Which is better...

[jspringer4]

Which is the better way to go, buying a newly built house or renovating an older one?

[alessadry]

I think you get what you pay for. Of course getting a new home is the best option, in my opinion since everything is new and in working order. You still also may have the manufacturing warranty from the builder. However, buying new homes can be costly. Think of it as a car, new cars vs. older cars that need routine maintenance and repairs.

Many times you can by an older home and fix it for a much lower price. It all depends on what you want to do. Sometimes you can buy a new home at the price you would pay for an older home and fix it. Some repairs can be very costly! So I would say it all depends on the areas, sizes of homes, amenites, how much repair is needed etc.

[elvenrunelord]

I'd say go with remodeling a older home if its still in good shape. You will save money that can be used to improve the home above what you were expecting out of a new home, and you will be reusing resources rather than using new resources.

Its win win in my eyes.

[Orrymain]

Originally Posted by jspringer4

Which is the better way to go, buying a newly built house or renovating an older one?

That depends on the individual and what their personal preferences are. There are plusses and minuses to both. Sometimes renovation can get you into a plum area whereas new housing often means new, more distant areas from where you really want to be.

[mandiees]

This is really going to be an individual preference and depend on the amount of time/money you are willing to put into the place. I like the charm of older homes, but a newer home would make more sense for someone with a family and other obligations.

[Orrymain]

Unless it's a fixer-upper. I've seen some old homes transformed slowly over a period of time by a handy family. I swear, this one house on the corner nearby was just awful, and they turned into a pretty, gingerbread house or something -- little gazebo, cute walkway, trellis, etc. - all kinds of things -- just beautiful now, but they did it themselves. The value of the house has shot up since they purchased it.

[mscott]

I would think it would depend on how much of the fixing you can do by yourself or what the expense of it will be coupled with the location. If it is in a place that no one really wants to live in or the values all seem to be going down it wouldn't make sense to put a lot of money into it anyway.

[Orrymain]

Our neighborhood is sought after so it makes perfect sense and is well worth it. It's fun to watch, too.

[bubble]

Renovating could be costly, depending on how you are going to go about it and if you have the necessary skills to carry out the work yourself.

After spending money and time renovating my current house I say never again, next time it will be all shiny and new for me!!!

[djschwab]

If you are handy by nature, than an older house may be the way to go. You can get some great deals and build alot of equity fast if you are willing and capable of doing the work yourself.