To buy a new home or to give a fresh face to an old one? This is a question that families have been pondering for years and years. Both have their pros and their cons, especially when it comes to the financial side of business and the decision should never be taken lightly.

Buying a home is a big deal and, considering today’s market, it probably is a long term investment. There are very few people that actually have the money needed to make the purchase without additional funding from a bank. Thus, before making the big decision, here are 3 things that you should consider:

1. The budget

First of all, when deciding to invest in any type of home, you need to decide on a budget. Take into consideration the actual cost of the house, but also the additional costs. When talking about a new home, these costs may simply resume to furniture and general maintenance costs. An old home that needs renovations is a bit different because the cost of the work that needs to be done to an old house is much harder to predict.

Therefore, if you are on a strict budget and can live a couple of months without a lot of furniture, investing in a new home is the best solution for you.

 Why You Should Buy a New Home Not an Old One

 2. The work

A new home requires very little to no work on your part. You just get all your things and move them in. Sometimes it is already properly decorated and you don’t even need to bring in the old furniture and arrange it around the house.

Not the same can be said about an old house that needs redecorating or renovating. It is very unlikely that you will want to live in the house with workers breaking the walls or renovating the roof, for example. Furthermore, if you think about doing some of the work yourself, this will put an extra pressure on you and take a lot of your free time. Are you willing to make these sacrifices? Or would you rather just move into everything in its right place?

3. The long run

In the long run, a new home is a better investment than an old one. No matter the reason why you might decide to sell your house after a couple of years, you always have to take into account this possibility. As we have been shown, the real estate market is highly volatile and if the house in question is not a historical building in the heart of New York City, the resale price of an old house will always be smaller than that of a new house.

Whichever reason you have to invest in a house in the near future, take into account these three factors when deciding which type of property would be right for you.

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