The Pros and Cons of Buying an Older House

Everyone has an opinion as to whether they would prefer a newer home or an older one. Whichever side of the debate you fall to, it’s important to weigh the pluses and minuses. Sometimes finding the perfect home requires a little flexibility on what you previously thought. 

Pros of buying an old house

Architecture

While Miami is still a young city, there are plenty of homes that are 50-100 years old. When you step into an older home, you can feelthe history as you walk through the rooms.  That’s not as common in newer homes. 

Mature landscape

The best time to plant a tree is 30 years ago. If you want to live with a yard that has shade and don’t want to wait the 20-30 years to get it, you mostly have to look at older homes. 

Long purchase history

Even if you don’t want to buy an older home, looking at an older home’s property value over the years can give you a good sense of the value of the investment. Of course, this has nothing to do with future values, but seeing the neighborhood’s listing volume in 2008-2012 gives a good sense of how established the neighboorhood is. Speaking of which…

Established neighborhood

Older homes tend to be closer to downtown areas and can feature stronger communities, with residents having been present for longer than newer developments.

Lower cost

The price of a newly built home can range up to as much as 30% more than an older home. 

Cons of buying an old house

Maintenance costs

Anything that is built by people will eventually wear down and break. The general rule is that the older the home is, the more maintenance it has received and will need in the coming years. From plumbing to electrical to structural problems, the costs of buying the home may be offset by the work needed for upkeep.

Smaller floor plan

Depending on the type of home, older properties may have smaller rooms and other elements, like closets, lower ceilings and less room for appliances.  

Utility costs 

Older homes may not be able to benefit from improved materials that help more modern properties save on utility bills. According to the US Census Bureau’s American Housing Survey, homeowners in old homes tend to spend 17% more on electricity. 

Fewer safety regulations

Older homes may have been constructed prior to increases or improvements in safety standards, specifically around electricity and plumbing. It’s a good idea to get a comprehensive inspection of the engineering systems of an older home before buying to know what you’re getting into.  

Older appliances

Some older homes may not come with all the appliances you need or want. They also may have a space set out for a range or refrigerator, but the space is from the 60s or 70s when appliances were smaller. 

The Kern Team

We are ready to help you transition to your new forever home. Finding the right home is only half the journey. Our team of award-winning experts can help make sure the journey is as rewarding as possible. 

Give us a call to schedule a conversation today.