Why Buying an Older Home Might Be Right for You

Building a home from scratch or selecting a freshly built home in a new community does appeal to many buyers. But there are also many great reasons to consider buying an existing, even an older, home. Here are just a few.

Construction Quality

Today’s production builders are under an immense amount of pressure to build and sell homes as quickly as possible. For this reason, even though energy efficiency standards have increased, the most common construction practices have come to favor the builder more than they have the buyer, to help the builder construct homes faster and more profitably. For this reason, many buyers find that older homes seem more solidly built, even when cosmetic aspects may need updating.

“Premium” Touches

Similarly, older homes are more likely to have been built with what are today considered upgrades. Crown molding, built-ins, hand-finished wall surfaces, and pocket and solid wood doors abound in older homes but are typically only added as premium features in a new construction home. It’s these details and finishing touches of “character” that can make an older home shine.

Community Stability

When you select an older home, you are buying into a neighborhood that already has a years-long track record. Amenities and shopping would already be nearby, as would schools and parks. There’s no waiting for the conveniences you need or unpleasant surprise lurking around the corner.

Better Value

Generally speaking, older homes tend to sell at a lower price per square foot when compared to comparable newly built homes. This means you can buy a larger house than you may have expected, or you can plan to spend less on the size home you want. An appraisal will tell your lender what the home is worth.

Opportunities to Customize

With an older home, you may feel the need to make cosmetic updates, whether just a fresh coat of paint or a major renovation. But because you will have already saved on the purchase price, it’s easy to factor these projects into your overall budget. And then you’ll be able to make your “new-to-you” home truly your own.

Get pre-approved with us today, or start with our home purchase loans.