Warm, lived in, majestic staircases and fireplaces, wood craftsmanship that takes you back in time – these are characteristics that are only found in an older home. These homes are full of personality from the crooked apple tree in the backyard to the beautiful and slightly overgrown garden at the side.
However, if you aren’t careful, all that personality may come along with a rather high price in terms of renovations and upkeep to meet the needs of your family and modern style. The question you have to ask is if an older home is really worth it. Knowing the advantages and disadvantages of this purchase can help you determine whether or not this would be a smart investment.
Advantages of Purchasing an Older Home
There is no question that older homes offer charm and style; however, do you know the other benefits?
- Location: Older homes are typically built close to the center of town, which makes it easy to walk virtually anywhere you need to go.
- Cost: In most cases, you are going to find that older homes are offered for a much lower price. While this will be dependent on the condition and location of the home, generally speaking, modern homes of the same size and the same area will cost significantly more than older homes.
- All the finishing touches are present: You don’t have to worry about adding any little details or other finishing elements. Older homes will already have everything they need to move in.
- A long term investment: When you purchase an older home, you are making a long term investment and the longer you hold on to it and keep it maintained, the more value it will gain.
Disadvantages of Purchasing an Older Home
There are several disadvantages of purchasing an older home that you should be aware of to make an educated decision regarding the purchase of an older home.
- No longer compliant with building codes or maintenance: Homes that have inefficient plumbing or an old heating system may be in bad shape if they are not up to code. It is essential to have each system inspected prior to purchasing. It can be quite expensive to reinstall new systems.
- Minimal storage: Modern homeowners have more ‘stuff’ than ever before. This can be an issue in an older house, which was typically purchased with minimal storage options.
- Roots (not the metaphoric kind): Many times, older houses mean older trees, which can translate into root issues. Taller, older trees will often have strong, long roots that grow into the foundation or plumbing system. Fixing these issues can be costly.
There is no question that an older house can offer a great deal of character and other benefits that modern homes simply don’t offer. It is worth the time and effort to educate yourself on the possible pitfalls and to have any older home inspected well prior to investing in it. This is the only way to ensure you are making a sound financial investment.Looking to buy a unique AND move-in ready home in Jacksonville, NC? Contact us at info@bluehenhomebuyers.com.