Older homes in more established neighborhoods can usually look to their own neighborhood history to predict what prices will hold. And while it is true that newer homes have fewer repair issues than older homes, a good agent will help a buyer have the home inspected by a competent independent party to uncover any undisclosed defects in an older home. Also, if the sellers won't purchase the buyers a home warranty, home buyers can purchase then now--which can help a buyer buy with more confidence.
Some of the "better" comes down to preference. If you like impeccable carpet and swoon at the thought of picking out your own linoleum, a new home might be just the ticket. If you fancy yourself a makeover miracle worker, and older house might have it's appeal.
INHO, the REAL "better" is knowing that you got a quality product worthy of the amount that your paid, whether that is old or new. A competenet realtor can help you look at the cost of the house you want compared to other, similar houses in the same area. THings like the upgrades and even the number of foreclosed homes in the neighborhood can affect the price a home can command.
In case you're wondering, my own house is 80 years old, but the house across the street from me is less than five years old. As a real estate broker, I help my clients buy the house of THEIR dreams, not mine!
Or do you prefer to probably, but not definately, spend more money up front on your mortgage?
IMO, this is usually more of a location/neighboorhood decision. Old is convenient and close, new is further out and a huge commute.
If you need an agent, call me. 757-237-0494 or email firstname.lastname@example.org
Newer homes should require less up keep and maintainence and should be built to the highest level of the building codes. You might also enjoy a manufacturer's warranty that protects the owner from paying for repairs early in the ownership of the property.
Purchasing an older more established could bring greater savings in the initial cost of purchase as well as more established neighborhoods with larger trees and mature landscaping. Older established communities can also provide owners(at times) the benefit of being more conveniently located the enlarged community amenities.
The bottom line is the purchase of a home is more than new vs. older..........it needs to meet your personal criteria and feel right for your individual/family needs.
The Eckler Team
There are many local stimulas programs to help the local economies and the building industry. For example, in California, there's a $10K tax credit incentive for first time home buyers to buy "new" homes. This incentive helps the building industry to move excess inventory.
The CA's state/city incentive is in addition to the the Federal stimulas program which provides the first time home buyer up to $8,000 tax credit which can be used as a down payment. This money does not have to be repaid. The home purchase can be new or existing.
So the total tax credit for California first time home buyer is up to $18,000, subject to meeting all the programs guidelines.