What are Some Pros and Cons of Buying an Older Home?

When buying a home, one of the big decisions you will have to make is whether to buy an older home or one that was recently built. Some buyers prefer older homes while others would rather have a newer home and they typically have reasons for preferring one over the other. If you are still trying to decide between the two, here are some advantages and disadvantages of buying an older home.

Advantage 1: Tax breaks for restoring a historic home
If you are thinking of buying a home and restoring it in a historic district, many local municipalities will give you a tax break. Many home buyers like living in historic districts because of the Victorian-style homes and other traditional features. Your real estate agent can help you determine if purchasing a home in a historic district is right for you and your budget.

Advantage 2: Better construction
The adage “They don’t build them like they used to” is often applied to new homes. Today’s builders often do not use the same quality materials that the builders did 40 or 50 years ago. Even though today’s building codes may be stricter than they were decades ago, older homes have stood up to the test of time and they continue to retain their quality and appeal.

Advantage 3: Lower Price
Many older homes come with a lower price tag than today’s homes for a variety of reasons. For one thing, many older homes are owned outright by the original owner. You can often negotiate a lower price with the owner than you can with a builder or a bank-owned property. And since many older homes need repairs, the cost often reflects that need which results in a lowered price.

Disadvantage 1: Need for upgrades
Many older homes need to have upgrades completed before they are considered up to code. The previous owner may have never upgraded anything in the house which means you may need to do so after moving in. And if you want to maintain the original look, it could cost even more to complete those upgrades.

Disadvantage 2: Less space
Homes that were built 40 or 50 years ago did not have the focus on space that today’s homes have. That means that you may have to sacrifice closet space when you purchase an older home. The homes of yesteryear also typically have smaller kitchens and smaller bathrooms because they were “rooms of necessity” rather than luxury.

There are disadvantages and advantages to either type of home that you choose to buy. The best way to make your decision is to determine what is most important to you in a home and let that be your deciding factor.

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