My wife and I are first time home buyers. Two options for consideration right now are a big drafty old house with an oil furnace, or a shiny new construction home with a heat pump. Comparable in price. I immediately voted for the smaller, newer home with the more efficient heat. But was I right? What I'm reading about heat pumps is that they "don't work" under 40 degrees. This winter we had many, many nights in the teens and a few in the single digits. However, the new home is in a subdivision, and we've heard from our agent (a buyer's agent who I trust) that other homeowners absolutely love the place. All the houses are the same, with the same heating systems. I must be missing something. Who would build a house in the mountains with a heating system that doesn't work under 40 degrees? Would we be better off with the big, drafty, oil-heated house? We currently rent a small oil-heated house with great windows, and we've put $600 in the oil tank this winter. Can't imagine doubling the square footage. What do you think, GTers?