There is a direct relation between the physical life of a structure and its property value. Over time, a property tends to depreciate. However, land is an asset which remains valuable for several years and hence its value does not depreciate
When thinking about what type of home if right for you, it is important to note that older homes typically sell for significantly less than a newer home would. In fact, according to a recent article in the Wall Street Journal, new construction comes at a 10-20% premium over older homes. Also, a newer home will cost more to purchase, but remember that it can also sell for more later on down the road–that could be a valuable attribute for some. However, to purchase an older home at a significantly lower price per square foot is also a great value, and there is huge potential for increasing value through upgrades.
It usually takes about two weeks to complete the process of home loan, provided that the documents submitted by the applicant are valid.