Buying a new home raises a lot of questions, and with such a big investment, both financially and emotionally, it’s important to carefully consider every aspect of the process. While you might be focusing your thoughts on where your new home should be, how many rooms you want it to have and what you can afford to pay, you should also take time to think about the age of your home.
If you like the idea of moving into a home with history, there are some distinct pros and cons that will undoubtedly impact your final decision:
The pros of buying an older home
Charming and nostalgic, older homes can be an attractive prospect:
- Architectural character
If you want your home not to look like every other home, then choosing an older one with a distinctive but individual architectural style, can help you achieve that.
- Mature landscaping
Older homes often have large yards and gardens attached to them, and this is mainly because land used to be a lot more affordable. Having been maturing for many, many years, the landscaping of such yards and gardens can be incredibly beautiful and eye catching, and really make a home stand out.
- Good location
Older homes are often located in central parts of a town or city where communities are stronger, and are a lot less vulnerable to zoning changes and other factors that could impact the home, its value, and your enjoyment of it.
- Cheaper to buy
Buying a newer home of the same size almost always costs more than buying an older one, in fact, in many instances it’s as much as 30% cheaper.
The cons of buying an older home
Going beyond charm and nostalgia, older homes do come with their pitfalls, some of which are listed below:
- The cost of maintenance
As with most things in life, the older they get, the more maintenance they require, and because older homes were constructed from older materials, issues such as sloping floors and faulty plumbing can arise as the years pass. That said, if you buy your new ‘old’ home for less, you could use the money you would have spent on a newer home, to supplement any maintenance costs.
- The floor plan may not be to your liking
Older homes typically have smaller rooms and separate spaces, and if you’re looking for a more open-plan style of living, then a new home might suit you better. That said, there’s no reason why an experienced construction company can’t help you transform your older home on the inside, and modernize it.
- Cost of utilities
Those living in older homes can expect to pay as much as 17% more on electricity costs and up to 40% more on gas annually, than those living in newer homes that adhere to improved building codes.
- Less safety regulations
As you can no doubt imagine, building codes have changed significantly over the decades, and buying an older home may make you, and it, vulnerable in the event of a natural disaster or plumbing failure. If you are considering purchasing an older home, make sure you invest in a home inspection so that you can get the property up to code before you move in.
If, after reading this, you decide that having your own home designed and built for you is the best way to get the character and originality of an older home without so many of the maintenance costs, then just be sure to work with a construction company experienced in building custom homes.