Buying an older home can be a rewarding experience. Not only do you get to enjoy the historical charm, you also save money as older homes typically cost less than newer ones. Before you decide to buy one, here are ten facts you need to know before making your final decision. First let’s examine the benefits:
1) Reasonable Price – You’ll find older homes selling for less than a comparable newer home. In some metropolitan areas, the opposite can be true, especially in highly desirable areas where land costs are high.
2) Construction – Older Homes are usually constructed with higher grade materials such as thicker beams, solid walls, heavy duty fixtures, and solid wood doors.
3) A Community With History – In an established neighborhood, it’s easier to experience the ambiance by driving through the area. When you look at new homes, it’s difficult to get a feel of the community when you only have empty lots and drawings to look at.
4) Established Landscaping – With older neighborhoods, you can stroll through the community and enjoy full grown trees, bushes, and mature landscaping. Newer homes will take years to fully develop.
5) Charm – Older homes exhibit unique decorative accents and character such as beautiful crown moldings, durable built-in cabinetry, and sturdy hardwood flooring. You won’t find these upgrades in a new home unless you invest money to add these details.
While there are wonderful advantages to buying an older home, there are also drawbacks such as:
6) Improvement Costs – The appliances and fixtures in an older home have endured years of use and will require money to replace and upgrade. The water heater, light fixtures, and faucet handles will need to be replaced.
7) Higher Utility Bills – Older homes are built with less energy efficient construction materials so expect your electric and gas bills to be higher in the summer and winter.
Decor – Older homes tend to have outdated wallpaper, paint colors, and flooring. Be prepared to spend lots of time removing and upgrading the decor to suit your taste.
9) Less Ergonomic Floor plan – Floor plans in an older home were designed with a different lifestyle in mind. Smaller rooms and a less ergonomic layout may make it difficult for you to install a wide screen TV or design a functional home office.
10) Resale Value Is Less – Although older homes are more affordable, they also have lower resale value compared to newer homes of equal size and features.
If you’re searching for the perfect starter home in Southern California, check out these local Anaheim Realtors and Anaheim Hills Realtors to help you find one.
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