Is owning a newer home cheaper than an older home?
Is owning a newer home cheaper than owning an older home if you consider the maintenance costs? Certainly something that anyone looking to buy a house should consider. A recent study from the National Association of Home Builders looked at this very question.
NAHB said that that homes built before 1960 have average maintenance costs of $564 a year, while a home built after 2008 averages only $241. This does make newer homes seem to be more attractive than older homes.
On the other hand, since the NAHB is an organization of home builders, did you really expect them to say that old was as good as brand new?
Almost like asking a salesperson at the NEW car dealership if you should buy a new car or find an older used car somewhere else…
But you know that some newer homes will be more energy efficient. And you probably also know that some older homes were well built and have been well maintained. But what if the older house has been updated and the energy efficiency has been addressed?
Isn’t it possible that an older house could be just as good?
The key is to really think about the BIG picture. Think about the home’s price, your taxes, insurance, utilities, the cost to commute back and forth to work, the monthly maintenance costs, etc etc.
There is much more to buying a house besides just the price.