Thanks in part to the many DIY television programs, purchasing an old home has never looked more exciting, interesting, and fun for first time home buyers. Before signing on any of the dotted lines, there are several pros and cons to consider.
Pro: More Affordable
Older homes will typically have a lower asking price than new construction homes in your area. They usually have a lower property tax rate because they aren’t valued as high. You will have to spend some money completing modern updates or installing modern comforts, but the money you save upfront should more than cover those expenses.
Con: Repair Costs
An old home means can mean old pipes, an outdated air conditioning unit, or foundation issues under the home. The cost of redoing your water or gas lines, installing a new cooling and heating unit, or hiring a foundation company for slab repairs is usually in the thousands of dollars. You will need to find a reputable company to do any of these repairs so your home is in top shape for move-in day.
Pro: Bigger Lots
Old homes typically have a bigger lot than a home in a new neighborhood. This is because the cost of land has steadily risen throughout the years. The money put toward an older home will go toward the land it sits on as well. You will have more space in your yards for entertaining friends and family, or playing with your children. Besides the lot size, your old home may be in a more established part of town or closer to more amenities than the new construction neighborhoods being built.
Con: Less Storage Space
Old floor plans are not always compatible with modern-day living. Nowadays, people have more stuff in their lives. Old homes typically have small closets, less cabinet space, and may not come with a garage. This is something to consider if you and your family will have trouble downsizing possessions. That being said, there are many storage units available for rent in most towns and you could always buy or build a shed or barn to store things on your property.
Pro: More Character
If you happen to love antiques or a vintage ambiance, then an old house may be a charming fit for you. Old homes usually have great character and solid construction that isn’t found as readily in new homes.
With the right amount of care, a “new” old house can be the perfect home for you and your family.