Just looking for advices between purchasing a new or old home. My situation: Purchase a waterfront lot, build a brand new home. The neighboring lots are still unsold. Lots of $$$ down, but payments will be low Purchase a older home, early 70's built that's priced slightly below it's appraised value, and planning to do some remodeling (repaving driveway, new flooring, new kitchen) throughout the years. Money down is 1/2 of the new home, payments run a few hundred less than the new home.