Should you invest in a newer home or older home? Well, when considering the numerous safety risks, it makes more sense to invest in a new one. Let’s explore some of the pros and cons of both older and newer models.
Newer Homes Vs Older Homes
There are many noticeable and important differences between newer and older homes, including:
- Maintenance requirements
- Energy efficiency
All of the above can have an influence on whether you’d prefer to by an older or newer model home. Let’s take a look at some of the advantages and disadvantages of older homes.
Old Home Pros
Yes, it is true that there are several benefits an old home can provide over a new home. Older homes typically have ideal location, since most were built as close as possible to town centers and highways. It is certainly a plus for many prospective homebuyers to be close to shops, restaurants and other desired amenities. Older homes also tend to be in established neighborhoods, providing a greater sense of pride and community.
Older homes are usually cheaper than newer homes, for obvious reasons. Dependent on location and/or condition, most older homes hit the market for a smaller price than newer homes in the same exact area. Older homes are also great for homebuyers wanting to move in right away instead of waiting for a lot of final touches. Since these older models won’t need any final measures, there will be more availability on the market.
Old Home Cons
Too often disadvantages of older homes can outweigh the advantages. Keeping up with numerous maintenance and/or remodeling needs can become a difficult task for old home owners. Some older homes will even come with inadequate heating or plumbing systems. Replacing these systems can quickly become a financial burden.
It is well known that older homes do not live up to current safety standards. Newer models can come with safety features like burglar alarms and security locks. Newer homes also feature smoke alarms and fire doors.
You will need to make sure all floors, walls and ceilings are well insulated to maximize energy efficiency with older models.
- Maintenance needs
- Safety hazards
- Energy efficiency
Old Home Safety Checklist
Here are a few safety measures to take when living in an older home:
- Make sure all entrances are clear
- Handrails must be in place along stairways
- Exterior pathways must always be clear
- All kitchen areas are easily accessible
- Easy to locate lighting sources
- All electrical and phone cords need to be tucked away
Cost To Build A New Home
The average cost to build a house is $298,432 in 2021, according to HomeAdvisor. Prices will range all the way from $154,135 to $477,534 in the U.S. The typical price per square foot is $150, so here is a look at costs to build new homes today:
- 1,500 sq ft home: $225,000
- 1,600 sq ft home: $240,000
- 1,700 sq ft home: $255,000
- 1,800 sq ft home: $270,000
- 1,900 sq ft home: $285,000
- 2,000 sq ft home: $300,000
The biggest factor influencing the overall cost of a new home build is, of course, size of the property. The number of stories featured in the home will affect the bottom line, as well. The more stories you have, the more construction there is involved in the build.
Different design features, including balconies, decks, pools and others can increase the total cost. However, these features will undoubtedly add value to your home over time. Most homebuyers wouldn’t think about the shape of the home when creating a budget, but this could also result in added costs. Unusual exterior or interior designs will require more construction, leading to larger costs.
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