ccording to Lawrence Yun, Many first time homeowners assume
senior economist for the that a new house requires less
National Association of maintenance. While that should be
Realtors (NAR), the 2007 market the case, the reality is that the
puts buyers of homes at an craftsmanship of the homes can
“overwhelming advantage”. have more impact than their age.
However, the NAR is also A solidly built 10-year-old home
predicting that 2008 sales will may not have the same issues as a
increase due to a slow down in shoddily made, cookie-cutter home
new home construction that is in new community. How can you
helping to balance out the market tell? Find a good inspector to
place. For those who are look at any homes you consider.
considering buying in this Wood fixtures, appliances and
current real estate climate, the overall structural integrity need
decision of whether to invest in to pass muster before you make
newly built homes, or existing any serious offers.
ones, can be pretty confusing.
With fewer brand new homes Neighborhood of Homes on the
available on the market, maybe Market
you’ll get a better deal on a
slightly older house. But how can Older homes often surpass new
you make an informed decision? construction in desirability if
The basic factors you want to you want to live in an historic
keep in mind for the homes you or popular area. If you are in
consider are upkeep, love with a certain part of town,
neighborhood, structure, and or committed to sending your
cost. children to a specific school
district, new home construction
Upkeep of Homes on the Market may not be an option. Also, if
you really love a specific
architectural style, you might appreciation of your home will be
find you are better able to impacted by how well your
afford older homes in that style neighbors maintain their
than to locate or have a newer property. Of course, you may also
one built. You may also find that find this in buying an existing
you can afford a newer and bigger home in one of those communities.
home, but in a less desirable You will need to decide how
area of town. You will need to important an established
weigh your priorities. This leads community or large yard is to
to the look and design of homes your life. Just as you will need
in general. to evaluate the physical and
aesthetic structure of the homes
Structure of Homes on the Market you consider.
For buyers at the middle or lower Cost of Homes on the Market
end of the house buying spectrum,
the trend for new home Your final determination will be
construction tends to lean cost. You may be able to find
towards deed restricted almost new, or slightly older
communities, small lots, and homes, in great shape. Or you may
“cookie-cutter” style homes. save $20,000 on an older home and
There are some benefits here for get stuck replacing the roof the
first time homebuyers who next year. Your best bet is to
wouldn’t otherwise be able to get a good home inspection,
afford a new house. The down evaluate the quality of other
sides are that deed restricted homes in the area, and weigh your
communities place significant options and priorities. As with
limits on what you can do to your most aspects of evaluating homes
property. Some tend to have very for sale, your decision is
little space between homes. And personal and completely based on
your needs and desires.
About the Author:
John Harris is a researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit San Diego Real Estate Agent
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J Harris
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