When looking to purchase a house, there are many things to take into consideration. If you are considering buying an older house, there are several pros and cons to look at. While an older house might be a dream purchase for some consumers, for others it is nothing short of a nightmare. Following is a list of 10 pros of buying an old house, as well as 10 cons of buying an old house.
Pros of buying an old house:
1. You can often get larger homes for cheaper. Older homes are generally cheaper, meaning you might be able to get a lot more square footage for less money than you would pay for a smaller newer house.
2. Older homes have better ambiance. New mass produced homes are just cookie cutter, older homes have uniqueness and personality.
3. Older homes can be great turnaround projects for profit. If you’re looking to buy, fix up, and sell homes for profit then some of the best margins can come from old homes.
4. Older homes tend to be bigger and often times they have more rooms than newer houses which makes them good for larger families
5. Some old homes that were properly built were built to absolutely last the test of time.
6. Older homes often come with some acreage. In the country this is almost always true, in town many older homes still have more land than what you get from new models.
7. Older homes also allow you a chance to get a house much more luxurious than you could otherwise afford.
8. Older homes tend to have better interior and exterior aesthetic appearance.
9. What you see is what you get. If it looks like brick, it’s brick. If it looks like a wood floor, it’s wood. This makes renovations a lot easier, and adds to the character of the home.
10. If you like telling stories, you can make up a more convincing ghost story. So this reason is only good for a select few, but for writers, story tellers, or just a good laugh, this reason can be a lot of fun.
Cons of buying an old house:
1. Many older homes often need renovation work, adding to the cost and effort.
2. If the foundation of an old house is suspect or shot, you’re out a lot of money. I had a friend who renovated an old house, only to have hidden problems in the foundation cause it to be condemned. Good-bye $20,000.
3. Older homes usually require a lot more maintenance than newer homes.
4. Older homes can fall “out of code” fast. Required wiring, health codes, etc. are harder to meet with an older house.
5. Older homes can be expensive to modernize with Internet, wiring, appliances, etc.
6. “Standard Measurements” mean absolutely nothing with an old house. In a newer house you can run down to home depot and get a standard sized pipe or fixture…there’s no guarantee that your old home is standard anything.
7. Pests and rodents are more likely to infest an older house.
8. Minor defects like stains are more likely to damage the aesthetic of the house.
9. If you are doing major renovation on the house, one major wrong mistake could destroy the house’s structure, in effect condemning the house.
10. Materials are safer in newer homes. There’s no guarantee that the insulation is safe, or that your house is lead, mercury, or asbestos free.
In the end, the decision on whether or not buying an older house is a good idea depends on several factors. Individual houses will vary, with some as a great buy and others not. Structural problems are among the biggest concerns with older homes, but if you find a good old home with a solid foundation and great aesthetic appeal, it just might be the perfect purchase for you.