When you decide to get yourself a home of your own, you are faced with the choice of buying a built-up, ready to move in house or purchasing a plot on which you may get a custom home constructed. The construction process is quite taxing and time-consuming and so, you might decide in the favor of hassle-free, instant possession of a home by acquiring a built-up home.
Here, you have the option of buying an old house or a newly constructed one. Both options have certain features to recommend them and the choice varies as per personal preferences and circumstances. The older homes offer you the unique advantage of living in a well-established locality that is likely to be a prestigious address in the city. These buildings also appeal more due to their imposing personality and character. Moreover, since the quality of everything in general has deteriorated over the years, there is a strong probability that you will find sturdy construction and high quality woodwork in the older homes.
Still, new construction homes come with excellent features of their own. Prominent among them is that they are made with the latest construction methods & materials, and have the most modern fittings & conveniences. They conform to the building rules and codes in force and may even incorporate eco-friendly technologies. As such, you will face minimal maintenance costs, whereas the old homes may have you spending additionally on building repairs, plumbing or wiring replacement, etc. Built as per the modified building laws, new homes usually offer more coverage area than the older houses.
Another irresistible feature of the new houses is that they are likely to be located in the upcoming regions and so, priced more affordable than the old homes situated in the more developed areas of the city. However, they offer better chances at capital appreciation as the property prices where the old homes are located are liable to have almost reached the saturation point.
You also stand to be more readily accepted in the community in case you are moving into a newly built home. In all probability, the new home would be in an emerging locality where everyone eagerly welcomes the latest members into the community. On the other hand, the area which houses the old house you buy is likely to consist of long-term neighbors who have known each other through generations. They might have had excellent relationship with the previous owner and can view you as an outsider, taking their time cozying up to you.
Ultimately, it is up to you to consider and compare all aspects of buying an old house or a new one and decide which suits you better.