The question you asked lead me to think about the various factors that can affect a buyer’s buying decision as well as the possible differences between older homes and condominiums. While Trulia Chicago chooses the word “home” I feel condominiums should be included as well.
The age of the home or condominium can sometimes influence a buyer’s decision as well. It is a known fact many people like to be the first to live in a new home or condominium.
Newer homes and condominiums tend to be larger and surrounded by small plants and short trees while older homes and condominiums are often smaller complete with mature landscaping. On the condominium side, new condominiums depending on location have gone to kitchen/living/dinning room combinations the “living space” in one grand room. Older home may have especially small bathrooms and closets.
The newer the home, the better the closets are. This is true of most homes and a good percentage of newer condominiums.
It used to be that new homes cost more than older homes, but that is not true across the board. As land costs increased, the size of new home lots have shrunk. Builders are putting larger homes on smaller lots reducing the amount of yard space. And with condominium buildings space that would have been used for backyard space is now used for parking.
Another reason today's construction is cheaper is because it's less expensive to use 2 x 4 pine framing or engineered wood and to use drywall instead of plaster. Buyers who look at inner-city homes in desirable neighborhoods will find, on average, larger lot sizes, and the homes will cost more than entry-level new homes being developed in new subdivisions outside the city.
Here are some advantages and disadvantages to consider when determining whether you should buy a new home/condominium or an older home/condominium. Not all of the items hold true 100% of the time but for the most part a buyer can get a better understanding of what the trade offs could be. Value is often determined by emotional factors and ultimately the buyer will decide based on some of the factors below:
Because of character limitations here; I have created a blog article for home buyers to read: http://www.trulia.com/blog/ManuelBrown/2013/03/does_an_older
There are some types of properties that are older and worth much more than newer homes. These can include historical homes or homes that are on very valuable property (i.e. once residential area now rezoned to commercial or an old farmhouse on prime developmental property). It just all depends on the properties.
location, size of home, lot size, views, all will influence which one has more value....
Each home has its own value, and then there is the value it represents to the individual buyer...
If a buyer prefers new construction, that is one thing, if on the other hand the buyer prefers an older
well maintained and upgraded home with the old meeting the new, a whole other story and often the
location of a home or the land surrounding the home, may make a huge difference....
It seems a simple question, except that the answer may be long and complicated.....
Good Luck to you
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But this doesn't mean that older homes have more value than new ones.
So can an older home have greater value than a newer one? ABSOLUTELY!
Besides builders in past decades created homes way differently than they do now, and you can see that in the quality and the construction of older homes.
Unfortunately, though, that character and charm also comes with a few difficulties you wouldn’t have to face with a brand new home.
when you’re thinking of putting in an offer on an older home, here are the top five things you’ve got to address:
Thats an impossible question to answer correctly. The correct answer is dictated by the sold and inventory of homes for sale in the mareket/area you intend to purchase.
I encourage people purchasing real estate to "learn their market" and I offer a step by step proven process that will assure the that confidence.
Establish geographical area, a price range and start with a comprehensive list of every property for sale. Carefully map them all out and drive by every property. Buyers find this simple and rewarding. They are able to move confidently on the best buys and through the negotiations. Most importantly they are happy home owners in there new home knowing they did the best that could be accomplished with their resources.
Thanks for a very good question, Stephen Webber
This is obviously a ridiculous question as the variables are more than any forum has room for.
Does an older dog have more value than a new one?
A more reasonable answer would be "give me more info and I can give you a specific answer."
And, as always, the buyers, not us, determine values.
RpV Realty and Development
There is just so much we do not know.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
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