Consider purchasing a home and the choice between buying a newly built home or buying an existing home inevitably arises.
In a potentially self-serving infographic, Schumacher Homes’ data leans toward buying new to avoid the cost of upkeep that comes with older homes. It also offers “7 Reasons To Buy New.”
Maybe the data isn’t so self-serving.
The Wall Street Journal reported it may be cheaper to buy a new or fully remodeled home every 10 years than to deal with the mounting repair problems of an aging home.
Keeping a typical home up to current standards for 30 years costs almost four times the purchase price, according to the Wall Street Journal.
Missing from Schumacher’s equation, of course, are some “X” factors – the greater choice of locations for existing homes, a wider range of prices and affordability levels for existing homes and the new-vs.-nearly new degrees of separation.
Otherwise, Schumacher offers useful insight on the new-vs-used comparison and spins the buy vs rent equation with a new home in the mix, revealing the new home payoff for buyers after just seven years.
Mouse over and click the infographic below to enlarge.