When looking for a new home, deciding what type of home you want can help to narrow down your options. If you’re looking for a detached home, one of the questions you need to ask yourself is whether or not you would be happy living in an older home.
But first, what qualifies as an older home? The answer varies depending on who you ask. It could be 25 years old to someone who generally deals with new homes, or 50 years for other people. Some people say a home needs to be 100 years or older to be considered old. It’s best to clarify the age range of homes you’re interested in to avoid confusion when beginning your search.
Advantages
Older homes, especially those built in the 1800s, have a certain charm and character that can be hard to find in modern-day homes. For people who like the Victorian look, a new home just doesn’t have the same appeal. For fans of Modernism, buying an original midcentury modern home is the ultimate place to display your Eames furniture collection. There are also reasons to buy an older home that go beyond the property line.
Established Neighbourhood
Older homes, it stands to reason, are found in older neighbourhoods. These neighbourhoods are more likely to have several generations, from older folks who have lived there for decades to younger families who have recently moved into the area. This diversity is great for developing a sense of community in the neighbourhood.
See before you buy
Older homes, or any prebuilt home for that matter, has the advantage of being able to walk through it and see the house for yourself before you buy it. Unlike new, under development subdivisions with only a model home, the actual home you walk through in older subdivisions is the one you’ll buy.
When it comes to knowing what you’re buying, this is about as good as it gets.
Flip potential
For those looking for an income property, older homes are especially appealing. Bought at the right price, these homes can sell for a substantial profit after a few renovations. One approach to flipping houses involves living in a house while renovating it, then selling it and moving to the next flip. Another approach involves buying a house and renovating it without living in it. A third approach is to buy an older home and rent it to provide passive income.
Disadvantages
For all the appeal of an older home’s character and charm, there are some disadvantages that come with owning an older home. Whether or not these are deal-breakers really depends on individual preferences.
Structural issues
An older home may have serious problems with the foundation or other structural components. It’s best to have the house inspected by a knowledgeable professional, especially if the home is in the 100-year-old range.
Updates required
Older homes come with older conveniences that modern-day homeowners may not desire. The things that need updating can range from rewiring the house to updating light fixtures to renovating the kitchen to improve its function.
Maintenance
All homes require maintenance, but older homes require more maintenance. The need for maintenance tends to rise with the age of the house and can be anything from minor work to full repairs. Keep in mind the costs of maintenance when considering the price of the home.
New or old, when you’re ready to buy your next home, call Martin.
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