Buy a new home or an old one

You are about to buy a home, but now the question is –“What should I buy, a new home with mortgage or a old home with my money?” Don’t worry it is natural.

As you start your venture for a home, you need to decide whether you will go for a new home or for an existing one. The decision may not be simple for everyone.

As you will see there are advantages and disadvantages for both choices.

New Homes
A new home offers you new look, new feel, new rooms, new appliances, shiny walls, fresh smell and much more. It offers a charm and attracts attention, if well built. When you buy a new home, you also get warranties along with it. You may get a 10-year warranty along with your new home. You get options for various features for your new home.

Existing home
Existing homes offer several benefits over the new ones. When you buy an existing home you get an established neighborhood. So you get all the amenities like schools, hospitals, market etc that you need. A sense of community is what makes many people attracted towards the established home. The price of such homes is also less.

But in case of existing home, you may need repairs and maintenance. If you buy an old home your maintenance and repair cost may constitute a huge portion of your monthly budget.

So check well before you buy one. Take time and discuss the pros and cons and your budget. After that decide and give yourself a present.