Posted by Ron Wysocarski on Friday, June 10, 2022 at 9:45 AM By Ron Wysocarski / June 10, 2022 Comment
Does age matter, when buying a home?
If you're searching for a house, you'll undoubtedly look at a variety of properties and tour several various types. Some may be brand-new construction while others are over a decade or a few old. Both have their charms. If you're not sure whether to purchase a new or old house, here are some of the numerous variables to consider.
Difference Between New and Old Homes
Many buyers rank the age of a home as one of their least important factors when deciding which house to buy. However, experts think home age should be higher on your list of considerations. There are plenty of different trends that affect homebuilding over time - depending upon whether or not you're looking at an old building with classic features, or a newer construction with modern amenities you will notice a variety of features.
Older Homes
Homebuyers who want to buy an older home should know the subtle differences between them and newer construction properties. For instance, truly historic properties often lack modern amenities such as ductwork or central air conditioning systems because those designs weren't available back when they were constructed. They could also boast old-school features like radiators made out of cast iron (which will get very hot during summer), clawfoot tubs--and even Victorian-style woodwork!
Historic homes in the 1960s were often built with unusual shapes and colors to stand out from other homes. This is a time when people wanted modern designs, but also had practical concerns about cost and materials available for building projects like houses or apartments - so we see this type of design instance called "cookie-cutter" style because each development looked very similar to its neighbor! These types of neighborhoods roared after the war and during the baby boomer era as there became a housing shortage.
New Construction Homes
New home construction trends have changed the way new homes are designed and built. Some of these modern features include metal roofs, curvy building elements, and greater use of outdoor space.
Recent designers also pay attention closely when creating your living room set up so you have access to things such as smart home capabilities, central air systems, spaces designated for entertainment centers, or other special features. New home construction properties generally follow modern technology trends and demands, making sure that each property is more advanced than the last. Similar to how cars upgrade each year!
Is the Age of a House Important in Determining its Value?
Newer homes generally sell for more than older ones, but the difference can be even greater when an old house has been renovated and modernized. A home built in 1960 that was modernized with newer appliances, electrical work, floorings, counters, cabinets, and plumbing will have a larger impact than a home built 40 years later and never updated.
There's a fine balance between seller aspirations and buyer needs, but in most cases, sellers want to be sure that their homes are seen as "true" rather than effective ages.
How Can Home Age Be Measured?
The effective age of a property can be determined by looking at its renovation history. If you have had many renovations in the past, your home may not feel like it's aging well with time because those updates may seem more like facelifts rather than an update.
The age of your home is often the first thing buyers notice when they walk into a room. If you want to make sure that their initial impression lasts, be sure it's an appealing and welcoming appearance with plenty of character.
Purchasing an Old House
Below we will be listing several pros and cons when purchasing an older home.
Pros of an Old Home Purchase
Architecture - The unique architectural details and flourishes give these structures character, making them stand out among other homes in their neighborhood or town.
Land - The yards of older homes are often filled with lush greenery, including trees and bushes that have been cared for over several generations.
Established Neighborhood - Buying a home is not just about buying the house itself; it's also important to think of your neighborhood. Older homes are often more centrally located to downtown and in strong communities while newer ones may be further away.
Lower Cost - The upfront cost of a home is typically lower with older properties, and the price can be significantly less than what you would pay for new construction. The price of a new construction building is often higher by 30% or more
Speed - Buying a new home is exciting, but it isn’t without its difficulties. Buying a new house currently being constructed might face delays in the process due to problems with construction material supply chains which can slow down your purchase time frame considerably! However, for those looking at older properties, all this hassle doesn't matter.
Cons of an Old Home Purchase
Outdated technology - Older homes may use less energy-efficient systems - such as appliances, HVAC, and insulation.
Expensive Upkeep - Older homes generally need to be fixed up due to their age and come with higher maintenance costs.
Smaller Floor Plan - The differences between now and when these homes were constructed are striking. You can expect smaller closets with lower ceilings and less room for appliances.
Utility Costs - Homeowners have been able to enjoy better building codes and new materials that allow for an increased level of insulation. This, in turn, helps them better retain heat or air conditioning depending on what season it is at any given time. According to the U.S. Census Bureau’s American Housing Survey, homeowners in old homes spend 17% more on electricity and 38% more on gas per year.
Purchasing a New Construction Home
Here we'll go through several advantages and disadvantages of buying a new property.
Pros of Purchasing a New Home
Updated - Generally comes with fresh paint, updated appliances, and modern floor plans.
Energy efficiency - Newer homes can be a great investment because they often come equipped with features that make them more energy efficient. For example, newer construction means better insulation and less maintenance on your part!
Larger Living Spaces - As new housing trends have emerged over the years, newer homes now feel larger than older homes used to be. This is because open floor plans and flowing designs reflect what people want in their living spaces.
Amenities - Modern technology is increasingly being used in new homes. This means that these houses tend to come equipped with amenities such as central air and an abundance of appliances, which might not be available or necessary for older properties.
Cons of Purchasing a New Home
Homeowners Associations - Many new developments are managed by an HOA. While that's not always a bad thing, it’s still another expense you have to worry about.
Pricing - Generally newer properties are costly with all the new upgrades. Especially if you are the first-time owner of the property, it can be expensive.
Likely Less Centralized - Usually newer homes are built away from the busy areas of town. So you’re trading off a newer home for being further from the action!
Higher Upfront Costs - When deciding between a new or old house, higher upfront costs can be offset by lower maintenance and utility bills over time. However, if you cannot afford the initial down payment for an expensive property then it may not work out in your favor because these types of homes usually require less money upfront and will allow you to stagger home maintenance costs throughout the property's life.
We’re Here if You Have Questions
Purchasing a new home can be stressful, especially if the age of the home is top of mind! Think about it and weigh out the pros and cons of the property. Remember, if you have questions regarding the new or old home listing age during your home search, reach out to us at (386) 871-7697.
Frequently Asked Questions (FAQs)
How Do I Find Out How Old My House is?
The design of your property is one way to determine when it was built. You can also look at the past tax assessments and other records that are available from local authorities for clues about its history, such as previous owners. Our real estate professionals can assist you in interpreting these kinds of visual hints to determine when a property was constructed.
What’s the Difference Between Old and New Homes?
The type of home you buy is a big decision, and it can be difficult to know what will work best for your family. Oftentimes people who live in older homes find themselves looking at newer models with up-to-date design features that may not have been available when their previous house was built decades ago! Newer construction means more open concert plans and features whereas older properties have that unique feel and characteristic to them as seen with the architecture.
Are Old Homes Built Better?
There's a common perception that older homes are built more solidly than newer ones. Certainly, some old houses can be found with excellent construction quality, and they have stood the test of time well since their creation in centuries past. But you shouldn't rely on this as your only indicator - new construction may also contain many flaws for example! It is important to do inspections before buying any property no matter how young or outdated it might seem; if there exist potential problems then fixing them could save money down the line when trying to sell again later.
Do New or Old Homes Cost More?
When buying a new home, the price of your house will be higher than an old one. With that said though there can also be some advantages to newer homes such as lower cost for heating/cooling maintenance and utilities in newer buildings. Older homes generally cost more for utilities each month.
