Oct 22, 2020
If you have been looking into buying a home, you’re probably already getting overwhelmed with the entire process. There are so many different things to remember and choices to make; it’s understandable why some people stick to renting. It’s flexible, easy and doesn’t require much effort. However, owning a house is an outstanding achievement and can also be a fantastic investment for those looking to expand their portfolio. Older homes are an excellent place to start; however, like everything, there are certain pros and cons that need to be considered.
In this article, we are going to look into them today so that you can make the big decision! Sound interesting? Then let’s get started!
Lower initial cost
One of the main reasons why most people start to look at older homes is because they are much cheaper when compared to newly built establishments. Since they aren’t as pleasing to the eye, they might need small renovations, which can be done by the new owner, depending on the current state. Due to this, they often have a lower overall value, even if the size is bigger. This makes it perfect for those sticking to a lower budget or individuals wanting to create their first investment property.
Larger land size
Most older homes are built on large plots of land, which means you are getting more bang for your buck compared to other properties. While the house itself might be similar, more often than not, you get a great back and front yard, which is a real deciding point for some individuals. You can have a garden and home, all for a more affordable price. However, it is important to remember this isn’t always the case, and it really depends on the area in which you are looking. Small towns will have more land than places in the city.
Another great benefit of older homes is that they are generally situated in a much better location compared to newer ones. This is because they would have been built closer to town when everything was first establishing. You can enjoy a quicker drive to work, walking distance to the shops and accessible routes for the kids to get to school. It’s convenient and perfect for those that don’t enjoy driving everywhere. However, be prepared for a little bit more traffic; it may keep you up at night!
Newer homes take time to build, and sometimes there aren’t many of them on the market, especially during an off-peak. Older homes are generally always available, as people are constantly moving or upgrading into a bigger place. If you in need of a home quickly, then it can definitely be a significant factor to consider. On top of this, they will always be in demand if you do decide to sell later on in life.
While they may not look like the beautiful homes in magazines, older houses do tend to have more character. Secret rooms, wooden beams, and fireplaces are all things you don’t typically see anymore. You can even choose to do some DIY home renovations to make it more modern if that is more your style. The possibilities are endless, and sometimes the cost of this is cheaper than buying a newer house. You can truly make the place your own; all it takes is a bit of hard work.
Higher hidden costs
Due to the fact that most older homes tend to have many issues, they can have higher hidden costs that you might not think about at first. For example, insurance can be more expensive, as the property is more susceptible to structural damage, potential fires, and pest infestations. This is why it is recommended you hire a professional like the individuals at brightside home inspections in syracuse before making a final decision. Trust us when we say it is definitely worth it.
Alongside the structural issues that are mentioned above, there are many other potential hazards that may arise in these homes. Things like electrical faults can even cause fires, and plumbing issues such as leaks can promote hidden mold growth. Asbestos can also be present, which is also very dangerous. All of these things can be very harmful to your health, causing breathing problems and allergic reactions. This is why it’s essential to get everything thoroughly checked so that nobody is in danger.
Lack of storage
Today’s houses are filled to the brim with cupboards and built-in’s, making the moving process much more manageable. However, this isn’t the case for older models. Furniture like tallboys and buffets were popular, which meant that these sorts of luxuries weren’t often included. While this might not matter for couples, it can certainly be an issue for larger families that need a bit more space.
One of the biggest cons of older properties is that they are often extremely outdated. Popcorn ceilings, floral wallpaper, and cream paint may have been popular 15 years ago; however, they aren’t so relevant anymore. While you can choose to renovate, this is also an expense and one that not everybody has straight after buying a home, regardless of the price.
Requires more maintenance
Lastly, because of all of the things mentioned above, if you go with this particular type of house, it is going to require more maintenance. Plumbing and electricity will need to be frequently checked; your yard will require regular cleaning, and certain chips and cracks will start to appear over time. While this is bound to happen in newer properties, it’s going to be a lot quicker in a place that has already been lived in by multiple families.
And that’s it! These were both the pros and cons of buying an older property. There is certainly a lot to consider, but hopefully, you can come to a decision by reading through the above. Good luck and remember, it’s better to be absolutely sure of your final choice!