If you’re in the market to purchase a house, you may have already considered an older property. Depending on your area and local real estate market, these houses may be worth a closer look. Here are a few pros and cons of buying an older home.
Advantages of Buying an Older Home
Better Building Materials
While many people find newer homes appealing, older homes tend to be better constructed. To save money, newly constructed homes are often built with builder-grade materials and after a few years, you may notice cabinet doors warping, paint peeling, and floors becoming scratched easily. One of the major benefits of buying an older home is that construction materials were usually carefully selected, well-made, and durable.
Lower Price Tag
Buyers tend to prefer newer or newly built homes. Often this means older homes have a lower asking price. Of course, it depends on the neighborhood and the condition of the home, but generally, an older home will be priced lower than a newer model with the same square footage.
An Older Home has Character
Older homes tend to have more personality. You might find real stone fireplaces, solid wood doors, arched doorways, built-in bookcases, and unique, one-of-a-kind doorknobs and hardware. When doing renovations and improvements, you’ll find ways to keep the character of the house. New homes, especially those built within neighborhoods and communities, often have a look and feel that is almost identical to the house right next door.
More Land When Buying an Older Home
Compared to homes that are built side-by-side in modern neighborhoods, older homes often come with more land. In the past, a home purchase commonly included a decent-sized yard. When buying an older home, you may find that the property has a larger lot that is perfect for young children, pets, or for starting a garden.
Disadvantages of Buying an Older Home
One of the disadvantages of purchasing an older home is the possibility of the interior needing extensive updates. You may have to deal with dated light fixtures, popcorn ceilings, shag carpeting, and tacky wallpaper. If you’re interested in an older home, make sure you have the budget for upgrades and improvements.
An older home may be less energy-efficient due to older and aging materials. Over time, insulation loses its effectiveness. Older appliances won’t work as well, use more electricity, and will be more expensive to maintain. Newer windows are also more energy-efficient. Some older homes may still have their original, single-pane glass windows that can make heating and cooling the home an expensive monthly cost.
Hard to Fit Windows and Doors
Because sizes weren’t always standard in years past, older homes may have unusually sized windows, doors, cabinet hardware, and even appliance spaces. This can be challenging when it’s time to replace an item in the home. You may find that you’re forced to order custom-built components or make other changes to accommodate newer models and fixtures.
When you’re shopping for a new home, don’t rule out touring older homes. With the right planning, budget, and information, you may find your dream home isn’t brand new.