| By :
Marilyn Katz
One of the first things you must decide, when you are shopping for another home, is if you would like to concentrate on looking at brand new homes or older ones that have already been lived in. There are advantages and disadvantages to each choice, and your real decision may be based upon what types of houses are on the market where you live. It may be helpful to consider a few things before you do decide. Some of these things, beyond the actual price of the house, are your own lifestyle choices, the costs of repairs, and insurance rates. But inn fact, one thing that most experts will agree on is not to rush to judgement. You may reject the perfect home because it does not fit into a category you had already decided on. First, you may want to consider the neighborhood. Will an older, established neighborhood or a new development suit you better? An older neighborhood may already have established schools and amenities. It may also contain a diverse population of younger and older families. Older trees and landscaping help a neighborhood look more finished. In any case, you will have the opportunity of feeling out the neighbors that already live there. On the other hand, you may take great pleasure in moving into an area where most of the families are also new. That can be a great advaantage of a new development. You will also have the opportunity to grow with your home and neighborhood. You can plant trees, bushes, and gardens where you want them without disrupting anything that already exists. Older homes probably already have had a lot of work and improvements done on them. If you want a bargain price for tile floors or a backyard pool, getting a house that already has these things is usually a lot cheaper than getting them done yourself. On the other hand, if an older home lacks these features, you may be reluctant to spend more money after putting down money for closing costs and a down payment. When you order a new home, you can have it built the way you want it. Extra features, like better grade carpet or tile floors, may cost more, but they can probably be rolled into your mortgage. If you have ever wanted the luxury of having your "perfect" house, buying a new home that has been built to your request is the way to do it. Also consider other expenses besides the actual cost of the loan. You will need to pay for repairs and homeowners insurance. Newer homes, with updated safety features and building materials, should need fewer repair. They should also probably will offer you a better homeowners insurance deal. Balance that against the lower cost of being able to negotiate for a good selling price on an older home with a motivated seller. There is not one perfect answer to the question of buying an older home vs. a new home. It is important to see what houses are on the market where you live and figure out what you really want out of your hew home.
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