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Hi we are trying to decide between buying an older home (<80s) versus a newer home (2000+). Our major concern is resale value. We are only planning to stay in this area for 2-3 years. Would you buy an older home with upgrades or a newer home with basics in a major suburb (not a rural area)?
Tough. I personally love the character of older homes. I hate the way modern (mcmansions) homes look.
On the other hand, it totally pays to have a more modern house sometimes in terms of repairs and such.
If you're concerned about resale value though, my advice would be to buy an older home, put some (not a lot) money into it and resell it in a few years for a tidy profit. The housing market will be up in a few years and that, combined with any improvements you make should ensure a profit.
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If your intent is to stay 2/3 years than you are probally better to rent. Even in a strong market you might break even after 3 years but in this current economy probally at least 5.
If your intent is to stay 2/3 years than you are probally better to rent. Even in a strong market you might break even after 3 years but in this current economy probally at least 5.
Hi, thanks for that good point. However, currently we are moving through a relocation company who are going to cover the closing cost for both the home I am selling and the new home I will be buying. I am expecting that when I again move to a new company, the relocation benefits will be similar, but of course that's no guarantee!
When comparing newer or older home, consider the energy efficient aspect. If house isn't energy efficient, your cost to heat or cool might be considerable.
Not sure if you're set on Albany area, but there are some nice new communities north in Saratoga area (not Saratoga Springs), Wilton, Northunderland. Also some nice fairly new resales. You might consider Clifton Park, Ballston Spa, too.
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