Older homes can be a great investment, but they also come with their own set of challenges. There are several factors to consider before buying an older home. This article outlines some pros and cons of buying an older home so you can decide if it’s right for your family.
Pros of Buying an Older Home
Older houses are usually located in established communities and near town centers, so you’ll have access to schools, grocery stores, public transportation, and recreational centers nearby, as well as other services, such as recycling and garbage collection.
More Charm and Character When Buying an Older Home
Due to increasing demand for housing and a shrinking supply, home builders and developers construct newer ones as quickly as possible. This often means that new housing has similar features and amenities and less character compared to older homes.
On the other hand, older homes were built with the owner’s requirements and desires in mind. In older homes, there are unique features, including custom original fireplaces, sloping ceilings, wooden beams, crown molding, pocket doors, and built-in shelving.
You’ll also enjoy the added bonus of ancient trees, which take decades or centuries to mature. For example, the streets of these old neighborhoods may be graced with sprawling oak trees, the likes of which you won’t find in newer communities.
Larger Lot Size
When buyers are looking for a home, one of the first things most look for is the property’s size and lot. Families were larger years ago, and they lived on larger lots.
In addition, older homes generally have large garden areas, as they were constructed when the land was more abundant and less expensive. The idea of a larger garden has appeal for anybody with children or who loves to spend time outside.
Cons of Buying an Older Home
Poor Energy Efficiency
New homes are constructed with the most current energy-efficient construction standards and are well sealed and insulated. This means that they’ll be more affordable to operate than older homes, which won’t have the same energy-saving features unless they’ve been updated.
There are ways to make older homes more energy-efficient without affecting their charm. Keep in mind that there’s a high cost involved with insulating your home and making it more energy-efficient, but it’s worth it over time as you’ll see lower utility bills.
Higher Cost of Maintenance and Updating
Older houses are expected to have a lot of wear and tear due to their age. The house’s plumbing, electric wiring, heating system, and air conditioning could be outdated, putting it at risk of non-compliance with current codes.
It’s critical that you hire an inspector to check each system in an older home to ensure that they are up to date, efficient, and safe. These systems are the most necessary and the most costly to repair or replace.
Higher Insurance Cost
It’s a requirement to have homeowners insurance if you buy a house. However, homeowners insurance on an older property may be more expensive than that for a newer structure. Insurance companies are well aware that an old house exhibits more risks than a new one.
It’s a good idea to consult with an insurance specialist that specializes in older properties. They may provide you with information on how to improve the property so that your insurance premiums go down.