While a new home built just for you may seem intriguing, an older home with custom renovations may be a better option.
In August 2014, the median price of a new home was $275,600 and the median price of an older home was $219,000. Additionally, the taxes and insurance on an older home are usually lower. With newer homes, prices increase quickly with each customization, making older homes even more financially appealing.
Older homes tend to have more personality than newer homes. They can also still be customized like newer homes through renovations either right away or over a period of time.
Many times, the location of an older home is also better than a newer home. New homes are often built where the land is cheap, which means it is further away from the city. With this increased distance, commutes would be longer and individuals would have to spend more money on gas.
With the recently announced shortage on newer homes, there’s also a better chance of you finding an affordable home that’s a few years older.