A brand-new gadget, a brand-new pair of shoes, or even a brand-new home can look extremely attractive. Something about possessing an item that’s exclusively yours—from ownership to first use—seems exciting. It’s probably why a lot of families are looking to purchase brand new homes and properties instead of older ones.
Even the Philippine Statistics Authority reports that in 2017 alone, there were a total of 152,012 residential buildings built in the Philippines. That’s 2.6% more than the year before! It’s safe to say that mantra of buying something new still pulls a lot a people. So what is it about older homes that turn homebuyers off?
Aside from its age, some buyers may automatically assume that aged homes are being sold because of leaky repairs and outdated architecture. There are a lot of misconceptions about older homes that float around. But simply believing them may do your more harm than good. Before filtering your options to only new homes, you may want to read on about how we debunk these five myths about older homes.
Myth: An older home is just a pile of reconstruction and repairs waiting to happen.
Truth: It really depends! Not every pre-owned home has a leaky faucet or a dripping ceiling. There are ways to ensure that a home is in good shape or needs limited repairs before purchasing it. One of it could be through assessing it via scheduled and agreed inspection.
Some homes are sold out of convenience. Some empty nesters—older couples with children who are typically living independently or are married—sell their homes because they would much prefer a smaller-sized property or would instead want to trade their family home for a retirement home. So before you turn down an aged home, better check its current state to make sure you aren’t missing out on an investment.
Myth: Older homes are outdated in design
Truth: On the contrary, older homes could possibly be more true to a specific design. Keep in mind that although there are definitely design trends that come and go, a home’s exterior and interior is all about personal taste! Some homes were patterned to design trends that were relevant to the decade it was built.
Remember that even historical homes are preserved, restored and treasured for its historical value and true-to-history character. So study the design and architectural choices of the home before jumping into current trends.
Myth: A brand-new home is worth more than an aged one
Truth: Just like all the other myths, this specific one depends on the case. Don’t brush off the option of an older home by simply assuming that brand-new homes will be priced higher. There are many factors that can play in the value of the property. Aside from its location and size, the included fixtures and upgrades an older home has undergone can play a role in its value.
Some buyers purchase older homes as an investment. In some cases, we have to keep in mind that older homes, especially in the metro have been built around prime locations and central business districts. It’s why developers opt to harness and commercialize new areas because the prime areas that have already been developed are most likely full.
Myth: There’s more work that goes into an older home than a new one
Truth: An older home will incur an excessive amount of trouble if it’s not in good shape. But it had a thorough inspection and your seller is transparent, this shouldn’t be much of a problem. There are definitely repair and maintenance potentials that could be foreseen throughout your stay which is inevitable in any pre-owned home. But it isn’t exactly “more work”.
If you were to build your own home from scratch, there are much more paperwork that could pile up your desk. From building permits, purchasing of land, hiring a construction team, architect and engineer to build the home ground up, and the many necessary government requirements to get you started may already be a doozy.
Myth: A pre-owned home may not reflect who I am since it was built to a former owner’s taste
Truth: It makes sense to assume this as homes are usually built to the initial owner’s preference. But remember that renovation or even small makeovers can make a heap of difference. At the end of the day, a home that speaks to you—may it be older or newer—is most likely one that you’d pick. Aside from more permanent structures, remember that the interiors of the home play a big role too. Take a step back and picture yourself in a specific property before turning your back. You never know, you may just find yourself loving it.