Is Buying an Old Home a Good Investment?

old home

Old is nostalgic and alluring. Ceilings with rustic beams, fancy doorknobs, true craftsmanship—you can’t deny how irresistible to the eye old homes are. You might as well wish those never went out of style. Nowadays, classic is what everyone wants, but is it really practical to buy an old home for the old features current homes no more have?

According to the most recent Census estimates, 13.5 percent of the nation’s total housing units were built prior to 1940, while about 19 percent were built before 1950.

This is as per Governing, which means there are several older homes in America tempting homebuyers. Is purchasing an old house worth it? It turns out that buying an old home has more disadvantages than benefits, but in the end, it depends on you. If you’ve fixed your mind to buy an old home, you can still find ways to make the best out of it. Here are some benefits of buying one:

Lower upfront price and property tax

Since older homes are outdated, they have lower value, and so, they cost less. Modern homes the same size as the older ones cost more in the real estate markets. And since their assessed value is lower than the newer homes, they’re taxed much lower than modern homes of the same size.

Large property

In the early 90s, lands are much cheaper, so older homes have much larger yards. These days, homes are on smaller lots. Properties are crammed in a developed area, but older homes take up bigger space. So if you want a home with a potentially very large yard, you can buy older homes instead.

Solid foundation

Older homes have a more solid foundation because they wouldn’t have lasted longer when they aren’t. Their materials can better withstand wear and tear, although they have many other areas ripe with damages.

Built with character

There’s a reason we tend to instantly feel at home when we are in an older house. Modern homes nowadays are built as if through a cookie-cutter,  giving them similar vibes. Older homes have more character. You can see real craftsmanship full of uniqueness and charm.

And most of the characteristics that make older homes are now hard to find and buy. Most classic lovers can only try to replicate those characteristics into their new homes.

working in old attic

The opportunity to combine old and new

The older version of a bathroom with its clawfoot tub, fireplaces, and even home canneries can be so interesting that you don’t want to remove them all out. But good thing, you can choose to combine old and new features in your home, to retain its style while giving off modern convenience.

Simply staring at an old home can be so intriguing, but if you should buy one, you also have to be prepared for the difficulties. While the purchase cost is lower, all the renovations that follow can be very expensive. Here are some cons to consider when buying older homes:

Like rain, when damage appears, it might pour

For instance, after renovating a bathroom, you find that the foundation is actually cracked. Outdated wiring ought to be updated right away. And when you have to buy replacement materials, they can be more costly than modern ones. With an older home, you need to embrace the fact that you’ll have to do renovations one after another, another expense to flow out from your pocket. This is the last thing you want, especially when you’re barely even getting by to avoid foreclosure.

You get problems with technology and building materials

Older homes have their own technology and building materials that might not be compatible with modern conveniences. These include several older methods such as roofing, heating, plumbing, insulating properties, and wiring systems. Refitting your home with new systems, let alone the plumbing and electrical, can cost you big time.

There might be ancient hazardous materials

Before 1978, many homes used asbestos and lead-based paints, which could cause serious damage to your health. Make sure that before you buy an old home, you get it checked for these materials. Long ago, asbestos was widely used as an insulator, but these days, it’s already known to cause respiratory problems to both kids and adults.

When Buying an Older Home, Get a Team

Employ people to help you check the old home first, such as an inspector, engineer, and contractor, especially if you don’t plan to renovate it. Having a team can help you identify any issues beforehand. A heads-up can give you better peace of mind.

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