When you're looking for a new place to live, the first question you ask yourself will help drive the rest of your decision-making: should you rent or buy? Buying a house may seem attractive because you can put an end to rent escalation and accumulate capital. But the reality of routine home maintenance and repairs can quickly drain a bank account. Purchasing a newer home may be worth it for the lower maintenance and utility costs over time, but if the high upfront costs don't fit your financial situation, an older home may be a better option. Generally, they require less money upfront and allow you to stagger the maintenance costs.
According to the American Housing Survey (AHS), homeowners spent 81 cents per square foot per year on electricity at a median rate. When deciding between an older or newer house, consider your budget and lifestyle. If you're looking for a low-maintenance home with modern amenities, a newer house may be the way to go. But if you're looking for a more affordable option with potential for customization, an older home may be the right choice.
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