Either way you'll pay for 'new,' whether you buy it upfront or get something older and update later.
For me, the difference in price was over $75K between new home and older home and I'd have much less land with something new. I determined that if I updated the older house, with everything on my list, I would spend less than $40K and still be ahead financially from purchasing a new home. And the updates were not needed immediately or all at once, AND, none of the updates would be major construction or take longer than a week or 2.
The deciding factor was lot size. I wanted a larger lot with mature landscaping. So I went for a .31 acre lot that was already fenced and a home that was 18 yrs old and in good condition. The kitchen had already been updated and had new stainless appliances and I only had to paint one bedroom (color change). Otherwise it was in move-in condition.
Oh and no HOA to deal with!!
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