10 Questions to Decide Between a New or Old House

One of the first and most general ways to narrow down your search when you decide you are ready to buy a home is to decide whether you are buying a brand new house, or an older house. There are pros and cons for each category, and within each are vastly differing styles, qualities of construction, neighborhoods, and amenities. Here are some basic things to consider before you rule either one out.

1. The Neighborhood- An established community will have developed parks, shopping, and community relationships. The mature trees and landscaping along the streets might also be a draw.

2. Maintenance and repair- No home is perfect, but the older a home is the more work it will need, and the more money will have to be put in to upgrade appliances, and do large maintenance projects, such as a new roof or repainting the exterior.

3. Home improvement- If you like working around the house, an existing home might be perfect, and if you have no idea what to do if a door has a squeaky hinge, a new house could be perfect.

4. Existing features- Existing homes are usually landscaped, and have fixtures such as blinds already in place.

5. Land- In cities older homes usually have larger lots, and newer developments have smaller yards, but often a common playground or park.

6. Location- Older homes are usually closer to the city center, newer homes are often in subdivisions away from downtown, but near a shopping center or large employer.

7. The opportunity to remodel- If you want to be able to put your own touch on a house by replacing a kitchen or adding on, an older home is a great opportunity.

8. Price- Traditionally, older homes have been cheaper than newer ones, but with the recent foreclosure crisis deals can be found in all categories.

9. Track record- With an existing home you can research the neighborhood, as well as know if a home style has become classic, or was a passing trend. Newer homes don't have that history, but they also don't have the baggage.

10. Traditional layout- Older homes have formal living and dining spaces, while newer homes are more likely to have a casual great room which is open to the kitchen.