Although some people like the idea of moving into a brand new home that has all the latest fixtures and gadgets, many others will prefer the option of occupying an older home for various reasons. If you’ve never lived in an older home or owned one before, there are some aspects to consider before taking the plunge and moving in.
Many advantages can be enjoyed when purchasing an older home:
More Affordable
Homes built prior to around 1970 can generally sell for between 10% and 20% less per square foot than new properties. If you’re willing to do a little DIY and maintenance work yourself, you could save a small fortune by purchasing an older property.
Higher Quality
Older homes were generally built with higher quality materials and a superior level of craftsmanship. These days, many homes are built with cheap dry walling, green lumber and sub-quality vinyl flooring. The better quality materials used in old houses have helped them to withstand decades of use and will probably outlast many new homes.
Unique Character
Homes being built these days are often erected by using a basic set of plans that have been replicated several times over. Older properties on the other hand were normally built according to unique floor plans, providing them with more character.
Lots are Larger
Nowadays, homes are built in such a way that they are virtually on top of each other. While this allows developers to place more houses on a smaller parcel of land, it reduces the amount of living space and makes genuine privacy all but non-existent. Older homes were erected in such a way that families could thoroughly enjoy using their outdoor space without worrying about disturbing anyone else.
Established Neighborhoods
New neighborhoods not only have most houses looking identical to each other; very few trees are usually left behind after construction has been completed as well. However, older homes are situated in established neighborhoods, allowing for more natural landscaping and a better aesthetic appeal overall.
Concerns Associated with Older Homes
- Asbestos – use of this substance wasn’t fully banned until 1989, meaning that many homes built before this will have some form of it in the fixtures. In some cases, asbestos can be encapsulated to prevent family members from being exposed to it – but this process can be costly
- Lead paint – Homes built before 1979 will often still contain traces of lead-based paint. Removing this can be quite costly
- Foundation Issues
Even the most solidly built older home could experience issues because of its foundation settling over time. This can result in the development of cracks. Dry rot and moisture damage are also common in some of these properties.
Keeping the above-mentioned points in mind when considering the purchase of an older home will help ensure that you get the best value for money possible. If you would like to learn more about obtaining the necessary funds to purchase one of these gems, contact our team today.
