Think about the older homes you see in your community. Whether it’s the style they were built in, the identifying features or other characteristics, there’s just something about living in an older home that has a unique history behind it.
However, owning an older home also has its drawbacks if you aren’t careful. If you are looking to buy an older home this year, we have some pros and cons that may help you avoid a pitfall.
- Location – Since older homes were generally built first in an area’s development, they are often closer to all the action in town.
- Cost – This is more of a general statement, but you will typically pay less for an older home than a modern one of the same size.
- Long-term investments – Old homes are limited in supply, yet high in demand in many areas. Check with local owners of other older homes to see how much their home values have risen in the past decade.
- Availability- When you purchase an older home, there’s no waiting for the builder to put on the finishing touches or delays in the building schedule.
- Roots – Old houses may have older trees, whose longer, deeper roots can wreak havoc on your foundation or plumbing systems.
- Out-of-date building codes – Old heating, plumbing and wiring systems need to be checked to make sure they are up to modern codes, along with chimneys, windows and other vital parts of the home.
- Places to put your stuff- People own more stuff now than they used to, meaning closets and other storage spaces may be much smaller than what you are used to.
Before you decide to purchase a home, become acquainted with the neighborhood.. Don’t be afraid to ask both your realtor as well as the neighbors too many questions. Buying a home is a big decision and it shouldn’t be taken lightly.