Older homes, especially those built before 1940, often have cosmetic features that you won’t find in the design trends for modern homes. Some examples are clawfoot tubs, smaller kitchens without an emphasis on storage, closed floor plans, and fewer closets. But many homeowners love these vintage designs for their homes. If this sounds like you, you might consider buying an older home.
Before we look at the pros and cons of buying an older home, it is essential to understand what is meant by “older.” For example, a house built in 1920 will have different amenities than a home that’s 20 years old.
First, let’s look at some of the advantages of buying an older home:
Pro #1: Lower Price Per Square Foot
Some older homes may be larger than homes built today because they were not limited by lot size and modern-day building codes. If you want more room for a growing family or to start your own home-based business, an older home may offer more space for the price.
In addition to having more room, many older homes have several bedrooms and bathrooms because large families were more common in previous generations.
Pro #2: Buying an Older Home Comes with Original Character
Many older homes still retain their original charm and character. When you buy an older home, you accept these original aspects of the home. You get the original fireplace, doors, crown molding, and other special features that cannot be found in modern homes. For some people, this is an integral part of buying a home and it is why they fell in love with the property.
Pro #3: Vintage Feel
If you like to add your personal touch or paint walls, buying an older home offers an endless array of possibilities when it comes to design and décor. Older homes often already have neutral color schemes that are easier to accessorize.
Con #1: More Maintenance Required When Buying an Older Home
Many older homes require significant maintenance and need updates to systems, fixtures, and appliances that can cost a lot of money. Some people purchase an older home because they want to remodel it, but this can backfire if you are not prepared for the costs of doing so.
Con #2: Outdated Technology
Some older homes do not have home technologies that are common today, such as central heating, air conditioning, or even dishwashers. Retrofitting an older house to be able to handle newer technology can be very expensive.
Con #3: Old Architecture Styles
Many older homes have styles that are now considered eclectic or dated. If these styles don’t align with your personal preference, you may be better off looking at newer homes.
Now that you know the pros and cons of buying an older home, you can make an informed decision as to whether or not it is right for you.