When it comes time to buy your first home, you will be faced with a number of important decisions. One of these decisions is whether to buy a brand new home or an existing, older home. The differences are obvious. For example, a new home means everything from the carpet to the roof to the kitchen cabinets is brand new. A new home will come with a warranty on most things, typically covering the first year. However, a new home most often does not have the same charm and rich architectural characteristics you would find in an older home. Therefore, the decision becomes one that is of personal choice.
In other words, when choosing a new home versus existing home, the choice is more one of personal choice rather than one based on money. After all, there is resell value in both cases. In fact, an older home that has been cared for well and updated to some degree will often fetch a greater resell price. However, you want to consider a number of things regardless. After all, the home is going to be the place where you live, where you raise children, where you entertain family and friends.
For these reasons, you need to think about your lifestyle when determining if a new or existing home is the best choice. If you can find an older home that simply needs a little TLC, then you might be able to find a bargain. After investing a small amount of money, you could end up with a gorgeous home but at a great price. Remember, new homes are new and fresh but older homes offer personality and charm.
In both cases, you want to remember location. Make sure your new home will be near schools, a shopping center, library, grocery store, transportation, and whatever else you need. Generally, older homes are a better buy financially. Therefore, if you are on a tight budget but want to buy your first home, consider an older home that could be fixed up over time.
You should also consider the living space and design of the home, making sure there is ample room for your furniture, the layout works with your lifestyle, and so on. The same is true for the backyard. If you have pets, then you would want enough space for them to play. After taking time to consider everything, you can then choose the best home for you, whether new or existing.