I have a client who is analyzing himself out of a home. We have spent a lot of time looking at and discussing homes, trying to find just the right one in the right location and for the right price. But the questions always remain the same: “Should we buy a new house or an older home?” and “Should we buy this house or wait until later in the year when there may be more to choose from?”

 

The answer to the first question is harder than the second. Older homes have their charms. They usually have a lived in, homey atmosphere that comes when families grow up and then move on. The landscaping is mature so you see more than just a house when you drive up. That feeling continues inside. The hardwood floors have probably developed a patina that no modern stain can match. There may be custom details such as crown molding and chair rails, built-ins, a telephone niche in the hallway, a laundry chute to the basement, even a milk box where (yes, this really used to happen) the milk man would deliver milk every morning. Many of these homes are custom homes, but even in tracts the owners have had time to make them all different.

 

Newer homes, on the other hand are just that…. New!! They have a fresh look and feel, and usually the spaces are more open and more compatible with our modern way of life. One good thing about newer homes is that they are built to the most modern building codes, making them safer in an earthquake, for example, and more energy efficient than most older homes. And there is not the specter of imminent repairs. Hopefully you could live in a brand new home for at least 10 years, maybe 20, without facing any major expenses such as having to install a new roof or heating system, replumbing or rewiring. But all of this comes with a price as newer homes usually sell for more than a similar sized older home in the same location and on a similar lot. It makes sense.

 

The bottom line here is that it is all a matter of taste. Everybody wants something different, and part of my job as a real estate agent is to try to find out exactly what you like and what you don’t like, narrow down the choices for you, and help you to make the final decision.

 

The second question is much easier to answer. Buying a house is a major decision, and a scary one. In this area even a small starter home costs at least $1 million and a move-up home will cost at least twice that amount. And we are not talking castles here!! So taking the giant step from looking to making an offer can be difficult. There is always the chance that a better house may come up just as you sign on the dotted line. Conversely, if you pass up one house on the premise that a better one may come along, you may end up regretting it. It may never happen.

 

Every home is unique and if I had a crystal ball I could tell you if something else was coming up. But I don’t. So here is what I have to say. If you see a house that you like, and if it is in a location you like, and if it fits your lifestyle and is in your price range, don’t overanalyze it, buy it!!! If you don’t, it will always be the one that got away.

Recently I was listing agent for a house that got multiple offers. One “buyer” decided she wanted to see the house one more time before submitting her offer but she was out of town at the time. So she sent her agent over to tell the seller how much she loved the house and how well qualified she was and what a strong offer she would bring after she had another chance to see the house. In the meantime there were 3 agents sitting outside who had very strong offers from very well qualified buyers who loved the house and did not hold back. Of course the seller did not want to risk losing those three buyers to the one who held back, so she lost the house. Every time I see her agent, she tells me how sorry her client is and how every house she has seen since does not compare to the one she lost.

 

Buyers, if you are investors it is a totally different story. Then emotion flies out the window and you crunch the numbers. If it works in your favor, you buy the property, if not you walk away. It’s easy. Buying a home is different. It becomes a part of who you are and emotion should play a role in what you are doing. Not to the point where you ignore gross defects and buy it anyways, but you should feel good about the house and that is what really matters. So the decision should be easy. If you like it buy it!! End of story!