Las Vegas

SHOULD YOU BUY A NEW HOME OR AN OLD HOME? TAKE THIS QUIZ!

July 08, 2019

It’s one of the first questions house hunters ask themselves: should they focus their search on new homes or used homes?

There are many factors to consider. To help address them, take our true or false quiz below.

TRUE/FALSE: I prefer a home in which I can make design decisions.

WHAT YOUR ANSWER MEANS: Newer homes often allow buyers to make design decisions about materials and colors. If you appreciate the opportunity to make decisions about the look and feel of your new residence, a new home build is right up your alley.

For some people, however, adding such choices to their “to do” list may simply be too much. There’s nothing wrong with that, and there are many homes for them to consider.

TRUE/FALSE: Safety is a paramount concern of mine.

WHAT YOUR ANSWER MEANS: Circuit breakers, garage door safety beams, sprinkler systems, and more: you’re likelier to find them in newer builds. Older homes can feature them, but only after costly upgrades.

TRUE/FALSE: I like to tinker around the house, fixing things that break.

WHAT YOUR ANSWER MEANS: There are two types of people in the world:

• Those who enjoy working on home improvement projects big or small
• Those who prefer to leave home improvement projects to others

Older houses offer opportunities galore for the former group. There’s a reason the home improvement industry is worth billions of dollars, right? If you’re disinclined to work on the place you just bought, look to new builds.

TRUE/FALSE: I place a great deal of value in nearby community amenities.

WHAT YOUR ANSWER MEANS: Master-planned communities such as Aliante and Mountain’s Edge provide golfing, entertainment options such as amphitheaters, trails, picnic areas, and more.

They’re not the only ones, of course. Master-planned communities across the country develop neighborhoods replete with everything single people, couples, and families could want within walking distance.

TRUE/FALSE: Living in an energy efficient home is a big concern of mine.

WHAT YOUR ANSWER MEANS: Buying a new home means buying a residence constructed with the latest energy efficient techniques, materials, and appliances.

Owners can retrofit their places with those same appliances, plus double-paned windows and similar fixes. But such changes are far less likely to achieve the same level of efficiency of a new home build, however.

They can also prove expensive. Costs range from a $395 average for an energy efficiency consultant to an average of $1,100 to upgrade or replace an electrical panel and much, much more.

TRUE/FALSE: Older homes are always cheaper than newer homes — a financial difference I appreciate.

WHAT YOUR ANSWER MEANS: Some people think that older homes offer price savings over new homes. That’s not necessarily accurate once we consider the total cost of ownership.

Unless an older home is taken down to the studs and virtually rebuilt, it contains too many aged elements to escape annual fixes that, over time, equal whatever cost difference between that older residence and a newer one.

Recent data reveals that average home improvement spending reached $7,560, while the average home maintenance total came in at $1,105 and home-related emergency spending at $416. Added up, that’s an average spend of more than $9,000.

TRUE/FALSE: I value plenty of storage space.

WHAT YOUR ANSWER MEANS: You need a new home. Some older homes have entire rooms with either no or very little closet space. Think about all the old houses with “great character” whose owners must rely on armoires, wardrobes, and other storage-related furnishings to store clothing and more.

TRUE/FALSE: I like the idea of moving into a well-established community.

WHAT YOUR ANSWER MEANS: There’s an advantage to older homes for you. With all the amenities the aforementioned master-planned communities offer, they can’t sidestep Father Time. Roots need time to establish themselves in a community, even with neighborhoods explicitly designed to bring people together. If socializing with the neighbors isn’t high on your list, though, there’s no advantage to be had here.

TRUE/FALSE: I don’t mind buying things that other people have used.

WHAT YOUR ANSWER MEANS: There’s no getting around it: some people are uncomfortable using things that others have used. This can be cars, clothing, and, yes, even homes. If your catalog of idiosyncrasies includes such a feeling, new home construction is the only way to go.

TRUE/FALSE: I’m impatient and want to move right now.

WHAT YOUR ANSWER MEANS: In other parts of the country, your impatience might point to old homes since the inventory of them is more extensive. In Las Vegas, though, the current economic boom means you have your choice of older and newer construction.

The New Home Experts Are Ready When You Are

House hunting requires you to answer a lot of questions. The pressure is on, since buying a house is the largest financial transaction most people ever make.

If your answers to the questions above establish that you’re after new home construction and the benefits it bestows, The New Home Experts are ready to help you today. Contact us today to learn more.