Why old is gold and young is bold!
A question we often get asked by both prospective home owners and property investors alike is whether to buy an old or new house.
We can’t actually answer that question for you! Do you want something warm, welcoming and filled with character, or sleek and functional in a standard style?
There are a lot of variables to consider such as what your budget is, how much work you’re prepared to do and location.
In a nutshell it’s down to personal choice. However, here are a few pointers of why old is gold and young is bold, and also what the downsides are to buying new and old properties.
Pros of buying an old home
- You can renovated it and add value
- Tend to be in more established suburbs with better appeal
- Have a unique charm and character
- Price may be more negotiable
- If it hasn’t got historic listing, you’ll probably pay less
Cons of buying an old home
- Less energy efficient
- More maintenance is needed
- It may have outdated building code compliance and needs work doing to it
- Older appliances and amenities may need replacing
- Lack of storage and uneven floors and walls can make additions challenging
Pros of buying a new home
- More economical to run and maintain
- Many appliances, such as air conditioners will still be in warranty
- Often more storage space and well designed for modern living
- Less maintenance is needed
- If an investment you can depreciate the property and fixture for even greater tax benefits
The cons of buying a new home
- Design is standardised
- Limited negotiating room on price
- Often less character
- There are sometimes limits on how you use or add to your property
- Most new constructions are further out of town
The bottom line is, if you like a house and it ticks some boxes, look at it objectively and think about the compromises you’re willing to make. For instance, we’ve had buyers who would’ve preferred a newer property but ended up buying an older one because they were desperate to live in a particular area of Newcastle.
Of course, if you’re really unsure of what to go for, then you can always build your own home, but that again comes with a different set of issues and decisions.
Whether you have an old or new home, our expert team have the know how to position your property in the best light and to attract a large number of potential buyers. We also have a large number of properties for sale from all eras.