Friday, November 8, 2013
The pros and cons of buying an older home
When it comes to the
time to buying a home there are many factors for you to take into
consideration. One of the first places to start is to decide what type of
home you want to live in; a town home, single family home, a new build home, or
possibly an older used home. While you might see more affordability in
purchasing an older home, they are known to occasionally turn into a giant
nightmare. Every home buyer has their preferences but know that there are
both pros and cons to buying an old home.
Cons of buying an old home:
1. As homes get
older, they call for more maintenance. Many older homes end up needing
quite a bit of work which ends up adding to your costs and labor.
2. Pests and
rodents are more likely to infest an older home and the probability for mold
and mildew are much higher. A home
inspection is a must when buying an holder home and is undeniably worth the
extra money.
3. Older homes are
generally more difficult and expensive to bring up to date with internet, TV,
wiring, and appliances.
4. These days most
people just go to the Home Depot to get their standard sized tools or
materials. Generally on older homes there is no "standard
measurement" and there's no promise you'll be able to find the same sized
pipe or screw.
5. Newer homes are
normally safer and you never know if your older home is mercury, lead, or
asbestos free.
Pros of buying an old home:
1. Generally with older
homes you can get more house for less money, meaning more square footage over
buying a newer home.
2. If you're good
at fixing up and selling houses, an older home is usually a good project for
profit. Some of the best margins are made on older homes.
3. Older homes tend to
have a better interior and exterior aesthetic appearance.
4. Some older
homes were built with solid concrete and were made to last through anything until
the end of time.
5. A lot of older
homes were built with more bedrooms and are more suitable for a bigger sized
family
In conclusion, the
decision to buy an older home should be based on a few factors. Each
individual home will vary and you may find an older home just right for you or
a brand new home that is affordable in your price range. Either
way, make sure you check into all the ins and outs of the home first to ensure
that your home purchase will be the right decision for you.
For help finding a used
or new home in your area please contact one of our expert Real Estate Agents at
801.478.4545 or you can fill out your contact information here and
one of our agents will contact you shortly.
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