When shopping for a new home, you have many choices to make. You may have strong preferences about the size and location of the home, but what about the age? Are you open to buying an older home or do you want one that was built recently? Here are 3 pros and cons of older houses.
Pros of Buying an Older Home: Location
This isn’t always the case, but it is common for the homes with the most central locations to be older. When towns were established, the first homes were built near the city center, which is now the downtown. If walkability and convenience are high on your list of priorities, you may want to consider buying an old house.
Pro: Character
Homes from decades past come with a unique character that isn’t replicated in new home builds. New homes tend to be built in subdivisions where all the houses look the same. Older homes have ornate features like Roman columns, arched doorways, nooks, bay windows, and carved wooden details. For some homebuyers, this benefit overrides the disadvantages of an older home.
Pro: Price
In general, you’ll pay more for a brand new home. Some homebuyers are willing to pay top dollar to be the first owner of a home with no wear and tear from previous owners. If this isn’t you, you can save money and still get the home of your dreams by buying an older home.
Cons of Buying an Older Home: Aging or Unsafe Materials
One thing to watch out for in older homes is aging materials that are sometimes unsafe. In decades past, there wasn’t as much knowledge about what type of materials were safe for home construction. Lead paint was used on walls, asbestos in insulation and tiles, aluminum for electrical wires, and polybutylene for plumbing pipes. All of these materials create environmental hazards, so before closing on an old home, have it inspected and tested for unsafe materials.
Cons: Needed Repairs
It is to be expected that an old home is more likely to require repairs than a brand new one. Most home components and systems need replacement at some point, like the HVAC system, roof, and appliances. Wear and tear and the elements damage building materials over time, requiring repairs. While a new construction home isn’t necessarily perfect, it won’t have wear and tear from previous owners.
Cons: Outdated Design
Architectural design trends change over the years. Currently, open floor plans and high ceilings are desireable. Older homes tend to have more traditional layouts and smaller rooms. They also may have outdated decor like shag carpeting and floral wallpaper that isn’t in style today.
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