Unlike most new homes, older homes can be fixed up, allowing the owner to reap huge profits at the eventual resale. It is relatively easy to add value to an older home, and almost impossible to do so with a newly built structure.
Another benefit, of course - you can usually move right in. With many new homes, you often must wait for completion, which could takes months.
But perhaps one of the best features of an older home is its quality. I have seen so many new homes that were little more than "cracker boxes". Even some of the high-end homes would feature low quality in places where it doesn't show - at first. If a home has been around for a long time, and is still basically sound, rest assured it will be around for a long time to come.
But there is a caveat when buying an older home - many parts may be out-dated, or worn out. Some of these parts may be structural, requiring huge dollar investments to repair. Therefore, it is imperative that the person looking for an older home should know exactly what to look for - and look OUT for. It isn't simply a matter of glancing at the roof to see if it sags, or checking the foundation for cracks.
Don't let visions of comfy, old-fashioned living lull you into overlooking important details - if you do, your dreams of settling in may well turn into a nightmare and moving out.
So, if you are considering an older home, this free book (link below) excerpted from "The Simple Man's Guide to Real Estate" will show you exactly how to make it a rewarding experience, and save you a lot of future problems and heartache. Enjoy!
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3 comments:
When thinking of buying an older home, a lot of factors must be considered. Aside from the points raised here, one should also take note the history of the house. Were there any accidents that happened here? How often did the ownership of the property change? Research is our ally in house buying.
Kristopher Washington
Useful information for first time buyers. I usually prefer newer homes, for obvious reasons.
-Jon @ home ownership
To Jon - Newer homes for "obvious reasons"? Such as what? Most newer homes are poorly built with substandard materials. Nor have they stood the test of time. We call them "cracker boxes".
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