Are you trying to decide if buying a used home in Albuquerque will save you money? It’s true that in most cases, a new home will cost more up front. But there’s more to the value of a home than the sales price.
Here are some numbers that might help you decide if buying a new home really will cost you more in the end.
Initial cost
Comparing the cost of a new home with an older one is not always a fair comparison. A newer 1500 square foot home might feel more roomier due to the open floor layout and higher ceilings. New homes are also built to make better use of natural light.
Updates
So you saved a ton of money on an older home in Albuquerque. But how much will it cost to bring it up to date? Even a small remodel can cost between $25,000 to $45,000.
Then we come to larger remodeling efforts, like the kitchen or bathroom. Now you can expect to pay at least $46,000. By that time, you’ve made up the difference in purchase price of buying a new home.
Upgrades
When you buy a new home in Albuquerque, you may have the option of selecting upgraded features that will make the home more to your taste. But you need to watch out for the cost of those upgrades to make sure they’re worth the extra money.
Upgrades are covered in the cost of the home and your mortgage. It may only raise your monthly payments by a small amount. And if you think you may want those upgrades down the road, you might as well have them done during the building stage. That way you won’t have to go through the trouble of doing them later.
Fixes
An older home in Albuquerque will no doubt have more issues to fix than a new home. A new home will probably come with a builder’s warranty for a time that will cover any repairs. With an older home, it’s all on you to cover repairs.
Utilities
Many people don’t factor in utilities in the cost of buying a new home vs buying an older home. As you would expect, a new home will be far more energy-efficient than an older one. Less heat and cold escape newer construction homes, and windows and appliances are more efficient as well. This adds up to big savings on your power bill.
There’s certainly nothing wrong with buying an older home in Albuquerque, as there are many fine older homes for sale here. But if you’re leaning toward a new construction home, these points above will hopefully help you make the best decision for your next home purchase in Albuquerque.
Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.
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