Is it worth buying an older house? Many people believe so, and statistics support that belief. Although 500,000 homes will be sold this year, most (5.2 million) will be older homes. Moreover, the average home purchased was built in 1976, and many homes are older than that. But don’t panic! But don’t panic!
The Benefits of Buying Older Houses in Atlanta, Ga. There are many benefits to purchasing older homes. LOWER COST
The best thing about buying an older home in [market-city] is that they are often cheaper than newer homes. Statistics show that a new home can be 25-30 percent more expensive than an older home. While older homes are more desirable, increasing their value, they are generally cheaper than their younger counterparts.
CHARACTER & CHARM
Many people find the charm and character of older homes to be one of their greatest draws. Many newer homes look the same as older ones in modern developments but lack any unique character or personality. “Many older homes are distinguished by their architectural details (Victorian Craftsman or mid-century modern, to name a few), which add variety, interest, and charm that new construction can’t match.
Older homes often have larger yards and beautiful mature trees than new homes. While lot sizes are shrinking, builders continue to maximize the house’s square footage. It matters less how beautiful a home is; a too-small backyard will limit outdoor living and children’s play.
AVAILABILITY WITH LITTLE WAIT TIME You may have to wait until the final touches are completed in your new construction home before you can move in.
However, buying an older home in Atlanta often means you can move right away if you don’t intend to do any renovations.
An older home can be an excellent investment and is often better than a newer one. While the supply of older homes is decreasing, there is still strong demand. The larger lots, which are becoming less common, also help older homes retain or increase their value.
This is how real estate professionals explain it: “[I]f your goal is to purchase an older home, there are opportunities to increase its value!” Renovations and improvements can help increase the property value of an older home. You can improve the condition and look of your house by adding bedrooms and outdoor amenities. If you decide to sell the house, it will increase property value and, therefore, the listing cost.
Pros of Buying Older Home in Atlanta However, there are some clear disadvantages to purchasing older homes.
MORE MAINTENANCE and UPKEEP
Older homes, by definition, will need more maintenance and upkeep, and they are also more expensive and require more labor. While older homes will cost less initially, the ongoing maintenance costs will be more expensive. You’ll face the most costly repairs: a new roof, window replacements, and a new HVAC system installation.
Pre-existing homes tend to have larger yards and mature trees, as we’ve already mentioned. These trees can provide shade and beauty in the summer, but they can also grow roots, and these roots can cause problems with foundations and sewer systems. All the tree roots can cause significant damage to your sewer and septic systems, as well as generate substantial financial issues.
LIMITED STORAGE SPACE
40 years ago, people didn’t have nearly as much stuff as today, so they didn’t have as much storage space. Some people find limited storage space to be a disadvantage when buying older homes in Atlanta.
HEALTH & SAFETY HAZARDS
This is an important thing to consider when buying an older house. Older homes can present serious safety and health risks if they haven’t been renovated.
Two things can be dangerous about older homes: lead-based paint and old wiring. Many older houses also have asbestos siding or insulation.
COST OF INSURANCE
Insurance costs will be higher for older homes, often due to the aforementioned safety and health hazards. In other words, insurance companies will charge more for homeowner’s insurance if older homes pose a greater risk.So there you have it: the pros and cons of buying older homes in Atlanta. But maybe you’re still having trouble deciding which is better for you – an older or a newer home. In that case, let your qualified local real estate agent provide some expert guidance. Find out how our agents can help you make the right decision. Contact us today! 678-337-1165