Princeton Capital Blog

Should You Buy a New or Used Home?

November 29th, 2012

Should You Buy a New or Used Home?

While this isn’t as controversial as who will win the superbowl or if you should put nuts in stuffing (or if it’s called dressing), people are passionate about whether they should buy a new home or an established one.

We think both are awesome.

Benefits of Buying New

  • You can build your dream.  If you buy while the house is still being designed, or in progress, you have input as to the light fixtures, paint, counters, carpeting, etc.  This home will practically be exactly what you want at this point in time.  And you can purchase the furniture and decorations while it’s being built allowing you to time sales better.
  • The home is under warranty for free.  You can purchase a warranty on a used home, but it will cost you money, and there are usually deductibles. The builder of a new home is responsible for appliances, structural defects, roofing, plumbing, etc for a set period of time after you take possession.
  • You save money as everything is new, and you won’t have to budget replacing appliances and roofs for a number of years.
  • You’ll get a more efficient home as the new house will be using the latest technology and design.  A home using newer construction could last longer than remodeling an older home.
  • Your electronics will work better with new wiring.  Never again will you have to run outside to the fusebox when you’re trying to run three computers, air conditioning, and the dishwasher at the same time.

Benefits of buying used

  • Some older homes have superior craftsmanship especially with cabinets.
  • Established homes usually have larger lot sizes.  So not only do you have room to expand, but you’ll also have more privacy since your neighbors aren’t hand shaking distance.
  • You don’t have to pay to landscape, and you have established trees which increase the beauty as well as the shade.
  • Some older homes have basements and attics that newer homes wouldn’t.
  • You know the home can withstand the elements.  If you live in earthquake country, and it’s older than the last large quake, you can see where it would have cracked.  You know exactly how it’s going to protect you from blizzards or heavy storms.

Did you ever purchase a new home?  Or do you go new-to-you?

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