A big decision when buying a house in Irvine is whether to buy a newer or older home. Of course, each choice offers its own benefits and drawbacks. Some buyers love new construction for the peace of mind, modern floor plan, and upscale finishes, while others prefer the charm and beauty of an older home that may have features not found in newer homes. Here are some important considerations to help you make your decision.
Older Homes Often Have Older Components
If you want to minimize the maintenance you need to do on the home during the first 1-10 years, there is a downside to buying an older home: its major components are likely outdated. Deferred maintenance is a potential issue to consider, as the plumbing, electrical, roof, HVAC system, and more may need to be replaced soon. It’s important to get a home inspection and factor the age of the components and the replacement cost into your decision.
Older Homes Offer More Personality
Homes in subdivisions and newer communities tend to look a lot alike. Even tract homes in older neighborhoods that looked similar decades ago may offer more personality due to many years of remodeling. If you want true character, old homes built prior to the 1950s often offer more unique features and architectural elements.
New Homes Offer More Space
The average home size in the United States continues to climb. New homes are usually larger: the average new home size is 2,687 square feet today compared to 1,660 in 1973. Along with more space in general, new homes tend to have much larger closets and bathrooms. If a walk-in closet or master suite is on your list, you may have difficulty finding them with older homes.
New Homes Have the Latest Technology and Features
New homes usually have the latest technology built in, which may include things like speaker systems, security systems. You can also count on new homes to have in-demand features and design options like walk-in closets, eat-in kitchens, and large master suites. These features may be difficult to find in an older home that hasn’t gone through significant remodeling.
New Homes Cost More
While a new home may have everything you’re looking for, it comes at a premium. On average, new homes cost 50 percent more than existing homes, which may be worth it to you if you are getting the space and features you want with all-new flooring, roofing, and other components. On the other hand, consider that an older home can still come out ahead if you put the money you save into renovations.
New Homes May Save on Energy Costs
New homes don’t just require less maintenance. They also tend to be much more energy efficient. With new appliances, home systems, and better building materials, you may pay less on utilities with a new home than you would with an older home.
When looking for a property to purchase in Irvine, townhomes and condos are also great options. No matter the type of home you seek, a trusted real estate agent from OC Residential can help you find it. Give us a call today at 714-454-6304 to schedule an appointment.