The Pros and Cons of Buying an Older Home in Wantagh

When you set out to buy a home, there are a lot of important decisions to be made, for example, about the size of the home, the floor plan, the location, desired features, and so on. And there’s also the decision to be made about the age of the home you want to buy. Many buyers today want a newer home, but many others would rather have an older home. Older homes do indeed offer benefits that new homes don’t, but they also have drawbacks. To decide which one is right for you, read on to discover the pros and cons of buying an older home in Wantagh.

Pros of Buying an Older Home in Wantagh

Construction materials and methods have significantly improved over the last few decades. Still, many buyers prefer buying an older home. And they do so because of the definite pros, such as.

Lower Sale Price

Buying an older home means that you’ll pay significantly less upfront. In fact, newly built homes often cost 30% more than older homes.

Architecture and Character

Many newer homes are basically cookie-cutter homes that look virtually the same. Older homes, though, usually have a definite architectural style and so possess a unique character. In addition, the craftsmanship and attention to detail are usually superior in older homes.

Mature Landscaping

Established Neighborhood

Long Purchase History and Appreciation

Buying an older home presents you with the opportunity to buy a home with a long purchase history. And there’s power in knowing the purchase history because it allows you to see the property’s appreciation over time. With a new home, this information just isn’t available.

Cons of Buying an Older Home in Wantagh

There are indeed definite benefits to buying an older home, but there are also drawbacks that you should be aware of. So in order to make the best decision, consider these cons.

Higher Maintenance Costs

Older homes are well, older and so will require more maintenance and upkeep than newer homes. From fixing old wiring and plumbing to installing modern windows to leveling sloping floors, there will be no shortage of maintenance projects to be taken care of.

Higher Utility Bills

In addition, many older homes have less insulation (if any) and lower quality insulation. They also typically have single-pane windows, and all these make for higher utility bills. On survey found that people who own older homes typically pay 17% more for electricity and 38% more for gas.

Smaller, Less Open Floor Plans

Buying an older home means that you will have to contend with a smaller floor plan or at least smaller rooms. Modern homes usually have larger and more open floor plans to accommodate modern lifestyles. Older homes were built for people with different lifestyles and weren’t supersized like modern homes. 

Lack of Adequate Storage Space

A common complaint of homeowners who live in older homes is the lack of storage space. In the past, people just didn’t have as much stuff as we do now, and they didn’t need a lot of storage, so their homes were built without it. A related con is that it’s often difficult to add storage space in older homes owing to such things as sloping floors and imperfect edges in kitchens.

Fewer and Lower Safety Regulations

Construction standards have improved and become more rigorous over time. Older homes, of course, were built when these standards were laxer, which means they may not currently be up to code with respect to electrical wiring, plumbing, asbestos, and lead paint.

Roots

Yes, you read that right: roots. As we mentioned, older homes usually come with mature landscaping, and that means big trees. And old, big trees have extensive root systems. These roots can crack foundations and get into sewer lines, both of which can be problems that are very expensive to put right.

A [market _city] Agent to Help You Make the Right Decision

So is buying an older home right for you? The short answer is it depends. It all depends on your needs, wants, lifestyle, financial situation, and expectations. But you don’t have to do it all on your own. An experienced Wantagh agent can lay out all the pros and cons for you, help you assess them, and guide you in making the right decision.