Before investing in the home of your dreams, you must ask yourself some critical questions concerning size, location and amenities or buying an old house. Taking the time to flesh out precisely what is important to you is an essential piece of the puzzle when it comes to purchasing property – this will help ensure that your ideal house becomes a reality!
Navigating the complex process of deciding between must-haves and nice-to-haves can be tricky. However, weighing out all potential benefits and drawbacks associated with a property will secure your investment and eliminate any unexpected expenses in the future.
Considering a house’s age is an essential component to keep in mind, as aged and new homes vary greatly regarding cost, security, and maintenance.
Defining New Homes Vs. Old Homes
Home construction has been revolutionized over the years, thanks to advancements in building materials and updated regulations. In 1978, a federal mandate was issued banning the use of lead-based paint – which had previously been widely used – thereby bolstering home safety standards significantly.
As a result of advanced technology, better insulation and cost-effective materials, homes constructed today have changed drastically from what we saw one hundred or even fifty years ago.
For the most part, homes that are considered historical must be recognized and protected. Suppose you’re looking to invest in a historic home.
In that case, it’s important to recognize that there may be both advantages and drawbacks associated with buying an old house decision — but don’t forget, just because a house has been around for centuries doesn’t necessarily mean it is officially classified as “historic.”
Suppose you’re looking for the benefits of an old-world residence without adhering to the regulations of buying an old house. In that case, many older homes still provide a similar feeling.
These properties only meet some of the criteria necessary for them to be recognized as historical buildings due to their lack of connection with renowned people or historical events.
For those looking for something more spacious, countless newly constructed houses offer everyday convenience. Still, with such an abundance of options – what truly sets apart buying an old house and new buildings?
To determine what is considered an “old” or a “new” home for this article, we analyze the age of homes which must be at least 50 years old but not more than 100 years. Conversely, new homes are those that have been recently constructed in recent times.
Pros Of Buying An Old House
For several homeowners, the personality and charm of older homes outweigh any progress in modern home construction – however, such houses also boast many advantages.
Properties constructed 50-100 years ago are more resilient to some aspects than modern ones; from increased insulation value to improved soundproofing capabilities, these dated dwellings have an array of benefits that make them easily worth considering for those who can appreciate their vintage style.
Architecture
As cookie-cutter homes become increasingly common, old houses provide a refreshing change with their refusal to compromise on architectural individuality.
Victorians, Colonials and Tudors are examples of the many bold styles you won’t find in today’s dwellings. The dedicated craftsmanship and careful attention invested into these buildings are unparalleled by most modern establishments. So if character holds substantial value for you, an antique home might be worth considering!
Mature Landscaping
With land being much less expensive in the past, older homes typically come with larger yards. People filled these areas with luxurious vegetation, such as trees and shrubs that have been properly maintained over several generations.
Research has indicated that this type of mature landscaping can significantly raise a home’s value and bring great psychological benefits to its occupants from being surrounded by lush greenery.
Long Purchase History
Gaining insight into your potential home’s history of purchase can be immensely beneficial in indicating whether it is a worthwhile long-term investment.
Although tracking this paper trail cannot guarantee future success, past decisions may provide some indication as to the appreciation value over time.
However, with newer homes, there are few records you can look back on and make an informed decision.
Established Neighborhood
If you are in the market for a home, it’s important to take into account not only the characteristics of the house itself but also those of its neighbourhood.
Established residences tend to be near downtown and in more secure settings, reducing their susceptibility to zoning modifications.
Lower Cost
Buying an old house may require you to pay more; however, they offer an unparalleled unmistakable charm and individuality.
In the long run, owning one of these traditional dwellings will save you significantly compared to its modern counterparts; a recently built home can cost up to 30% or more than its aged counterpart.
Cons Of Buying An Old House
When you’re thinking about purchasing any property, whether it’s an existing or a new one, the choice can be daunting. Every advantage has a possible downside that must be considered before deciding.
There is no single correct answer; only what works best for you matters in this case. Considering buying an old house suits your needs, consider the potential drawbacks.
Maintenance Costs
Vintage homes are renowned for their charm and unique character, yet they also require frequent upkeep due to the age of the materials used in construction. From plumbing issues to slanted floors, there is no shortage of projects necessary when buying an old house—and these renovations can be pretty costly.
Savvy house buyers can benefit from the initial lessened costs of these properties to plan for maintenance expenses in the future. Since a smaller down payment is required, you’ll have plenty of savings to address any repairs and replacements that may arise further on.
Smaller Floor Plan
Bigger is better today, with modern homes being designed with expansive and open floor plans. In contrast, many historical dwellings have a much more confined layout of individualized spaces.
When considering the upkeep of old homes, it’s important to remember that life has changed drastically since their initial construction. People didn’t have as many physical items then, resulting in smaller closets and lower ceilings than what we’re used to today.
Additionally, vintage abodes typically need more space for modern-day appliances due to the minimal storage room.
Utility Costs
Structural advancements in building codes have led to improved construction materials and, consequently, more energy-efficient homes.
These new dwellings are far better equipped with insulation that traps heat (or cool air) depending on the time of year, keeping you much more comfortable.
In contrast, homeowners of older homes face a much more significant burden when it comes to electricity and gas expenses. According to the Housing Survey, these individuals spend an average of 17% more on power bills and 38% extra in annual heating costs than their counterparts who reside in newer properties.
Fewer Safety Regulations
With the evolution of construction standards, older homes may need to meet current safety requirements for natural disasters, electrical safety and plumbing integrity. Home inspections are thus essential to ensure these dwellings have been built with proper safeguards.
The Best Homes On Earth Team has many experienced and professional Chilliwack Real Estate Agents that can help you to find your dream home. If you need assistance with buying a house, give us a call today.