2000sf Fixer Upper vs 400sf New Home
YES, you can buy a property with an existing larger home on it for nearly the same cost but have you considered what it will cost to renovate and maintain? This cost tends to exceed the cost of the property.
Item | Old Home | New Home |
---|---|---|
Cost | Same | Same |
Maintenance | High/Ongoing | Low/No |
Sustainability | Low | High |
Energy Efficiency | Low | High |
Renovation | Yes | No |
Space | More | Less (is more) |
Build/Renovate Time | More | Less |
Infrastructure | Yes | Maybe |
The cost of a home varies based on several different conditions and market driven factors. While it appears you are getting more bang for your buck when buying an older larger home, there tend to be a lot of time and cost consuming issues. In fact, you can easily spend more time and money on renovating an old home to bring up to code, update infrastructure, and accommodate modern lifestyle needs than building a new one. In the long run, a new home will be far more efficient, sustainable, will take less time to complete, and is headache free.