Pros and Cons of Buying an Older Home

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Buying an Older Home? Consider This...

Purchasing a home, regardless of whether the home is new or old, is a big decision. When you purchase a new home, you aren’t going to worry about the same things that you would if you were to purchase an older home. But does that mean you shouldn’t buy an older home if the opportunity presented itself? Older homes have their charm, but you should always take time to educate yourself on the condition of the home and the potential pitfalls you could run into when buying an old residence.

The Pros of Purchasing an Old Home

It should be no surprise when I say that newer homes come with steeper price tags. Typically, the older a home is, the less you’re going to pay for it. Of course that depends on the condition and the location, but in general, a modern home of the same size in the same area, will cost more than an older one. With old homes, eventually you’re going to have to replace certain things like the roof or some of the plumbing. If you go into the purchase knowing that you saved on the initial acquisition of the home, you won’t feel bad when the time comes to spend some money updating the home as the materials start to age.

Furnishings and Availability
When you buy an older home, you don’t have to wait for the developer to put their finishing touches on the home. The home is essentially move-in ready. When you purchase a new build, there’s a possibility that you could be waiting for up to a year or more to move into an empty home. With older homes, some buyers really take a liking to the style of the previous owner. In certain situations, the owner will often strike a deal for the buyer to keep some of the furniture or accessories that they like. Not only is this a time saver, but it can be a money saver as well.

Older homes tend to be located near the center of town. This allows for walking to local shops, schools and other amenities. In the case of Orange County and the coastal regions of the area, many of these homes are older. But their location is prime ocean real estate, so don’t expect a drop in price. But it does go to show that older homes are often times situated in prime real estate areas.

The Cons of Purchasing an Old Home

Storage Constraints
Have you noticed that people purchase more items now than ever before? With the rise of online shopping and free-shipping, there is a need for storage in homes now more than ever. But if you purchase an older home, it may not have the modern closet measurements you’re looking for or the walk-in closets in every room. Sometimes, the home has sloped floors or imperfect edges, causing you to bring in the help of a professional to install your cupboards and shelves. This can be costly, so keep this top of mind when you think about your storage needs.

Old homes have character, that is part of their allure in the first place. They have the cute picket fences and the huge tree that’s been growing in the front yard for what seems to be a century. But with all of the character that tree brings to the house, it’s telling a different story underneath the surface. The bigger the tree, the bigger the roots. If you can’t see them, your plumbing will feel them at some point. Just remember, pipe replacements and foundation work are expensive.

Outdated Building Code Compliance and Other Maintenance
Old heating systems and inefficient plumbing are just a couple of the issues that could arise when it comes to modern building codes. When you’re assessing a home, it’s a great idea to take a careful look at all of the systems including heating, electrical, plumbing and air conditioning to determine if you feel they are modern, efficient and safe. Replacing these things can come with a hefty price tag, and is just one more thing you need to keep in mind when purchasing an older home.

Buy a Home in Orange County

Whether you decide to purchase an old home or a new one, I want to be the one that takes you through the purchasing process. I have lived, worked and raised my family right here in Orange County for the last 30 years, and have no intention of leaving anytime soon. In fact, I want to bring as many families, couples and investors to this wonderful place as I can. Let me help you find the home of your dreams. Contact me today to start the process of owning a home in Orange County.