The Pros and Cons of Buying an Older Home

Historical architecture, intricate detailing, rustic high beams, and traditional wooden fireplaces might be some of the images that come to mind when you think about the term ‘older home’. Or perhaps you picture a derelict structure, on the verge of condmenation…

Older homes certainly have that charm which you don’t often find in the modern-day build. While they can definitely come with benefits, you should still be mindful before making the leap and buying an older home.

The pros of buying an older home

Charm & features

Older homes undoubtedly have a sense of romance and charm that newer builds don’t possess. The detailing that was put into the woodwork, the high beamed ceilings and unique architecture are huge points of attraction for many. With older homes, you can be assured your neighbour won’t have an identical build and that your home is not a copycat of any other house on the market.

The feeling you get when in a home is usually a deciding factor in the purchase. You may love the feel of an older home! Those who love all the details in these older homes will find themself more in love with the space, and this often happens subconsciously. Older homes have history deep in their bones. This could be another point of attraction, knowing your home played a part in the story of those before you.

Price point

Generally speaking, older homes will be cheaper than the subsequent newer home. This is because they potentially will require more work and upkeep than the newer home. Buyers also may want to decrease the risk of potential problems that older homes come with. An older home could mean your chance to afford the land, the house size, or the location that is out of your reach with a newer home.

Size

Older homes are usually roomier than newer ones. While they may not come with the fancy conventions that new builds come with, they will often make up with it in their size. While modern homes tend to take up the full property you may find more acreage included on the older style houses. If you have any furry friends or simply are looking for a more country feel, this could be a big winning point.

Good investment

With older homes becoming more scarce, buying one could result in a great investment. You’ll likely still have to tidy it up and give it some modern touches, but their demand is likely to increase as we see less of them. If you buy smart and complete all the right inspections, you could find yourself with significant profit on your hands should you decide to sell.

Location

You’ll often find older homes in great locations. This is because they’ve seen it all and been there long before any shops, schools or malls were built. The town in many cases was literally built around them. Buying an older home could be your ticket into the prime location you’ve always dreamt of living in.

The cons of buying an older home

These are all great reasons to buy an older home, however, there are still some things to be aware of.

Insurance cost

Older homes are usually more expensive to insure than more modern ones. This is of course due to the risk they are suffering from wear and tear or will need certain replacements. They are more likely to have outdated plumbing, electrical and structural systems. If you do your research and find a good insurance company, you can often minimize these costs.

Electrical or plumbing issues

Inevitably there is a higher risk of running into maintenance issues in older properties. They were built in an age where the fancy new gadgets and electronics weren’t available. This doesn’t mean to say they won’t last just that you may find yourself replacing the drain pipe or the light switch more often. They probably won’t be as flashy on conserving electricity either, new technology means that modern systems conserve water and electricity as much as possible.

Environmental issues

Older homes are likely to be surrounded by lovely grounds and trees that have been there for tens, sometimes hundreds of years. While this sounds nice in theory, removing the tree if it becomes overgrown can be difficult. There is also a big problem with tree roots growing under the house and structurally damaging it. With the right home inspection beforehand you can avoid this issue entirely.

Design & Construction

While this was also listed as a positive some aspects of older homes construction can also be a negative. New technology has ensured our homes are warmer and more energy efficient. Without the likes of double glazed windows and good use of space, you’ll find yourself having to renovate an older home more.

Dated features & appearance

You may have initially been drawn to the traditional features of the home, but some will inevitably need modernizing. Older homes usually have a layout that doesn’t utilize space as effectively as new homes. They don’t have modern touches that you may miss. This could mean a rejig or renovation in the near future that proves costly.

These cons are all points to be aware of before buying an older home, but don’t let this put you off. Just play it smart and put some more money into home inspections to make sure there is nothing you’re missing. Also, make sure to get good insurance that will cover you if anything does go wrong. Above all, work with a realtor whom you can trust to help you navigate the entire process, start to finish.

Buying an older home will ensure you end up with something truly special and unique, so don’t let the downfalls scare you away.

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