Which in the Nashville area is better to buy? A brand new home, or an older home? Thats a good question and the answer really depends on who you ask. Better yet, just ask yourself!
- Everything is new, clean and fresh.
- Everything that is man-made has a useful life. In your new home, you get to start the useful life clock! Before you need a new roof, your hair color will have probably changed and you will be well on your way to retirement. You will not be replacing corroded water and sewer lines in your lifetime. The list goes on.
- In a new home, depending on the stage of construction, you have the flexibility to personalize your home with your own choices!
- There are many life styles and floor plans to choose from, all in the same location. Decide where you want to live and then decide what you want your new home to be, not the other way around.
- Stay healthier and safer in a new home. You don’t have to worry about lead-based paints. You don’t have to worry about what may be looming in the HVAC ductwork. You don’t have to think twice about what may be in that carpeting. Your home meets all the latest building codes.
- A new home is certainly more energy efficient, which leaves you more money to enjoy life with. Remember, you just can’t beat fun!
- A new home comes with a warranty. Many of the mechanical systems carry long term warranties in addition to the builder’s warranty.
- You are the “first link” in the equity chain. You get first dibs!
- Your new trees are not as tall as your new home, eliminating the chore of gutter cleaning for many years. You will have great fun showing pictures from the cruise you took while your old-home friends were cleaning gutters.
Older, Resale Homes
- If you like to spend vast amounts of money on tools, an older home may be just for you.
- You can enjoy working on your house while your friends are playing golf, boating, fishing, hunting, watching ball games, or traveling.
- You are not the “first link” in the equity chain. Others have come before you.
- An older home may not comply with the latest codes, and may not be eligible for FHA financing. That may not be a problem for you, but it could be a problem when you want to sell. Not everyone has 20% to put down these days.
- Buyers tend to have more negotiation power with resale homes than new homes. Just like they do with used cars. Remember, there are probably issues that you don’t even know about waiting to be fixed.
- The older home may be in a neighborhood without protective covenants. “Terrific!” you may say. Until your neighbor parks a mobile home in the back yard for a brother-in-law to live in, who happens to work on old trucks.
Those of you that prefer older homes, please do not take offense with this satirical comparison. I know that a newer home is not for everybody… just the people that want more fun out of life and do not want their second job to be at home!
Trey Lewis is a licensed Real Estate Broker in the State of Tennessee with Ole South Realty, www.OleSouth.com, 615.896.0019 direct 615.593.6340. Specializing in new home sales in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, and Spring Hill, Tennessee