6 Pros and Cons of Buying an Older Home
Older homes have significant appeal. There is a lot to love about old homes, but it’s important to consider their downsides. The following are the pros and cons of buying an older home which will help you decide if they are right for you.
Appearance and Character
Modern homes can feel generic, especially if they have been built in a neighborhood alongside other homes built by the same builder. Older homes often feel unique, as they generally weren’t built as part of a development. Older homes have also come with years of upgrades, which can make them even more attractive.
Buying an Older Home Gives You a Better Location
Depending on the age of the home, it could have been built when being close to downtown was more feasible. This often puts them in very desirable locations close to both work and leisure. These homes can also be found in established neighborhoods with mature trees, charm, and a lot of character.
Reduced Initial Cost
Buying an older home can sometimes be more affordable. If they are showing a bit of age, the seller may reduce the asking price in order to make the deal more appealing. If the home is in considerable amounts of disrepair, you can save some money by acquiring a “project house,” and make it your own through renovation projects. This is, of course, conditional on the market values and the location of the house, which can vary.
Buying An Older Home Means Higher Maintenance and Repair Costs
Due to their age, the structure, appliances, and furnishings present in older homes are more likely to be worn down and in need of repair. An old home is more likely to have non-grounded electrical wiring which can be a safety concern and costly to fix. Other problems common in older homes include the presence of asbestos, lead, and mold damage, as well as radon issues, to name a few.
More Difficult to Make Energy-Efficient
Energy efficiency is something most buyers expect. Older homes come with inherent disadvantages. Most older homes were not built with energy efficiency in mind. It can be costly or even impossible to make them as energy-efficient as a newer dwelling due to insufficient insulation, old windows, aging appliances, and incompatible systems.
While many buyers prefer the charm of older houses, others may be deterred by dated architectural trends and floor plans. Many design choices made when older homes were built are out of style now. For example, older houses tend to have smaller closets and closed-off floor plans.
There are a lot of good reasons for buying an older home, but you should be realistic about potential issues. Any home you are considering purchasing should be thoroughly inspected so you will know about any problems and be less likely to end up with unpleasant surprises. Being well-informed will help you purchase a home that’s right for you.