1. “Necessary Repairs” Increase Home Value- Generally you can expect to see a rise in the value of your home when you do things like replace the air conditioning unit, furnace, or roof. You will get a higher offer on your house with these things than without. So while the idea of buying a home with an old hot water heater that you’ll need to replace seems like a buzz kill, you’ll pay less than if they had upgraded it for you (always use this as negotiating power! either request they do it, or factor it in to what the house is worth). This combined can be a great way to buy a nice house for a great deal.
2. “No Regret” Design Changes- That parquet floor has been there long enough to push aside any regret for ripping it out and replacing it. Those 80′s tile, feel free to rip them out. Trends expire and it’s better to rip out tile that’s past it’s prime than brand new tile that’s hardly seen use. And you’re free to replace it with whatever you want, whereas builders normally have a selection you have to choose from.
3. “Old House” Charm- It’s more expensive to buy “charming” details new. Much like the old tile and parquet flooring, the crown molding and carved wood details you’ll oftentimes find in older homes has “paid it’s dues” and is cheaper to buy in that older home. You’ll find decorating with these details to be a treat as they’re visually interesting and beautiful.
4. Cheaper To Buy Upfront- Older homes can be cheaper to buy up front for the same square footage in the same area. This has a lot to do with the labor costs that go into a new construction. You’re paying people’s wages when you buy those homes whereas you’re just buying the value of the property from a seller of an older home.
5. Established Neighbourhoods- Older homes are in older neighbourhoods and this can mean beautiful shade providing mature trees, grass covered yards, parks and more. Drive through an older neighbourhood and you’ll see the benefits with mature landscaping and variety of people living there.
6. Remodelling Potential- Because the homes are often cheaper, the lots normally bigger, and the homes not as close together, there’s normally a lot of room to remodel an older home. Go ahead and pair that with #2 and you’re in it to win it, right?
7. Energy Efficiency- Yes! Shockingly, I’m going to tell you that buying an older home can benefit your bank account. Smaller homes are less expensive to heat and cool. As long as you have or upgrade existing insulating features, the smaller rooms and lower ceilings are going to be noticeably cheaper to keep comfortable. And on the other end of things, older homes were not equipped with modern cooling and heating so they were built with features that kept it cooler (without electricity, yay lower electricity bills!)
8. Problems already Discovered & Addressed- Provided previous owners weren’t total D-bags, any problems that have risen from the homes construction will have already been addressed. Things like settling have likely already occurred (true story- my parent’s bought new construction and they have huge patches around the doorways of one side of their house from where they had cracks fixed from the new house settling).
9. Variety in Choices/Styles/Designs/Layouts- When you buy from a builder, you get options. These options are uniform in choice with all the other homes the builder is selling. When you buy in an older neighbourhood, you get variety in styles, choices, and finishes to choose from.
10. Location- Older homes are normally located closer to desirable parts of the city. My older home is located near the beach, other older homes in our city are located in beautiful neighbourhoods right next to downtown. The newer construction homes are normally built on old acreage full of trees and are pretty out of the way (and if you want to be out of the way, charming old farmhouses are normally out there!)