Citrus County FL housing moratorium proposal sparks debate
https://www.chronicleonline.com/news/local/kinnard-s-housing-moratorium-proposal-sparks-debate/article_c74dd89a-1260-55e9-9fee-4896c8f09ffd.html
Older home or New construction?
Old House vs. New Construction: Which Is Right for You?
WHAT YOU'LL LEARN
The pros and cons of old homes
The pros and cons of newly constructed homes
Lending solutions for new homes
When you finally decide it’s time to buy, you’ll need to create a wish list for your future home, including its location, square footage, and price range, in addition to interior and exterior features.
But you’ll also need to decide if an older home or newly constructed home with all the latest features is right for you. A day-one, move-in-ready older home and a customizable, newly built home each have unique advantages and drawbacks, so let's look at both options’ pros and cons.
Older Home Pros
Without question, older homes have a certain charm and character that newer homes simply cannot replicate. Granted, they’ve had the opportunity to build up their personality over the last 75 to 100+ years.
Many older homes have distinct architecture and craftsmanship that you can’t find in today’s homes. Older homes are also typically found in established neighborhoods and communities. And speaking of location, because land was a lot more affordable all those years ago, older homes can have larger yards. That means you’ll have more space for weekend activities, entertainment for your kids, and landscaping projects.
When it comes to financing older homes, you’ll likely pay a lower cost upfront when compared to newly constructed homes. However, the immediate discount won’t always help you save more in the long run if the maintenance outweighs it.
Older Home Cons
It’s true, older homes can be more affordable upfront, but the cost of maintenance is one of their greatest drawbacks. They were built with older materials, so the price tag of repairing or replacing broken plumbing and HVAC units over the course of several years can mount up quickly, and parts can be hard to find too.
Older homes are also less energy efficient than newer homes. Many have outdated windows and insulation that could be in violation of today’s building codes. But more importantly, they won’t retain heat or cool air as well as their newer counterparts. But that’s where renovation loans can help!
What Is a Renovation Loan?
A renovation loan is a resourceful way to upgrade an existing property to accommodate new homeowners’ wants and needs. Anyone with the appropriate credit can take advantage of the loan to modernize an outdated home and make it their own. It transforms the not-so-perfect home you just purchased into your family’s future for the next 30 years.
Maybe you want a suite attached to your home so your mother-in-law has a space all her own. Or maybe you want to install or update the heating and cooling systems so you have the latest models on the market. In either case, a renovation loan would be the answer to your problems. Making accessibility improvements, redesigning the kitchen or bathroom layouts, or, if you obtain the correct medical waivers, installing a hot tub can each be a part of the overhauling completed by a renovation loan.
Repairs you want to see happen are included, too. Fixing your home’s piping to prevent increasing radon levels is an option. No matter the property, a renovation loan spins your recent purchase into your dream home with all the fixings.
New Construction Pros
Today’s new construction homes have more benefits for the buyer than ever before. You decide the amenities and design, and before you know it, you’ll have your dream home built from the ground up. So, what are new construction homes’ major advantages?
First and foremost, they likely won’t cost as much to maintain. Modern plumbing and appliances will be serviceable for many years to come. New construction homes are also much more energy efficient. That means you’ll save more money on your utility bills in the long run thanks to modern building practices.
And unlike older homes, you’ll have complete control over your new home’s customization. Express yourself with finishes and designs on a floor plan that specifically caters to your family’s needs. Although much of the personalization of new homes is limitless, there are still some clearly defined limitations in a few key areas.