SOURCE: Gold Star Mortgage Financial

March 04, 2013 06:00 ET

Buyers Encouraged to Weigh New vs. Old Homes, Says Gold Star Mortgage Financial

Fox News Shares Some Tips for Homeowners Seeking to Weigh New Homes Versus Old -- Prompting a Comment From Gold Star Mortgage Financial

ANN ARBOR, MI--(Marketwire - Mar 4, 2013) - According to Gold Star Mortgage Financial, home buyers have long faced a common dilemma -- that of whether to invest in a new home or to purchase an older one. Fox News recently reported on this conundrum. According to the Fox News report, there are pros and cons associated with buying an existing home and with investing in a new construction -- and ultimately, the right thing to do comes down to the preferences of the individual homeowners. The Fox News report has won a comment from Gold Star Mortgage Financial; the company has issued a statement to the press, opining on the Fox report.

"When it comes to the decision of whether to buy a new or old home, it is completely up to the home buyer," comments Gold Star Mortgage Financial. "However, it is imperative that you thoroughly evaluate the neighborhood as well as the house. Check out the neighborhood beforehand, during different times of the day. Talk to a few neighbors, as they can tell you about any problems they've encountered in the past. Many homeowners will tell you that it definitely pays to do your research." 

According to Fox News, homebuilders were constructing new homes and new developments at record speeds, even just a few years ago. Then the Great Recession came and significantly slowed construction -- a slowdown that still impacts many markets across the country. As such, the opportunities to move into new constructions are slightly fewer than they used to be, and as such, potential buyers face tough decisions.

The article notes some of the advantages of choosing an existing home. When moving into an older home, buyers can get a good sense of the neighborhood itself. Additionally, they do not have to contend with ongoing construction or with immature landscaping, two annoyances that plague many new developments.

There are advantages to new constructions, too, Fox continues. Most significantly, homeowners have more say in the colors used, in the type of flooring, and so forth. The report notes that the level of choice is contingent on how much the homeowner is willing to pay, as "custom" color schemes or materials can often cost extra. Additionally, in a brand new home, homeowners are less likely to contend with leaky faucets and other maintenance issues. Finally, buying a new home means homeowners can ensure their property complies with current standards of energy efficiency; retrofitting an older home for energy efficiency, meanwhile, is usually expensive and time-consuming.

Gold Star Mortgage Financial is a leading direct home lender, based in Detroit and known for its low rates and fees.

ABOUT:

Gold Star Mortgage Financial Group is a nationally recognized direct home lender, based in the Detroit, Michigan metro area. The company is known for its low rates and fees, and also for its emphasis on superlative customer service. Gold Star Mortgage was founded by Daniel Milstein, who is currently rated as the #1 mortgage originator in the country. The company is ranked as #349 on the INC500 list of fastest-growing companies.