Most older homes are charming and often more affordable than new houses, but they also come with drawbacks. Here are the pros and cons of buying an older home.
Buying an Older Home in a Good Location
Generally, the houses closest to the center of town are older. This is because when towns were first established, the houses were built within walking distance. Because of this, older houses are often in the most desirable parts of the town and are walkable to shops and restaurants. While there are exceptions, this is common in most areas.
Older homes are generally priced lower than brand new or recently-built homes. If you have a strict budget and the housing market is competitive for buyers in your area, be open to looking at older properties. You may be able to find a house that fits your needs for a price you can afford.
The houses built today tend to all look the same, especially if they are built in the same development by the same builder. If you want to live in a home with a unique character, an older home is for you. Homes built many decades ago have features that you simply won’t find in new homes including coffered ceilings, pocket doors, archways, and transom windows.
Buying an Older Home Means Dealing with Wear and Tear
While newly constructed houses aren’t necessarily flawless, they don’t have wear and tear from previous occupants. An older home is sure to need some repairs and replacements due to wear and tear or components simply reaching the end of their lifespans.
Be prepared to have a constant list of fixes if you buy an older home. Of course, once you have lived in a new construction home for a few years, you will also have upkeep and maintenance.
Older houses tend to have outdated materials and decor. Shag carpeting and brightly-colored wallpaper used to be in style but now are considered gaudy. Some homes may have plumbing and electrical components that are no longer deemed safe, like polybutylene piping and aluminum wiring. If you buy an older home, you may have to replace outdated materials.
Asbestos and lead paint are examples of hazards in older homes that you won’t have to worry about in homes built after the 1980s. These substances have serious health implications so you’ll want to have an older home tested for them, especially if you’ll be making renovations.