A common dilemma faced by many homebuyers is choosing between purchasing a newer home, maybe 10-20 years old or younger, and an older one. Many buyers have their minds set on a newer home in order to avoid major expenses that are typical with older homes. Some of the anticipated expenses of older homes include replacing the roof, hot water heater or drafty windows among other things. On the other hand, older homes often offer a better location or a classic style that many buyers find appealing. When it comes to these choices, is there a way to “have your cake and eat it too”?
Lately, I have been seeing a greater number of older homes that have had many of the significant costly items replaced by its owners. For example, I was recently in a home built in the 1800’s that had a new and updated kitchen, a new roof, and new energy efficient windows. Additionally, the furnace was only two years old.
During the troubled real estate market of recent years, many homeowners invested in repairing and upgrading their homes rather than selling. This has proven very beneficial to today’s buyers. Besides the benefit of recent replacements and upgrades, buying an older home also offers other attributes sought-out by today’s buyers such as hard wood floors, which are an extremely popular choice in flooring today. This trend of the old home being new again offers an alternative to someone who likes the style and feel of an older home, yet does not want to confront the many expensive repairs and needed upgrades that have traditionally gone with one.