The Pros And Cons Of Buying An Older Home

Posted by Gurpreet Ghatehora on Tuesday, August 9th, 2016 at 10:46am.

As Edmonton’s real estate market starts constructing less and less new homes, many people are left with looking at older homes if they want to move or get into the real estate market. While Edmonton has been blessed with plenty of new developments for many years now, that doesn’t mean the older homes aren’t worth a look. In fact, many older homes have distinct advantages over their newer counterparts, but extra caution needs to be used when looking at the older ones. Here are some things to look for when looking at an older home, and some reasons you may love living in one.

Pro: They’re Often Cheaper

Older homes are, comparatively, cheaper than brand new ones, and this will increasingly be the case in Edmonton as new homes become more scarce. The reasoning is often because people view older homes in a similar way to used cars: that someone owning it before somehow diminishes its value. This is, of course, not true, but it does affect real estate pricing nonetheless.

Con: They Can Cost More Overall

Aging insulation, out-of-date electrical wiring, and old plumbing are all costly aspects of owning an old home. In general, if an older home has been well maintained and sufficiently updated through the years, then it will be a sound purchase that offers very low utility costs. But if it hasn’t, you could expect to see higher bills for everything from heat to water.

Pro: They Have A Lot of Charm

Older homes were often made individually, not as the cookie-cutter variety you find in the newer developments. And even if they were, such as the homes built after the Second World War, they have decades of changes and character built right into their very core. An older home can offer a charm that newer homes are often lacking, which makes them a great purchase if you want something a little different.

Con: They Often Need Redecorating

Older homes that were owned by the same people for a few decades are rarely well-decorated. In fact, they can often look downright old. Redecorating an older home can often be a challenge, one that takes up quite a bit of time and money. Always think about your redecorating ideas while you tour an older home, and ask questions about the home when looking around. For example, if you want to blow out a wall to open up more space, you should inquire if that’s even possible before buying the home.

Older homes offer a lot of charm and advantages that brand new homes simply do not have. But that doesn’t mean older homes are always the best decision. When looking at older homes, be sure to inquire about how much upkeep and work needs to go into the home to fully modernize it to your needs. Compare that to other homes in terms of cost and be sure to find something that works for you.

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