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The ""National Association of Home Builders"":http://www.nahb.org/ (NAHB) wants people to know they may not be saving money by purchasing older homes. With higher maintenance and upkeep costs, older homes may not be the bargain they appear to be, warns NAHB.
[IMAGE]NAHB compared the cost of owning a home built before 1960 to the cost of homes built since 2008 and found that after taxes, the total cost of owning a home in its first year is about 23 percent more for an equally-priced older home.
[COLUMN_BREAK]""Home buyers need to look beyond the initial sales price when considering to buy new construction or an existing home,"" said Rick Judson, chairman of NAHB.
""They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget,"" Judson said.
Utilities, maintenance and property taxes for homes built before 1960 average about $564 per year, according to NAHB's assessment, while these costs total about $241 for homes built after 2008.
NAHB also touted other amenities unique to newer homes, including ""open space floorplans, creative storage options and entertainment resources that cater to modern lifestyles, as well as the safety consideration that the structure was built and wired to modern codes and standards.""
While there is quite a range of homes built between 1960 and 2008, the home builder group did not release any findings on operating costs for these homes.
