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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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