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Pros and Cons of Older and Newer Homes
There
are advantages and disadvantages to owning old and
new homes. Some may seem pretty obvious, but others
might surprise you. Before you begin your search for
your dream home, be sure to take these points into
consideration:
Advantages of Older Homes
Some people love the idea of living in a historic
home. The old saying “they don't make them like
this anymore” comes to mind when it comes to
homes from days gone by. Even if the home you are
considering isn't technically listed as “historic,”
homes built in the late decades of the 20th century
can still offer some advantages.
* Good Construction – Older homes have stood
the test of time.
* Bigger Lots – You'll generally find more spacious
yards and privacy when it comes to older homes.
* Established Neighborhood – Older homes are
typically found in older neighborhoods, which means
mature trees, longer-term neighbors and possibly a
tighter-knit community.
* Tax Incentives – If your home is listed in
the National Register of Historic Places, you may
be qualified for certain tax benefits, especially
if you plan to use the home for rental property. According
to the National Trust for Historic Preservation, income-producing
properties listed in the National Register qualify
for federal tax credits, in order to help offset the
cost of rehabilitating.
Disadvantages of Older Homes
* Expensive – Older homes have become quite
popular in the market, especially if they have been
restored and well-maintained. It takes a lot to take
care of an older home, so expect to pay a lot.
* Maintenance – Older homes typically require
several updates; however, the sellers might have done
a lot of that initial work for you. Even so, it will
take money and TLC to maintain your older home.
* Minimal Storage Space – The need for walk-in
closets and two-car garages is relatively new. Expect
to see smaller closets, bathrooms and garages in homes
built prior to 1990.
Advantages of Newer Homes
* Newer Construction – Naturally, newer materials
and appliances will prevent you from having to do
replacements or updates any time soon.
* Modern Conveniences – His and her sinks, walk-in
closets, laminate floors, track lighting... You won't
find these things in old homes, unless the previous
owner has added them.
* Emotional Factor/Novelty – Like a blank slate,
a brand new home can offer a sense of freedom when
it comes to decorating, and it also can add a sense
of pride and security, knowing that you are the very
fist people to ever live in the home.
Disadvantages of Newer Homes
* Undeveloped Neighborhood – Mature trees and
vegetation, a tight-knit community... These are things
you might not get with a newer home.
* Longer Distance to City/Downtown – Newer homes
are usually built in suburban areas. If you work or
play downtown, this could be a big drawback.
* Cheaper Construction – While most builders
are reputable and use quality materials, anything
from walls to counter tops can be inferior to what
you might find in an older home.
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