Homeownership: Buy New or Old?

Out with the old, and in with the new – or so the saying goes. When it comes to homeownership, is it better to buy new or old? Should the new maxim for potential homebuyers be “go new or go home?” Here’s a quick comparison of a few of the pros and cons.

New homes….

–    Generally cost 10-15% more than existing construction

–    Require less repair and offer modern floor plans, thereby amounting in a lower cost for ownership/maintenace

–    Are often built on smaller lots than older homes, which often claim more desirable lots/area

–    Usually require a longer time frame to close the transaction

–    Offers less opportunity for improvement, which can improve a home’s resale value

We want to know: did you buy your house new? Have it custom built? Move into a historic treasure? A dated fixer-upper with great bones? Did you think your investment was worth the cost? Share your thoughts with us!

The title insurance agents in Maryland at Colony Title Associates can help to insure you against title defects in the process of buying a home – whether it’s brand new construction or simply new to you.  Call us today at 410-884-1160 or visit ColonyTitle.com to get started.

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Home shopping: Should you buy new?

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