by Lauren Hewitt

Created on: September 30, 2008   Last Updated: October 05, 2008

When shopping for a home, you may find yourself standing in a brand new house, marveling at the granite countertops and lovely bamboo floors. The paint is brand new, the appliances have never been used and the hardwood floors have yet to sustain so much as a scratch. You're in love (what's not to love?) but your real estate agent is pushing you to see others before making a final choice. You walk back down the brand-new driveway, glancing back over your shoulder at the newly-landscaped lawn, and begrudgingly leave to see an older home not far away.

While new houses have all the appeal of everything that buyers are looking for at that particular point in time (think wood paneling in the 1970's, floral wallpaper in the 1990's and neutral, earth-toned walls today), an older home can be a much better investment. Sure, the new home has that ultra-modern sink in the ensuite, but it can be easy to forget that buyers are paying a premium for these kinds of amenities. Builders know what buyers are looking for and outfit their new homes accordingly, hoping for that instant rush of perfection a buyer feels when they walk in the door. However, that same feel can be created in an older home, and at a much lower cost.

Look past easily-fixed cosmetic issues such as ugly carpeting or questionable paint on the walls. These things can be changed easily, and the cost to fix them will not leave you nearly as short as buying the brand new house may. Older homes may have issues such as a roof needing repairs or windows which need replacing, but these short-term investments are counteracted by the fact that you are investing in a home which ultimately you will enjoy living in more.

The brand new suburbs being built in cities nationwide today are mostly identical. The houses are identical to each other (or at least many others on the same street), packed in close together to optimize the use of the land. Older homes, built during a time when quality usurped quantity, enjoy more space, larger yards, longer driveways and mature landscaping. That means, you don't have to wait 15 years to enjoy that seedling in the middle of your front yard. The hedge behind the house is already mature enough to afford you some privacy and your neighbors aren't necessarily an arm's reach away. While you're awestruck by granite and hardwood in a new home, it can be easy to disregard important aspects of the home such as the size of the lot, but the first time you try to enjoy your backyard you may find that your neighbors are all a bit close for comfort.

Choose a refurbished home over a new one. Breathe new life into it and make it yours. Enjoy living in an established neighborhood with an existing community, and revel in the fact that you can enjoy a book in the backyard without having your neighbors reading over your shoulder.

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