Many people ask about buying new construction versus an older home, and which one is a better value. This is a multi-faceted question since there are so many things to consider. In general around the Arlington area, you’re going to pay more for a new property than you will for an older home. The average age of an Arlington home is 57 years! Most of the county was built during the 1930s-1960s, so you’ll find many, many homes that are older than that AND younger. Keep the following in mind when evaluating your options:
When Considering NEW Homes:
- Less maintenance in the early years (many come with a short warranty)
- More energy efficient
- Usually larger than older homes
- Is the neighborhood established or is it an “up and coming” neighborhood?
- Landscaping is new, newer/younger trees still have yet to mature
- Modern inside and out, lacks the old “charm” of an older home
- Is the neighborhood still under construction? Will you have nails, hammers, construction crews around for a while?
- Usually priced higher since new land is hard to come by and pricier
- If it’s a condo – as the project sells out, the last units will be priced much lower than yours (usually), may see an initial drop until the builder sells all of the units
When Considering OLDER Homes:
- Continuing maintenance from previous owners; may be unaware of necessary repairs if pertinent information is unavailable at the time of purchase
- May be able to upgrade systems to improve efficiency, but will cost $ if it’s not done yet
- Usually smaller, keeping with the older “charm and character” of the house
- Mature trees/landscaping
- More established neighborhood – you can know who your neighbors are before buying
- Established history of the care of the neighborhood/civic association
- May get something for cheaper and invest money to upgrade the property
Above all else – which do you prefer? Something older or newer?
The rest is just details. Figure out your “must haves” and your “would like” list and you’ll be able to better determine what will fill your needs!