Should I Buy an Old House?
Should I buy an old house? It’s a question worth pondering. To make your decision, you will want to weigh both the pros and cons of buying an older property.
The Advantages of Buying an Old House
Old houses come in a mix of conditions, styles, and sizes. Generally, these days, any home built before 1970 is considered old. Although they may require more maintenance than newer homes, some are in better shape than others. There’s a lot of variety, but older homes do tend to offer certain advantages, according to Realtor.com:
- A cheaper price tag. New homes often cost 10 to 20 percent more than an updated old home of the same size. Opting for a fixer-upper can give you a chance at an even better deal.
- Better construction. Old homes use materials and construction techniques that are no longer available. The result is a quality of construction that can’t quite be matched by modern homes.
- More character. Old homes have special touches in the craftsmanship and design that newer homes can mimic but never replicate. Whether it’s handmade crown molding, stained glass windows, or mature oak trees in the yard, these things give old homes a unique character.
- An established location. Old homes are often in established areas that are stable with good schools, low crime, and a strong community. That’s often appealing.
- A larger lot. Since they were built at a time when land was less expensive, older homes often come with larger lots. It’s a nice change from the cramped lots that accompany new homes.
The Drawbacks to Buying an Old House
Buying an old house is not for everyone. As MillionAcres points out, there are potential disadvantages that you will want to watch out for:
- Safety concerns. In some cases, the age of a system or feature can be an issue. After all, it’s easy to understand that outdated electrical wiring might be a problem. In other situations, it is a lack of modern features that is the concern. For example, few old homes will have sprinklers.
- Outdated appliances and systems. Aging appliances and systems can be unreliable and inefficient. That can make life uncomfortable and lead to higher energy bills.
- Dated aesthetics. Some historic charm may be appealing. In other situations, the dated features and closed-off floor plan may cause problems that you are eager to fix with a stylistic update.
- Resale headaches. Concerns over the presence of things like lead, radon, and asbestos make many people wary of old homes. Others simply don’t want to deal with the higher maintenance requirements. Either way, finding a buyer for an older property can be tough, which can make selling your property difficult when the time comes.
Buying an Old House in Need of Renovation
While some old houses are move-in ready, others are fixer-uppers in need of work. These properties offer a chance to build equity fast if you are willing to put in the effort and put together the financing. As PrimeLending explains, renovation loans let you fund the purchase of the house and the necessary renovations with one application, one closing, and one monthly payment. There are several renovation loans to choose from, so you’ll want to look carefully at the specifics of the programs available. Then, you’ll need to think about what you hope to achieve and decide which program is the best fit for your particular requirements.
Is an old house your dream house? Talk to the loan experts at PrimeLending Twin Cities today about your housing goals. Our team of friendly pros would be delighted to help you explore your options. Contact us today.