There are so many lovely things about older homes. They have visible histories, lovely character, and oodles of curb appeal. Unfortunately, they also come with plenty of downsides. At Berkshire Hathaway HomeServices when we work with home buyers, we certainly do not tell buyers not to buy an older home – but we do want to ensure they have the necessary information to make the most informed decision.
Low Prices Are Not Generally a Good Sign
If you find an old home that seems to be selling for a steal of a deal, then you can count on something going on behind the scenes. It is not likely that the current owner simply wants to provide a great deal on an older home. It is more likely that the seller has the price set low to account for something, generally repairs. That doesn’t mean that it might not be worth it to you to make those repairs yourself, we just urge you not to get your hopes up that it is a great deal.
You May Not Be Able to Make All the Renovations You Would Like to Make
Some older houses may have restrictions on what can be changed on them. You may not be able to add on to the structure, fence the property, or make changes to the layout inside. Check with your local Building and Planning Department before buying an older home. If it is a historic home, then you will have to follow very specific rules when renovating.
You May Pay More Than You Expect for Your Homeowner’s Insurance
As is true of all insurance, homeowner’s insurance is based on risk. Insurance companies know that older homes have expensive issues and they tend to price policies accordingly. We recommend that you get a few quotes on a home before you purchase it so that you will have an idea of what your homeowner’s insurance will cost.
You Are Likely to Face High Utility Costs
Finally, unless you are buying an older home that has been recently upgraded, it is likely that it is not going to be an energy-efficient home. This will cost every single month in higher utility bills. It will also be harder on the environment, which will likely be an issue for future buyers if you have to sell the home.
We Can Help You Find the Home You Are Looking For
Whether you are looking for a brand-new home or an older dream, we can help. Contact Berkshire Hathaway HomeServices now at (310) 373-0021 and we can get started right away. We look forward to helping you find the home of your dreams that you will be proud to come home to for years to come.