Don’t Be Scared to Buy an Old Home
October 21, 2022 | Posted by: Keith Leighton
Don’t Be Scared to Buy an Old Home
Buying an old home doesn’t have to be as scary as it might seem. Here are the top 5 myths about buying an older home!
Myth 1: Old Homes are Dark and Dreary
When looking for an older home, most people believe that older homes need a lot of TLC to get out of the dark and dreary stage. Although that is true for some older homes, most old homes can be brightened up with a little love. All you need to take care of the dreariness is a new coat of paint, or to change out the light fixtures.
With these easy upgrades, your old home can go from dark and dreary to light and bright!
Myth 2: Older Homes Have Cracks and Creaks
Older homes actually tend to have better construction than new construction homes simply because of the quality of materials. Older houses are unique and built individually, and aren’t prefabricated designs like the homes built today.
Although they might creak in the middle of the night, it doesn’t mean that the house is falling apart or a ghost is strolling the halls. Those sounds are just the nature of more natural, high-quality materials. Creaky floorboards can be easily replaced if you don’t enjoy the sound of “ghosts” walking around.
Myth 3: Older Homes Don’t Gain Equity Like New Homes
We all know that older homes can easily be outdated, which can be reflected in the home’s appraisal and sale value. This is actually great news for anyone who is not afraid of a renovation project. Well-executed renovations can add a large amount of equity to an older home.
Although renovations can be exciting, it is important to budget and plan for them before starting, it will save you a headache in the long run.
Myth 4: New Homes Have Better Bones
We’re not talking about the skeletons you might find in an old home, we are talking about the home itself. If you are looking for a home with mature vegetation, a large lot, or character, take a look at an older home.
Don’t let decor scare you away from an older home. The decor can be changed, but the chances of you finding a brand new house in the same location with similar characteristics are low. Most established neighborhoods are full of old homes with a central location, so if you want to live in an established area downtown, an older home is most likely your best bet.
Myth 5: Older Homes are More Expensive
Typically speaking, there is a 20% higher premium to purchase a new home compared to an older home.
Although older homes have a lower purchase price they can be more costly in repairs, you can lower those costs by having a home warranty.
If you have any questions, don’t hesitate to reach out to a DLC Ideal Mortgage professional for expert advice!
