As you shop for a new home, your real estate agent may offer a thorough tour of different possibilities in your area – everything from condos to cottages to split level homes. What you will see depends upon your current budget and needs – location, size of your family, and other considerations. In addition to new construction developments, your agent may show you an older home, perhaps one fifty years or more. While the quaintness of an older home appeals to home buyers on sight, is it really a good investment?
The Pros of Buying an Older Home
Living in a historic district could result in favorable tax breaks if you plan to restore the house you buy. Your agent can assist you with handling the details, but it is not uncommon for people to buy into emerging neighborhoods and get in on building up a desirable place to live. Older homes also present a unique face to your city – Victorian styles are still photogenic, and shutters and porches may inspire a wealth of decorating ideas.
Older contemporary homes, those built in the last forty or years, are likely to be constructed well – with brick or concrete. If you are looking for a house along a coastal area, you definitely want to get one that has withstood the weather and will stay for years to come.
The Cons of Buying an Older Home
With an older house comes the need to upgrade. If the previous owner has not installed new heating and air, new carpet, and new windows, this will fall to you unless a deal can be struck. While the classic look appeals in terms of beauty, it isn’t always comfortable. If you’re interested, too, in maintaining the integrity of the home with period furniture and decor, the price could set you back as well.
If the home is quite old, be warned that closet space could come at a premium. Contemporary homes are constructed with a focus on space, as we tend to collect seasonal items and other things to keep. We like larger bathrooms for pampering and large kitchens for entertaining, whereas in earlier days these rooms were regarded more as brief necessities. An older home may be large in general, but you could find yourself wanting for elbow room in certain places.
Buying an older home, as with a newer model, comes with its advantages and disadvantages. Consider all aspects of the home and surrounding area before you decide to bid.