Buying an older home closer to the city, or a newer home farther away? This is one of the most popular questions that we have from buyers during the year.
Sometimes when you are in the process of looking at homes to buy you may have to take into consideration if you want to stay in one location or another based on your budget. In one such instance, this comes up when deciding about the condition of the home and the area. There can be significant benefits to buying an older home and other advantages of buying a newer home. In this video, I talk about both.
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Buying an older home closer to the city, or a newer home farther away?
Hey everyone! I’m Jamey Prezzi, real estate agent in Miami-Dade and Broward counties. And today I’m going to talk about one of the most popular topics that our buyers bring to us. Maybe, it’s not really a topic, more it’s a question.
When they’re thinking about purchasing a single family home and they’re trying to decide on which location to buy in around the city. We work in Miami-Dade and Broward counties, so we see a lot of different options for buyers throughout the course of the year and as we’re showing properties. So, we have a very good snapshot in our heads about what you can purchase around the city and up north, up west, and obviously down south.
Often people don’t really have this same snapshot because they don’t see as many houses as what we see throughout the course of a year. So, one of the biggest topics that people come to us with is, I wanna to live in a brand new house, I don’t wanna buy an old house but, I want to live in that primo neighborhood, close to the city. The only thing is that most of the houses around this city, they’re older homes because they’re in older, established neighborhoods.
And if there is a house there that is renovated very nicely or torn down and made new, you know, those types of properties come at a premium. And most people have budgets. And most people’s budgets don’t allow for those super high premium, unique type of homes. So, what happens is, you have to come up and make a decision. Whether you’re willing to compromise a little bit so you can stay closer to the city and live in a little bit older home or make the jump and move outside of the city.
So, I wanna talk a little bit about sort of the scenario and the plus and minuses of both. Alright, so, one thing to know is that there are a lot of properties that may not be brand new but they might of been really well taken care of over the course of the last twenty or thirty years. Also, it’s really important to know that just because you’re buying a brand new home if you’re really concerned about, sort of, the maintenance issues and that’s your biggest driving factor of living in something brand new, all houses have maintenance issues throughout the course of the year. Whether they are brand new or older.
And an older home, you kind of already know what’s going on with that property. It’s very possible that the owners have already replaced some major systems. Maybe there’s a new septic tank. Maybe, possibly, the plumbing is new, the electrics new. So there could be a lot of things that are brand new in that home and maybe you just need to, sort of, update the style.
If you don’t have a budget to buy everything brand new and all you have to do is update the style, maybe you can compromise a little bit so that you can stay in the neighborhood where you want to buy, close to the city. On the other hand, if you wanna go outside of the city, there’s a lot of opportunity out there. You can definitely buy a lot bigger property. Typically more bedrooms. You’ll probably get a garage. Maybe even a pool. Maybe something on the water.
So, there are definitely great bonuses to living further outside of the city. One other thing that people are probably not aware of is the further away you are, sort of, from the stronger winds that a hurricane can possibly cause. They typically call it a wind pool. The cheaper the insurance is. So, if you’re able to, sort of, make a compromise and get a little bit further away from the city, whether its west or north and away from the ocean, the insurance will go down.
And also it’s very important to know, you know, obviously the further away you are from any type of major flood zone, that will also allow you to save a little bit on insurance. Those are obviously questions that you need to talk an licensed insurance agent about. But they are definitely expenses that you can incur living closer to the city and if you want to save money and you’re very budget conscious, you know, moving further out and away from those stronger wind pools will definitely save you a little bit of money.
The biggest thing to know is that there is always, kind of, this push and pull when it comes to buying real estate here. Most people do not have unlimited budgets and there’s always a point where you’ll probably have to compromise a little bit on something.
Whether its location or whether it’s the style of property. But there are a lot of options out there. Like I said, we work from south Miami up into Broward and we see tons of homes throughout the year.
There are a lot of good opportunities for people to buy in today’s market. If you have more questions about buying real estate in Miami-Dade or Broward counties, please give us a call at 305-793-8965 and also feel free to direct message me on social media. Have a great day.