unlike a ’92 sedan with 189,000 miles on it), an existing house almost always appreciates in value. Still, you may decide that there are many reasons you want to go with a brand-new home. I can’t argue against that; new homes have much to recommend them. Either way, as you decide between a new or existing home, here are a few things to consider.
The neighborhood may make your decision for you
You won’t find many older neighborhoods with brand-new homes. Neither will you have much luck locating a 1950s bungalow in a new subdivision. So if you have your mind set on a specific, established area of town or a newer enclave springing up, your choice may be made for you. Typically, older neighborhoods are located closer to the center of town, and they often feature more-mature trees than new developments.
That’s not to say that it’s impossible to discover a new (or new-ish) home in a neighborhood built in the 1920s or an older home left standing on a street of new houses. The point is, you might find an exception if you know what you want and are willing to look for it.
How used is existing?
An existing home is bound to be in worse shape than a new one, right? Not necessarily. The condition of any home depends on the craftsmanship and care used to build it. For an existing home, maintenance and updates are keys to its current condition. Believe it or not, some brand-new homes have more serious problems than houses built decades ago.
Amenities change over time
Though some new subdivisions are created with homes on a bit of acreage, most older neighborhoods tend to have a bit more space between properties and bigger yards than new developments. Then again, a new home may have a closet in the master bedroom that’s bigger than some master bedrooms in older properties. New homes come with newer amenities, are wired for today’s technology, and offer floor plans tailored to today’s lifestyle. Older homes often include architectural touches that give them character.
New or existing, check it out
As I mentioned above, just because a home is brand new doesn’t mean it’s flawless. Regardless of whether you buy new or existing, a professional inspection will help you avoid unpleasant surprises. Your inspector may uncover small problems that are easily fixed or defects you’d prefer remained someone else’s problem. Because a home’s faults can be difficult to detect, I do not recommend that you rely on your own observations to determine the condition of any home.
Your Realtor can assist you
If it sounds like there are contradictions when it comes to old vs. new homes and that you can’t just rely on generalizations to know what’s available, that’s true. A Realtor can help you sort through the many factors that go into choosing a home, existing or new. Realtors make it their business to know what makes a home a good purchase, what kind homes are available where, the conditions of the current housing market, how a home’s asking price compares to its value, and many other factors you will want to take into consideration. So when you’re ready to start looking for your dream home, make sure you talk to a Realtor.
For more tips on purchasing a home, I invite you to visit www.TexasRealtors.com or www.HAR.com and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com/. Danny Frank is a local Pearland Real Estate expert.This column was published in the 13April08 edition of the Galveston County Daily News.