We understand the appeal of moving into a newly constructed home. After all, it’s hard not to be enticed by brand-new appliances, floors, and heating, cooling and electrical systems. Plus, buying an old place that needs work can be intimidating, especially for those of us whose only brush with restoring a house has come from watching reruns of “Fixer Upper.”
However, home buyers can see all the beauty and potential in older houses. Take a look at the top reasons why buying an old house might just be the best decision you’ll ever make.
- Old homes are cheaper than new homes – Normally, an older home would have been built before 1970. On average, a comparably sized new construction can sell for 10% to 20% more than an older, updated home.
- Old homes have better quality construction – Older homes might be built with old-growth wood trees and be more rot and warp resistant. Walls are likely different and better insulation and sound barriers.
- Old homes are often in established locations – Chances are an older home is in a stable area.
- Old homes have more character – Amenities that are characteristic of the era it was built in, such as original crown molding, herringbone-patterned hardwood floors.
- Lot size tends to be larger with old homes – In an effort today to keep the cost of new homes down and bring in more revenue, homebuilders have favored building larger homes on smaller lots.
So before you put money down on the new build, you may want to consider all the pros that can come from buying a home that's a little older and maybe wiser too.