Around 5.2 million homes are marketed as "existing homes" and sold in a year. The older homes do have their appeal and certainly bring benefits. They also carry downsides, and you'll need to be aware of both before you start searching for your dream property. Here are the pros and cons of buying an older home that you need to consider.
New Homes Rot Quicker
The materials for home building have changed over the years. With more homes being needed, hem-fir is now the preferred option as it grows quicker than traditional hardwood. It also rots quicker. When you buy an old home, it has already stood the test of time. It has weathered storms and will be able to weather them in the future.
Amenities in Walking Distance
Older homes were constructed with ease of living in mind. Some of them were built during a time where not every household had a car. For this reason, shops and schools needed to be nearby. Older homes are also more commonly located near a public transportation route as well as a park for children to play at.
Full of Character
New homes are now built to look the same. This helps to keep the building work to a minimum, and offers the basics to all families. The main differences will be the number of bedrooms to a home.
An older home will have more character. They are designed to look unique. You'll find a two story house next door to a bungalow or home with a hidden basement.
The Imperfections in the Homes
Older homes weren't built to the same standard as today when it comes to flooring and wall structure. There are imperfections, like slanted floors and wonky walls. Cupboard or closet space may be smaller, and bathrooms are as small as possible. This can put some buyers off as they want the storage space and ease of fitting in furniture.
Need of Updating
As mentioned, the homes weren't built to the standard of today. You run the risk of buying a home that needs rewiring or structure repair later on, due to poor standard technology and material. This is something you can look into, as some sellers will have already made the updates to make their home more sellable. You may even run into a home with an asbestos problem. As you can see, an older home may be more of a fixer-upper than a newer home.
As you can see, there are benefits and drawbacks to both older homes and newer homes. Only you can decide what is right for your needs.
Searching for a home a hundred miles away from where I was previously living was hard. There was no way for us to take a trip up to see every single house that we found online to see first-hand the condition that it was in and how big it truly was. I had to find a real estate agent that I could trust to help us find several houses to make a trip up to see in a single day. I created this blog after going through the buying process and making the move. It is my hope that if you are buying a new home far from your current one, that the tips here will help to make it an easy transaction for you.