As much as I’d like to say there is a tried and tested formula to help you decide if a new or old property is more suitable for you, there isn’t.
The decision lies with you depending on your tolerance of certain issues.
Thus, I can only list out a list of pros and cons of a new home vs. an old one for your own evaluation.
Ask yourself this first:
* What kind of neighborhood am I interested in?
* How much am I willing to spend on the house?
* Do I have the time and money to invest in renovation projects and home improvement?
* How long do I plan to live in this house?
Most established neighborhoods are in town’s center
Generally situated in outskirts. May cause extra expense of daily commute
Cost of ownership
Less expensive per square foot. But ownership costs are considered more predictable, considering cost of upgrade and remodeling. Can negotiate.
Price is more expensive and there are most probably hidden costs involved. Most of the time not negotiable. Cost per square foot is high.
House is ready for occupancy.
Have to wait for completion.
Neighbourhood is already there before you. Tend to be more diverse in terms of backgrounds as people have moved in and out.
New and most of the time are homogeneous. You will most likely find your clicks in there as the thing that attracted you to staying there is the same thing that attracted them. You create your neighborhood lifestyle.
Living Space and designs
Most older homes have larger land as cost of land is lower during those times.
New properties tend to cost more per square foot, thus reducing size of living space in exchange for affordability
Fixtures, walls, and doors designs are already intact for you to move in to. Customization may mean a whole revamp that may lose the charm that drew you to it in the first place.
Completely up to you to decorate.
Old properties may have lesser security features. Unless previous owner is a security focused person.
A lot of new properties now come gated, installed with alarm systems, automatic gates or simply have stronger doors and systems to prevent burglary.
With more land, there is more freedom for your creativity. However, if the previous owner is an avid gardener, he might have already left his mark.
Chances are, land is limited unless you buy a more expensive property.
If previous owner did not do a good job upkeeping the place, maintenance can be a real problem. Building materials may be harder to replace to match the old ones.
New properties come with at least a 1 year warranty for repair of some problems.
So it really depends on individuals what they are looking for. Some may find living in outskirts has its attraction as it’s less hectic and don’t mind the extra travelling time. Some thinks it’s not a good idea.
I hope the above comparison chart has at least brought to your attention the pros and cons for both types of properties. And will help you in making your decision.