I’m trying to decide on buying an older home in an established neighborhood or new construction. What do you suggest? | Chantel Ray Real Estate

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I’m trying to decide on buying an older home in an established neighborhood or new construction. What do you suggest?


This question really depends on what values the neighborhood holds. Does the older home have everything you are looking for? Are you overpaying for new construction? These are all questions that you need to ask yourself.

When looking at an older home, you are able to do more research on the neighborhood and see how the homes have held their value. If you plan to resell the house one day, this will be important to you. If the house hasn’t been updated or doesn’t have everything you are quite looking for, will this be an investment in the end? Are you getting a good deal on the house? Will putting $20,000 worth of work in it gain you $80,000 in equity?

Looking at the new construction, you get you lay everything out exactly how you would like. You get to pick colors that you prefer, material that you would want, and the home will be move in ready. There is no question the home will have everything you are looking for. But are you buying at the height of the market for that neighborhood? Once homes start to resell, will they lose their value? Have there been any resales in the neighborhood yet and if so, how did they fare? These are questions you need to look at for new construction.

The answer to this question will all depend on what you are looking for in the long run. If you plan to live in the home for many years, new constriction may be the way to go. If you are not sure how long you may stay, your best bet may be to go with the older home where you can see the market trend of the neighborhood.