If you are in the market to buy a new home for yourself or for your entire family, you may be debating about whether to buy an older, established home or a new Calgary home that is in mint condition. There are some obvious downsides associated with buying an older home. For example, some of the home’s components, such as the hot water heater, may need to be replaced soon or the home may be less energy efficient. However, if a home has been well-cared for and updated recently, these may not be relevant drawbacks. While you may immediately think that an older home will cost you more money over the long-run, this may not be true at all. Furthermore, there are some clear advantages associated with buying older real estate over a newly constructed home.
One key advantage to buying an older home is that it is located in an established neighborhood. Even though experts don’t always agree on the future of real estate, you can rest assured that homes in established neighbourhoods will always retain some sort of value. You may have driven through a few neighborhoods in the past that looked like they were once nice neighborhoods, but they were not well-maintained or undesirable businesses cropped up around the community. When you purchase an older home, you can see how well the owner’s association and the other property owners in the neighborhood have maintained their property. You can also see the types of businesses and development that have taken place around the neighborhood. As a final note, the schools may also be established, and you can review their track record for success.
It is unfortunate but true that many residential developers today will clear away most of the vegetation on a lot when building a new home. The fact is that it is more affordable in many cases to do this and plant young trees once the house is built. The result, however, is that the entire neighborhood can look rather barren and undesirable. The homes may be new and beautiful, but the landscaping is not mature. Furthermore, it may take a decade or longer for those young trees to develop and for homeowners to landscape their yards with character. In an established neighborhood, you will find older homes that have beautiful, mature landscaping.
Many older homes also have character and personality that newer homes lack. It may have crossed your mind that all of the homes in newly developed neighborhoods look very similar, but when you purchase an older home, this is not the case at all. Many historic homes were custom built, so you can rest assured that other homes in the neighborhood will not be the same. Even in an older neighborhood that boasts homes with the same general mix of floor plans, the homes have been repainted, shutters may have been added, the front doors may have been updated and other features have been changed to add more character to the home. The beautiful architecture of the home may be more welcoming and attractive.
While many home buyers have the perception that older homes may be in poor condition and may require considerable repairs and maintenance, this is not the case for all older homes. Many homes have been cared for well over the years, and many have received upgrades that newer homes may not have. Some older homes have even been renovated for energy saving purposes. Furthermore, it is common for new homes to have issues from construction, such as a front door that isn’t sealed properly or landscaping that wasn’t graded properly and results in flooding during a rainstorm. Because older homes have been lived in for years, most of these issues have been addressed by the homeowner.
Affordable Sales Price
Let’s face it; you want to save as much money as possible. Whether buying an old home or even a new one, make sure to shop around for mortgage rates using websites like Kanetix, which allow you to compare rates and get pre-approved online. In many cases, buying an older home allows you the opportunity to purchase more home for your money. Dollar for dollar, new homes generally cost more per square foot than older homes. Whether you want to purchase a larger home or you have the desire to save money on a home that is perfectly sized for your needs, you generally will be able to do this when you purchase an older home.
There are many factors to consider before you purchase a home. You want to consider how affordable the home is for you, if the floor plan is suitable for your needs, the condition of the home and even how far your commute will be from the home. There may be many beautiful, well-maintained homes that meet your needs but that are older in age. While some home buyers may steer clear from buying older homes based on false perceptions of their condition, the fact is that many of these homes may be well-suited for your needs and your budget, and they may offer advantages that newer homes lack.