In today’s rough housing market, many first-time homebuyers are looking to maximize their budget by purchasing older homes. But, older homes don’t always represent the best value. Outdated structures and materials can rapidly add to the cost of a new home.
To find out where prospective homebuyers should draw the line, we asked our panel of experts to weigh in. We want to know what to ask when purchasing older homes and what unforeseen challenges may arise.
What Are the Biggest Considerations When Purchasing Older Homes?
What are the pros and cons of purchasing older homes? Are there certain decades or types of homes that are particularly prone to problems or needing major overhauls? Are there styles and years that are better than others? Are there any basic rules such as, ‘don’t buy a home that’s more than 50 years old’? Do older homes require a more specialized professional for maintenance and services?
Our experts have responded in full and we are proud to showcase our favorite comments. Check back for our comprehensive review of old home buying considerations, complete with additional research and more industry advice.
Purchasing Older Homes Awards
Most Insightful
Alan Hilsabeck Jr. of Hilsabeck Design Associates had the most insightful comment:
“Purchasing an older home has its design style limits, no different than purchasing a new home. As a professional designer, I would ask yourself first, before looking at homes to purchase (new or old), what style do you like. Traditional? Contemporary? Transitional? Based on your answer, this might direct you, not only in the right direction when it comes to the style of home you love, but also provide insights to future design decisions (e.g. kitchen remodel).
Most homes, especially those branded as “custom homes”, are for the most part “style neutral”. The outside may lend itself towards a certain design style, but for the most part it can be modified into the style you like with a few simple changes. The interiors of these types of homes are also very style neutral, unless either the home builder or previous owner has modified the interiors prior to purchase.
Sometimes, with newer homes, you might have more input into the overall style of the home because you can make decisions with the builder or select customized models. In older homes, this style is already set. Hiring a design professional is your best bet for converting an older home into the home and style of your dreams!”
We like Alan’s comment because it offers advice not only for prospective homebuyers, but also for new homeowners wondering how to go about choosing their home design.
See the rest of Alan’s comment here.
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Most Thought-Provoking
Ron Martin of Grand View Builders wins the award for most thought-provoking comment:
“Older houses can be aesthetically pleasing, as well as a good value. When purchasing an older home, be sure to fortify that structure with the best materials possible. Proper insulation will ensure even temperatures throughout the home, reducing energy consumption overall. High-performance windows use protective coatings and improved frame assemblies help keep heat in during the winter and out during the summer. By updating an old house with newer features, your new home can be just as beautiful and efficient as a newly built residence.”
Ron’s comment is inspiring because it indicates that, with careful planning, older homes can function just as efficiently as newer homes.
See the rest of Grand View Builder’s comment here.
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Most Unique
Architect Kraig Kalashian won our most unique comment award:
“While you are correct in saying that older homes possess the character and craftsmanship that many newer homes do not, they also lack the technology in building materials and performance that many new homes require. Generally, most older homes are less expensive than a comparable newer home due to the anticipated maintenance and the expectation that some renovation or upgrade will be required. When I am looking at an older home, I generally focus on the following issues:
I advise clients to avoid homes with complex roof lines with lots of valleys as they tend to leak over time. Fortunately, these types of roofs are common in the late 80′s and newer, so older homes generally don’t have a lot of these.
I always look for period details that you could no longer replicate. These are things like wood floors made from old growth lumber with inlay work, stained glass, period hardware, built in cabinetry, detailed millwork such as stair balusters or newel posts, raised panel doors or doors with unique glazing, or special fixtures such as cast iron bathtubs or radiators. In today’s market, those kinds of items are difficult or impossible to reproduce and are the most valuable part of an older home. Anything else is likely to be renovated or replaced anyway.
Insulation and energy efficiency are often missing from older homes. That leads to high heating and cooling bills. Check the insulation of the exterior walls (often there is none) and attic and whether the windows are new or old. Those are both big ticket items if upgrades are needed.”
Kraig’s comment had lots of information, but the points listed above were particularly inspired and specifically related to purchasing detail-rich older homes.
See the rest of Kraig’s answer here.
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Most Articulate
This award goes to Nettie Owens of Sappari Solutions. Here is a portion of her comment:
“I love older homes. They have so much character, their landscaping is established and best of all, they are green! When purchasing an older home it is important to look at your storage options. This should not be a deterrent but you will need to be a bit more creative in how you use your space. Older homes tend to have few closets that are small and sometimes awkwardly shaped. You may need to consider furniture that can double as closet space, hanging shelves or installing a custom closet system in order to get the most out of the storage space you have. Alternatively, ‘right-sizing’ your things may allow you to need less storage space over all. Always, a move is a great time to streamline your possessions.”
Nettie’s comment is great because it brings up an important, but often overlooked, issue when purchasing older homes.
See the rest of Nettie’s comment here.
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Best Advice
This award goes to Sam Lazarus of ServiceMaster by Best.
“As a professional restorer of homes and commercial buildings a few of the pros and perhaps some of the cons are:
Cons: Outdated and often inefficient HVAC, electrical and plumbing systems. We perform at least one cleaning project each year where the damage was due to an old wiring fire. Older properties tend to have various materials that contain asbestos and lead. Having these materials is not necessarily dangerous, however disturbing them to remodel may have adverse effects based on the amount of these materials.
Older homes tend to have foundational challenges, including settling and water seeping, in certain parts of the country. Settling leads to structural damage that needs attention as well. Building codes have also changed over the years. Smaller remodeling projects can end up being more complicated and become larger to comply with today’s building codes.
Pros: Yards often have mature trees providing much needed shade in the summer, though they sometimes need trimming and cleanup. Often the yard needs a little updating too. The home’s value versus the cost is quite good and certainly can be a good investment for an experienced or even a novice DIY person. Most older homes also have a decent size lot where gardening can be a joy.
Older homes are made of real materials and real wood built-ins versus today’s laminates and MDF products. Most of these are built to last and don’t need replacing after a few years. The most amazing features are the fixtures and the attention to detail. Nothing is standard, everything is unique. If one can maintain it and improve it, it is worth the cost.”
Sam’s comment is great because he gives us an overall look at buying an older home, from yard considerations to concerns about essential systems like electrical and plumbing.
See the rest of Sam’s comment here.
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