The Pros & Cons of Buying an Older Home

image by southern living.com

We’ve discussed the pros and cons of buying new construction in an earlier blog. Let’s now look at this realtor.com article about buying an older home and the challenges and benefits of that older home purchase.

Pros:
1. Location, location, location. Older homes are often built closer to the center of town or close to amenities within walking distance.

2. Cost. You will probably pay less overall for an older home. This, of course, depends on condition and location, but generally, a modern house of the same size and in the same area will cost more than an older one.

3. Availability & furnishings. Unlike buying new construction, you will not have to wait for the home to be completed. And sometimes you can include furnishings in the purchase of an older home.

4. A long-term investment. Old homes are limited in supply. Take time to speak with your realtor about the area’s increase in value and equity.

Cons:
1. Outdated building code and maintenance. Make sure you have a good home inspector to conduct the home inspection before purchasing. Replacing major systems (HVAC, plumbing, electrical, etc.) can be very expensive.

2. Lack of storage. We all have so much stuff now. Older homes come with small closets, small pantries, little to no storage.

3. Root problems. Old houses can come with old trees and old root systems. Plumbing and the home’s foundation could be at risk and these repairs are expensive.

Take the time to get a good realtor that can help educate you on the important aspects of buying an older home.