Wondering which is a better deal, a new home or preowned home? The answer might surprise you.
It’s true that when comparing two similar homes, one new and the other preowned, the price tag of the preowned home is likely less, however that doesn’t mean it’s the better deal. To truely compare apples to apples, you need to factor in all of the additional costs that are not included in your home’s listing. Will any renovations be needed? What maintenance costs are going to be required in the coming years? How will the cost of utilities be affected by older building materials? How long do you expect to live in the house and what is the estimated resale value? When you add all of these added expenses together, you’ll likely find that buying a new house may actually be a better deal in the long run.
Here’s an example of how the costs of buying a preowned home can quickly add up: