New House Or Old House?
As we discussed in a previous blog, the summer months tend to be a very popular time of year for buying and selling homes. In that blog, we looked at some of the differences between real estate lawyers, realtors, brokers, and so on, so that you can have a better idea as to what would be best for your home buying and selling adventure in the Bronx.
In this blog, we will take a look at some important considerations for buying a home. Specifically, we will look at the differences between buying a new house versus buying an old house. In either case, the house will be new to you, but it is still important to consider some of the differences. It’s common knowledge, after all, that there are some serious risks and benefits to buying both new and used cars. Houses are no exception.
As your trusted real estate lawyer in the Bronx, the Law Offices of Diron Rutty are here to help with any and all of your home buying questions. Contact us to learn more. In the meantime, let’s take a look at some considerations for buying new and old houses.
The first thing that people tend to think about when buying a home is the potential costs. Right now, the median cost of a new home is $335,400, compared to just $240,500 for an old or “existing” home. That’s a pretty big difference in price, right from the start. And price might be an even bigger worry depending on your location. Those are the median home prices for the country as a whole. The median price of a home in the Bronx, for instance, is $399,000.
Price aside, the draw of an existing home might be the fact that it needs maintenance. Plenty of folks out there are attracted to existing homes precisely because they are in need of maintenance. Fixing up a home is often a passion project for people. Existing homes can be the perfect fit for those with that DIY spirit.
On the other hand, you might be the kind of person who finds home maintenance a total nightmare. Of course, some degree of maintenance is required no matter what kind of home you’re in, but with a new home, the odds of any huge or immediate projects are much lower.
INVESTING IN YOUR FUTURE
One thing to keep in mind is that when buying an existing home, you will have a proven track record in how the home and area have performed over time. You are able to see how the property has appreciated or depreciated in value over time. You’re walking into a situation with much less information when buying a new home.
DESIGN AND PERSONALITY
New and existing homes oftentimes have a different feel to them. Do you prefer older styles, or newer, sleeker aesthetics? The interior of the homes can also have a different feel to them. Deciding on what design features and styles are best for you is one of the most enjoyable things about buying a home. Just keep in mind that new and existing homes often differ in style.
There are, of course, many other important factors to consider when looking at new and existing homes. And, indeed, there are homes out there that offer the best of both worlds. Contact the real estate lawyers at the Law Offices of Diron Rutty for all of your Bronx real estate questions!