Thinking about buying a new home? Not sure which neighborhood you should move into? How does moving into a renovated neighborhood compare to moving into a brand-new neighborhood? What are the benefits to you? These are all questions that surely you must be considering. So to help in your quest of whether to go with renovated vs new neighborhoods, why not consider the following food for thought.
Advantages and Disadvantages of a Renovated Neighborhood
When deciding on whether or not to buy into a renovated neighborhood, there are several factors that you must consider. Some of the advantages of a renovated neighborhood might include:
– The property itself is updated throughout
– Plumbing, Electrical, HVAC, Roofing, etc. are usually newer
– Other homes in the neighborhood may have been renovated
– The neighborhood may be appreciating in value
– Retail cost of the home is usually discounted
– Home usually qualifies for FHA/First-time home buyer programs.
Some of the disadvantages of a renovated neighborhood might include:
– Even with updates and renovations, you never know what you’re going to get in an older home
– Neighborhood could have mid-high crime rates
– Neighborhood may consist of mostly renters
– Neighbor quality may vary greatly
– Neighborhood may not be well kept
Advantages and Disadvantages of a New Neighborhood
On the other hand, there are also many advantages and disadvantages of a newly developed neighborhood. Here are just a few. The advantages might include:
– Most likely, no one has ever lived in your home, which could translate to less possible issues with the home
– Safer, more desirable neighborhood
– Neighborhood consists of mostly owners, translating into a better cared-for neighborhood
– Property value is usually much higher
The disadvantages of a newer neighborhood might include:
– Higher price tags
– Homeowner’s Association (HOA) fees
– Higher property taxes
– These homes typically have less character and more cookie-cutter designs
So as you can see, there are many variables to weigh. You must consider what’s going to be best for you and your family. Many renovated homes come with some sort of historical charm, and purchasing one may even contribute to the revitalization of the entire neighborhood. On the other hand, a newer home may provide more security and peace of mind. Nonetheless, it comes at a much higher price tag. This is just some food for thought. We hope it helps in your final decision.
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