Reasons to Buy an Older Home
Are you ready to buy a home but aren’t sure if an existing home is for you? Let’s consider the perks of purchasing an older home. We did the heavy lifting and have compiled a list of reasons why you might want to buy an older home. Consider the following:
When you buy an older home, you’re likely getting old-fashioned construction. Have you ever heard the expression “They don’t make them like they used to” in casual conversation? There is some truth to this saying. Since time weeds out the poorly constructed older homes, the select older homes built by genuine craftsman are the ones left standing. Some of these older homes have stood for decades with a few approaching the century mark.
Speaking of construction, you’re likely to find more character in an older home. In newer housing developments, houses are built similarly and designed to go up quickly, so as a byproduct, they typically lack individuality. Are you a fan of architectural features like stained-glass windows, archways, intricate moldings, and/or hand-carved details? They’re a rarity in newer homes, but fairly common in older homes because of their labor-intensive and detailed nature.
The Foundation has been set. The foundation of older homes has long since settled. Foundation settling in a new house is a fact of life; it’s going to happen. The foundation will settle and cause cracks in the walls, doorframes, and/or moldings. An advantage when you buy an older home is the foundation has already settled and any problems caused by it have either been addressed by the seller through replacement or repairs or can be used to negotiate for a lower purchase price.
Location, location, location. When you buy an older home, you’re likely buying in an established area. An established area typically means convenience. Older homes tend to be near downtown along with places like libraries, local coffee houses, post offices, grocery stores, schools, transit, and restaurants. Zoning laws and neighbors are typically set in place and unlikely to change in these areas.
When you buy an older home, you’re likely getting a larger yard. Simply put, land used to be cheaper. So, if you’re not buying a home in the country (where there is plenty of space), an older home is your best bet for getting a spacious yard. Older homes in the city typically have a larger yard than a newer home. Speaking of that yard…
Older homes have older plants and trees. Mature trees and vegetation are in established neighborhoods. It’s highly unlikely you’ll find a 100-year-old tree or even a 15-year-old tree in a new neighborhood. The same goes for full rose bushes and intricate gardens. Unless a new neighborhood decided to build around the existing flora, you won’t find mature vegetation.
Old homes are cheaper than new homes. Lastly, an older home typically costs less than a newer home. In the current housing market, a new home comes with a premium price tag of almost 40% more* than an existing structure does based on figures from earlier this year, and with a 24% tariff on Canadian lumber**, the cost of new homes will continue to rise.
Think you’re ready to buy an older home? Learn what your loan options are. Find a loan officer in your area on our website or call 1-800-759-7224 to be connected.