“We found a beautiful Colonial home near downtown. All we need to do is replace the floors, update the HVAC systems, remodel the bathrooms, and replace all of the windows… and our budget is about $900.“
Many have idyllic dreams about living in a charming older home in Northern Virginia, but the reality of owning and living in one is not quite as picturesque.
With this guide, I hope you will be better informed and able to make the best decision possible for you and your family. I don’t intend to influence your direction one way or another, but merely offer some facts and anecdotes that may be beneficial to you in your home search
Let’s start on the positive side and look at some of the pros/benefits of buying an older home…
1. Unique Design
Generally speaking, when you purchase an older home, you are likely going to be purchasing a unique layout and floor plan. Newer subdivisions tend to only have a short list of different plans throughout the entire neighborhoods, because builders and their building processes have become much more model-oriented. Explore some of the new subdivisions, and you’ll find none of the houses stand out from each other. If you’re looking for a home that has its own variations from the conformity seen in newer subdivisions, then this may be a really striking point to you.
2. Prime Location
While it doesn’t ALWAYS hold true, as a general rule it is known that the most desirable locations in cities are also where the oldest homes are built. Why is this? Well, when a city is being built, people tend to choose the optimal areas for their neighborhoods to build out their community. As one can see with areas like Fort Loudoun in Winchester, this holds to be true. The homes in that area are on average much older, and have easy access to restaurants, shops, and entertainment in Old Town Winchester.
3. Holding Value
During a housing crisis like the most recent one, newly developed communities and subdivisions tend to get hit the hardest. While this may be a bit controversial, it is my experience that older homes appreciate more consistently and do a better job of retaining their value when everything else seems to be suffering. If you have a specific neighborhood in mind, it is best to look at those specific statistics to get an idea of what to expect in this regard. This is a service I provide to any of my buying clients.
4. Higher Returns on Renovations
It’s important to first recognize that renovating an older home will cost significantly more than doing the same on a new one, but I have personally seen outstanding ROIs for some of my friends, family, and clients. It only makes sense when you think about it: remodeling a 40-year-old kitchen will increase value much more than a 10-year-old one. If you’re thinking about increasing the value of your home through DIY or professional renovations, this may be one of the strongest motivations for purchasing an older home.
Now, let’s take a look at the flip side of possible Cons…
1. Problems with Functionality
There are almost always going to be some luxuries sacrificed when buying an older homes. On average, you’ll notice that older homes have smaller rooms, dated layouts, lack of closet space, tiny garages, strange compartments, and lesser square footage.
I personally believe that one of the biggest root causes of buyers remorse comes from not looking at the little details of home functionality that tend to add up to a mess of trouble. Fixing an older home’s functionality issue can also cost a great deal more and doesn’t tend to add much in the way of value-raising. It’s crucial to have an understanding of your desired lifestyle and see where you may be missing out on some modern luxuries when looking at an older house. If you’re thinking “I can just upgrade it,” then make sure you have a sound budget so you can make the changes necessary for matching your home to your lifestyle.
2. Lower Efficiency
New construction homes are going to be built very tightly and eliminate draftiness. Older homes on the other hand may end up costing you significantly more during the hot and cold seasons when it comes to the heating and cooling-related bills. Many times, a home inspector may also miss out on items that don’t comply with building codes. It is advisable to take a good look at plumbing, wiring, a/c, etc. to make sure they are modern and safe. If they aren’t, as is much more likely with older homes, it may be rather expensive to have them updated or replaced.
3. Health and Safety
While a new home may come with all the safety equipment like interconnected alarms and newer fire sprinklers, an older home very well may not have these features. In our area, it is very important to inspect and see if the older home contains any toxic materials such as lead-based paint or asbestos products that are proven to be extremely hazardous if not correctly addressed.
4. Roots
Trees, trees, trees. While an older home may offer some beautiful trees in the setting, the long roots of old trees could be quite an issue if they grow in towards plumbing systems or the foundation of the home. This type of thing may not be very common, but it could result in a HUGE hit to your finances.
In summation, there are definitely a list of Pros and Cons to look at when considering your purchase of an older home. Whether you’re interested in purchasing an older home for financial reasons, or you’re wary of the issues you may face once moved into such a home, I’d love to assist you in your search. Contact me today and I’ll be by your side to ensure you are informed of what to and not to look for.
