What Can I Expect When Purchasing an Older Home?
Often, people who are looking to save money on a home purchase may choose older homes as opposed to new construction. There are other perks to older homes, too. For instance, they're usually in well-established neighborhoods and tend to have more character than your modern "cookie-cutter" variety. However, be aware that although buying an older home can initially be more cost-effective, the dollar signs may start piling up once you move in.
Here are some pros and cons to buying an older home
You may need to make upgrades. Besides, the obvious upgrades of electrical or plumbing, if you're in a home built in the early 1900s, you may also want/need to replace 1960s shag carpet or remodel the kitchen to add a dishwasher. It's certainly something to think about as upgrades for safety and taste can certainly add up.
You may also need to replace old parts. New homes are favorable for some because they can be certain that the appliances and roof will "ideally" be in good working order for quite a while. However, when you purchase an older home, you will probably have to replace something. It could be fairly simple like the appliances and roof mentioned or it could be the foundation. Other things that may need replacing in an older home are the furnace, water heater, or switching old single-pane windows to new energy-efficient windows.
No one else is likely to have a house like yours. This is one of the best reasons people are drawn to older homes. Those that don't like the cookie-cutter look can usually find a home that's unique.
You own a piece of history. There are a lot of places around Southern California that may have historical significance. This could be good and bad. The negative is you'll have to keep it up to the state's historical standards. The good news is that your home is more protected and carries preservation standards for quite a while.
There is certainly no arguing there are advantages to buying an older home: great purchase price, well-established neighborhoods with mature trees and good-sized lots, construction that has character and quality you can trust, and more. However, it's always a good idea to go into any investment with your "eyes open" so be aware of potential costs with an older home will set you on the right track to owning your dream property.
Looking for a historical home? Call me! I'd love to show you what's available in your price range. In a world of tract homes and new subdivisions that all look alike, stand out with a historic home!
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