On the other hand, “New homes should be worry-free for several years,” says Stewart. Just like we mere mortals when we get up there in years, old homes come with an inevitable need for repairs, replacements, and upgrades. And sooner or later, something is bound to break down, too (more on that next). That’s a sizable price hike! However, that money you save buying an old home may not remain in your pockets that long, since old homes are often less energy-efficient-and thus will cost more to heat and cool. In other words: You’ll cough up nearly $100,000, or 30% more, for a new home. Meanwhile, the median cost of an old home-often called an “existing home” in real estate parlance-is only $240,500.
New may be nice, but you pay for all that shiny newness: According to recent home price figures, the median cost of a new home is $335,400. New House: How much house can you afford?
