Buying a house is a daunting task. It involves a lot of research, time and effort. But, before you start finding the home of your dreams, it is essential to decide whether you want to choose a new house or an old one. Both of them have several pros and cons, which makes the final decision even more difficult. Fortunately, we are here to help you choose the one that suits your needs in the best way. From an older home's interesting character and poor upholding to a newer home's flawless finishes and exorbitantly high construction costs, it is important to go through several pros and cons that will help you take the final decision of buying a home.
Pros of an Old House
Better quality construction
Material - Earlier, houses were made of high-quality, unadulterated construction materials, and that's the reason why they are standing tall till date. We are not calming that all the old homes were made out of excellent construction materials, but many were.
Bigger Land – Old home usually have bigger yards than new ones. Due to land constraint, newly constructed homes have to squeeze into smaller lots.
Long-Term Neighbours – When you move to an old house, you are moving into an established neighbourhood. People living in the locality know the area in and out. Living in a community where people love and care about their surroundings is quite comforting.
Character – Old houses have beautiful architectural styles that you won't find in new homes. They are stunningly unique, and that's what makes it more attractive.
Mature Landscaping – If you move to an old house, you will find mature landscaping with an abundance of greenery around. Imagine living in a vicinity where trees provide shade and abode to birds and flowers bloom every spring to paint the surrounding in beautiful colours.
Cons of an Old House
More Maintenance –An old home means investing a lot more amount on revamping and fixations. You will have to update the faucets, wirings, and paint of the house to make it stay-worthy. Older homes are beautiful, but they can come with several unforeseen complications.
Previous Owners – Buying an old home means a lot of paperwork. You need to be aware of all the previous owners and have everything documented to avoid hassle and fraudulent transfer. Also, you will have to deal with their crazy design and repair choices, which will make you say- "why"?
Insurance premium could increase –No matter how good the construction material of the old house used to be, it is believed that they have structural issues or are more prone to weather-related damage. Considering the risk of the property, the home insurance premium will escalate.
Pros of Newer Homes
Little Maintenance –New house means everything is new and fresh, which means you don't need to worry about repairs in the initial years. And if anything goes wrong, remember new homes come with a builder's warranty.
You are The First Owner – When you buy a new home, you don't have to worry about outdated designs and wonky, broken appliances. You are the first owner of the house, and you can personalize everything according to your taste.
Energy Efficient –New houses use up-to-date technologies and fittings. The wires used for the connections are energy efficient, which mean you can save a lot more on your energy bill. Also, the upgrades prevent short circuit and fire hazards.
Cons of a New House
It Needs Time to Settle –New house needs some time to settle. No matter how well your home was constructed or how good the soil is, the house needs time to settle. If you have wooden flooring, then you will hear a lot of creaking in the first few years.
Smaller Yards –The population of India is increasing day by day, and the cost of real estate is climbing up the ladders. Even if you are ready to spend lakhs and crores of rupees, it is challenging to buy a house with a ton of yard space.
Young Landscaping – Want to live in a surrounding with lush greenery and tall trees around? Well, it is quite challenging to find a new community with lush gardens and tall trees around. Vegetation and trees need time to grow and mature. Hence, you will have to skip the point of mature landscaping all together.
Investing in a house is a big decision. You don't want to hurry and land up buying a house that isn't right for you. Consider these pros and cons before buying a new or an old house. Choose a home that appeals to you the most and secure it against unfortunate circumstances with a comprehensive home insurance policy.