Buying A Home – Is An Older Home Right For You?

Buying an older home can be a rewarding experience. Not only do you get to enjoy the historical charm, you also save money as older homes typically cost less than newer ones. Before you decide to buy one, here are ten facts you need to know before making your final decision. First let’s examine the benefits:

1) Reasonable Price – You’ll find older homes selling for less than a comparable newer home. In some metropolitan areas, the opposite can be true, especially in highly desirable areas where land costs are high.

2) Construction – Older Homes are usually constructed with higher grade materials such as thicker beams, solid walls, heavy duty fixtures, and solid wood doors.

3) Old Town Feel – In an older community,you get to enjoy the ambiance of an established neighborhood as you stroll down the street. If you decide to live in a newer community, you won’t know what to expect besides the builder’s architectural drawings and a creative imagination.

4) Mature Landscaping – Unlike a newer community, older neighborhoods feature mature landscaping with mature trees and flowers.

5) Charm – Older homes tend to display greater details and character such as built-in cabinetry, artistic crown moldings, and classic wood floors. Newer homes usually lack these charming details unless you’re willing to spend money to upgrade it.

While there are wonderful advantages to buying an older home, there are also drawbacks such as:

6) Replacement Costs – Years of wear and tear require you to invest money to replace worn water heaters, fixtures, appliances, and other upgrade costs.

7) Higher Utility Bills – Older homes are built with less energy efficient construction materials so expect your electric and gas bills to be higher in the summer and winter.
Decor – Older homes tend to have outdated wallpaper, paint colors, and flooring. Be prepared to spend lots of time removing and upgrading the decor to suit your taste.

9) Floor Plan Layout – Older homes were built for a different time period so you’ll find smaller rooms and a less functional layout. Unless you plan on remodeling your home, you’ll have to use your creativity to fit a flat screen plasma TV or home office.

10) Expect A Lower Resale Value When It’s Time To Sell – For the same reason why you were able to afford your home in the first place, older homes tend to have a lower resale value compared to a similar sized newer home.

If you’re searching for the perfect starter home in Southern California, check out these local Anaheim Realtors and Anaheim Hills Realtors to help you find one.