Duke Warner Realty

Benefits to Buying an Older House

While they may take some work in terms of renovating and upgrading, older homes also have some important advantages, which may be good for prospective buyers. While newer homes attract attention because of conveniences like modern appliances and energy efficiency ratings, older homes come with some perks, too, which we’ll explore below in more detail.

More Affordable

Older houses usually cost less, making them more affordable, which is particularly important for first-time buyers and anyone on a budget. While older homes might not have air conditioning or other modern upgrades, you could use the savings earned from the sale price and invest in some of these features in the future.

Tax Advantages

As most older houses are cheaper, their property taxes are often lower because tax rates are linked with the sale price or value. Buying historic houses may also come with additional tax benefits. Historic houses usually have a history connected with someone important or a well-known event – or even a particular style of architecture or construction.

Larger Land Area

It’s often the case that older houses are situated on larger areas of land than the newer neighboring houses. This is a big advantage if you value space or if you’re thinking of adding on some rooms or renovating. If space is limited in the neighborhood, this may also be an attractive selling point if you plan to buy the house as a long-term investment.

A Better Address

Some neighborhoods are prohibitively expensive to buy into, and when there’s an opportunity to buy an old house at a great address, this can provide a chance to afford the location you’ve always dreamed of. There may be added advantages of living at a particular address, such as access to great schools or doctors, or the availability of nearby amenities like parks and rivers. You might also be able to live a bit closer to work, cutting your commuting time which can also save you time and money.

Additional Rooms

As old houses generally sell for lower prices, that means that you might be able to afford a house with more rooms by buying an older property. If you have children, then having more bedrooms may be an important concern. Compared to a new house where you may be able to get 3 bedrooms, buying an older house for the same price may grant you 4 to 5 bedrooms at no additional cost. If space is a consideration, then this could be an important deciding factor between an old or a new house.

Old House Charm

Older houses often have extra charm, character, and beauty in the way they were designed or in the finishings used in their decors, such as the windows and flooring. Some older houses were crafted by experts who used superior building materials, which means that your house may be able to last longer, need fewer repairs, and may also have extra design features like solid wood flooring and wrap-around verandahs.

More Established Gardens

Anyone who gardens knows just how long it can take to establish shrubs, let alone trees. Buying older properties often means that you can buy more established gardens that have a more natural and aesthetic feel to them. This may not appeal to everyone but if it does for you, then this is something to seriously consider.

Investment Potential

As the number of old houses on the market decline, the demand for them is likely to increase. It’s always good to do proper research into similar old homes in the area to see if their value has increased over time, which can be a good indication of their investment potential.

You could increase the value of your old home by making some upgrades and improvements or by adding more rooms.